for First Time Homebuyers!
This program is limited to first time home buyers (defined as owning no properties in the past 36 months). Valid for owner occupied, single unit (SFR, condo, townhouse). Multi-unit properties not eligible.
THERE ARE MAX INCOME AND MAX LOAN AMOUNT RESTRICTIONS:
- Borrower MAX income varies by county (LA county max borrower income is $180K).
- Max loan amount varies by county with loam amounts higher than you think!
<To view max income and max loan amount by county click here>
FICO SCORE MATTERS:
- FICO score above 680 can use conventional financing and conventional loan limits
- FICO down to 640 minimum requires FHA financing and are capped at FHA loan limits.
- If using FHA on a condo, the condo project must be FHA approved. Spot approvals not allowed.
PROGRAM DETAILS:
- First loan of either 96.5% LTV (FHA) or 97% (Conventional).
- 2nd mortgage to make up the difference. Interest rate on 2nd is 1% with payments deferred until refi or sale. In other words NO PAYMENTS DUE on 2nd!
- Homebuyer education required.
Best rates and programs are if borrower can pay closing costs and fees. If borrower cannot, the cheapest option is to get s seller credit for closing costs. .Otherwise, there are programs that go up to 103% of purchase price but rate is higher which makes your max purchase price lower.
