- No buyer funds required on purchases (3% down can come from gift money)
- No upfront or monthly mortgage insurance
- No FHA approval needed for condos
- Lower payments with conventional financing
- Streamline loan approvals
- Any whole year term between 10-30 years
- Must have a first-time homebuyer on the loan. Otherwise 5% down is required.
Many renters think they can’t purchase a home because they don’t have enough money for the down payment. This new program allows as little as 3% down without having to acquire mortgage insurance.
This program can benefit those who have the income to support the required payment on a home purchase, but don’t have the savings.
With rents increasing every year, the payment on a purchased home may be less than rent (especially once tax benefits are considered).
Feel free to contact us with questions, as we’re well suited to discuss the tax benefits and your budget for purchasing a home.