That's right, did you know that we offer a special first time homebuyer program that will allow for a down payment as low as 1%. Best of all, this product is not limited to rural housing area's. While this product is intended for first time homebuyers, some clients who have previously owned a home may be eligible for this program depending on the homes location.
With this program there are some limitations that apply. Here are the highlights:
- Borrower's must have 1% of the purchase price in their own funds (cannot be a gift).
- Borrower's must have a minimum credit score of 620 (all borrowers who apply).
- Borrower's and property must meet FHA standards.
- Borrower's must be a First Time Homebuyer unless they are purchasing a home in a targeted area.
- Borrower's are not allowed to own any other real estate in addition to the new home to be purchased.
- Income and sales price limit's apply and vary by location.