$0 Down FHA Mortgage
This loan program is available for home buyers with excellent credit, but no money for a down payment.
It is ideal for First Time Home Buyers, if you have good credit, and your family income is over $50,000.
This is a limited program and not everybody qualifies as the program serves those with strong credit.
Who: Any qualified buyer including first time home buyers.
Credit: Minimum Score 640. No bankruptcies the past 4 years and no foreclosures the past 7 years
Income: Ideal income $52,000 and no maximum.
How it Works: you put 0% down and the lender gifts you 3.5% as a 2nd mortgage at closing. If your income is 15% below the median income level for your county, your 2nd Mortgage forgiven after 3 years of on time payment. If your income is above median, must pay off 2nd mortgage in 10 to 30 years. Median income @$62,000 depending on county.
Other Terms: Rates depend on credit score and size of loan.
Loan Sizes: $150,000 to $275,000.
Some counties can go higher:
- Miami & Jacksonville Areas to $345,000.
Write or call me to see if you qualify.