Are you dreaming of owning your own home but worried about the down payment? Well, worry no more! With the down payment assistance mortgage program, you can now make your dream a reality, even if your credit score is as low as 600.
One of the key features of this program is the 10-year term 2nd mortgage. This means that you can receive assistance with your down payment in the form of a second mortgage, which you can pay off over a period of 10 years. This can greatly reduce the financial burden of buying a home.
The down payment assistance program is specifically designed for FHA borrowers. Whether you’re looking to buy a single-family home or a multi-unit property, including condos and planned unit developments (PUDs), this program has got you covered. Even if you’re considering a manufactured home, you can still be eligible for assistance.
One of the great advantages of this program is that there are no reserve requirements. This means that you don’t need to have a certain amount of money saved up to qualify for assistance. This can be a huge relief for many potential homebuyers.
Furthermore, there are no overlays to FHA guidelines. This means that the program strictly adheres to the guidelines set by the Federal Housing Administration (FHA), without any additional restrictions or requirements. This ensures a smooth and straightforward application process.
The down payment assistance mortgage program offers a fantastic opportunity for individuals with credit scores as low as 600 to become homeowners. Don’t let the down payment hold you back – take advantage of this program and make your dream of owning a home a reality.
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