Have You Heard About The 1% Down Loan Program From The Lending Company!!
by
on May 27, 2011
in Buyers, eXp Realty, Featured, First Time Home Buyers, Glendale, Headline, Local Business, Real Estate, Real Estate Musings, Recommended Vendors, The Buying Process, Things To Do, Why I Love This City
The Lending Company is offering a program where you can buy a home with as little as 1% down on an FHA or VA loan. Now is a great time to buy with homes in metro Phoenix selling for half the previous price. Here is a breakdown of how the 1% program works:
About the program:
America’s Home Buyer Solution Gift Program is designed to provide eligible homebuyers a gift of up to 2.5% of the sales price to be applied towards the FHA down payment and/or allowable closing costs for the purchase of a home.
Targeted towards quality affordable housing, approved homebuyers can purchase a home for as little as 1% down payment. The program also allows for the remaining 1% down payment to be gifted from any FHA allowable source.
The program is offered exclusevely through The Lending Company, a Direct Endorsed US Housing and urban Development lender. There is no requirement for the gift to ever be repaid. It is offered in concert with an IRS approved 501(c)(3) non-profit organization.
This is not a seller-paid down-payment assistance program and the seller is not required to participate.
Program Benefits:
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The program provides up to a 2.5% gift to FHA qualified home buyers
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Remaining down payment is as low as 1% (as above, if market conditions allow, down payment from borrower may be as low as 1/2%)
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Seller can and is encouraged to contrbute towards the closing costs to further assist the homebuyer
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Income requirements match USDA Income Guides
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Competitive interest rates
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Flexible FHA approval guidelines
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Not limited to first-time homebuyers
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Standard FHA appraisal
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Owner Occupied purchase only
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1 units allowed
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FHA approved condominiums allowed
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Loan limits match FHA guidelines for each county
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Minimum credit score of 640
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Successful credit restoration allowed
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Automated AUS/DU approve/eligible determination required
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FHA qualified Non-occupant co-borrower/co-signer allowed
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No prepayment penalties
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Must complete approved Home Buyer Counseling Course
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Must meet income guidelines for approvalCall Jeff Thomas (602-610-4030 jthomas@thelendingco.com) with the Lending Company to see if you qualify for this great program, and then callTheBrooksteamaz.com to find your “Dream Home”.Stephen W. Brooks623-202-3833
7 Responses to “Have You Heard About The 1% Down Loan Program From The Lending Company!!”
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