MortgageDepot is excited to announce that we have partnered with National Homebuyers Fund, Inc. (NHF) to provide our Borrowers the down payment assistance program. If you are looking to acquire a property as a First time home buyer and don’t have the down payment, than the down payment assistance program will close that gap for you. This is for an FHA purchase transactions only and the grant that is given is actually completely forgiven, no repayment is required. There are certain guidelines that need to be met and HomeBuyer Counseling is required.
Some of the key benefits of the FHA – Down Payment Assistance Program.
- NHF Sapphire Grant: 3.00% or 5.00% of the 1st mortgage total loan amount.
- Grant is completely forgiven – no repayment required!
- Grant can be used for down payment and/or closing costs.
- Seller Credit of 6% is allowed.
- Gift funds are allowed!
- Can be paired with MCC or other Down Payment Assistance Programs.
- Borrower(s) not required to be First Time Homebuyers.
- Income Limit is based on qualifying income used for transaction, not household income.
- 620 Minimum FICO, Maximum 45% DTI.(debt to income).
- Income Limits: 115% of Area Median Income.
- All borrowers must occupy property as primary residence.
- The lesser of $625,000 or maximum loan amounts permitted by HUD.
- At least one borrower must have Homebuyer Counseling.
- Borrower Paid Origination Fee of 1.5% – May use Grant to Pay Origination Fee.
Contact us for more information about this unbelievable Down Payment Assistance program.