Zip Zero Nada 100 Percent Financing Program

Dated: 08/09/2017

Views: 668

Our new 100% Financing Program is an affordable housing option created to help home buyers purchase a home with little to no investment.

Eligible home buyers can receive down payment assistance, forgivable or soft-second mortgage, with rates as low as 0% to help qualify.
PROGRAM REQUIREMENTS 
 
DescriptionDown payment assistance in the form of a soft second trust. Either a soft forgivable or amortized repayable based on income.
Minimum Borrower Investment0%
Down Payment Assistance3.5% rounded up to the nearest dollar.
Soft Secondary Financing available to borrowers with qualifying income < 115% of area median income-per lender contract.*
Fully-amortized second mortgages with a term of 10 or 30 years for borrowers with qualifying income < 115% of area median income.*
When loan includes a non-occupant co-borrower, qualifying income of only the occupying borrower(s) is used to determine program qualificaitons under AMI limits.* 
Cash Back to BorrowerBorrower may receive a refund of documented earnest money deposit and other documented third-party costs only
Borrower EligibilityOne of the borrowers must occupy the property as their primary residence. Non-occupant co-borrowers are permissable. All other FHA guidelines apply.
Loan Requirements
  • All FHA Guidelines Apply per FHA Handbook.

  • AUS approve or strict adherence to manual underwriting guidelines

  • Minimum Credit Score of 620

  • DTI per AUS findings or follow manual underwriting guidelines

  • Loan must comply with all other FHA underwriting criteria

Interest RatesFHA First Mortgage-Please refer to daily rate sheet
Soft Seconds do not accrue interest
Fully-amortized second mortgages with a term of 10 years (0% interest) or 30 years (5% interest).
Soft Second ForgivenessSoft, forgiveable second mortgages will be forgiven after 36 on-time payments of the underlying first mortgage.

For more information please contact Kiona Simon at 202-656-8012 or email me at Kiona@exitflagship.com

Kiona Simon

Buying or selling a house can be an overwhelming and daunting process. Kiona Simon is ready, willing and able to help you buy, sell or invest in a property that best suits your needs. She is a licens....

Latest Blog Posts

Buyers Checklist Real Estate Survival Guide

Refer to this 10-step checklist to get you through the homebuying process.1. Figure out how much house you can afford. Calculate your monthly income and debt. Check your credit report and

Read More

Zip Zero Nada 100 Percent Financing Program

Our new 100% Financing Program is an affordable housing option created to help home buyers purchase a home with little to no investment.Eligible home buyers can receive down payment assistance,

Read More

How To Fix A Running Toilet With No Tools

How to Fix a Running Toilet With No ToolsBy See Jane Drill on 3/20/2017 A running toilet may seem like a small plumbing problem. It isn’t an emergency situation, and nothing is flooding, so maybe

Read More

Low Scores And Closing Assitance

Tired of renting?, and worried about low scores and down payments. No worries, Our lenders work with scores as low as 580 even offer credit repair and also help you get money for closing  

Read More