Did you know that it's possible for a first time or repeat home buyer to qualify for a loan with little or no down payment? There are many programs available that do not rely on only a FICO score. If you have been employed for at least 2 years, (not necessarily in the same industry), and have a 12 month history of paying your bills on time, you may be able to qualify for a home loan.
In today's sluggish housing market, many sellers are willing to offer Down Payment Assistance (DPA) to buyers, and they may also consider paying the closing costs. There are several programs available that buyers can investigate, but AmeriDream and Nehemiah are the most well known.
These programs are designed for first-time homebuyers and individuals and families who have low or moderate incomes, and who qualify for a home mortgage loan but lack the funds they need for down payment and closing costs. Funds for this gift assistance program come from the non-profit organizations Home Fund, which is a fund established specifically for down payment assistance. The seller will typically be required to pay a service fee to the organization, and it is the organization that distributes the funds.
If you would like more information on this type of program, please contact me via phone or e-mail. |
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