Down Payment Assistance Programs | Explained

Down Payment Assistance Programs | Explained

Why are my Realtor Partners Are Selling More Homes in 2018 than their competition?

 

Imagine if you were able to provide your clients with a Down Payment Program that provides:

  • More Money than IHDA | up to $20,000
  • Lower Rates
  • Lower Fees
  • Lower Credit Score requirements
  • No Repayment required or a MAX of 3 Years VS 5 Years

Here is a description of the DAP that is putting my Realtor Partners Buyers into Homes at the pace of 1 a DAY!!

Down Payment Assistance Programs

 

FHA & VA   3%  & 4%   USDA  3% MAX  DAP

  • 620 score
  • Do NOT have to be 1st Time Homebuyer
  • Non/occupant borrowers:  Not allowed
  • income limits   140% of Area Median Income (AMI)  https://www.huduser.gov/portal/datasets/il.html
  • Non/occupant borrowers:  Not allowed
  • 50% MAX Debt Ratio
  • max 6% seller concessions
  • Owner Occupied Only
  • Gift Funds allowed

 

Conventional 4% & 5% DAP

Power Purchase 2% Grant

  • 620 score
  • income can NOT exceed Freddie Mac income limitations  http://www.freddiemac.com/homepossible/eligibility.html
  • Do NOT have to be 1st Time Homebuyer
  • Non/occupant borrowers:  Not allowed
  • Owner Occupied Only
  • Gift Funds allowed
  • Freddie Mac Home Possible Advantage underwriting
  • 3% MAx Seller contribution

 

Visit me on the Web:   WWW.TheMortgageUpdate.net

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Regulatory Information: Nationwide Multistate Licensing System's Consumer Access Website" (www.nmlsconsumeraccess.org), Premier Financial Services, Inc. NMLS #266214. The State of Illinois | Division of Banking located at 100 W Randolph St, Chicago, IL 60601 (312) 814-4500 | NMLS # 266214 Dan Frio NMLS 246527
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