Down Payment Assistance

Need To Move?  Want To Buy A Home?  Running Short on Funds?

Down Payment Assistance has arrived!

Times are tough and sometimes the perfect timing of wanting to buy a home, needing to move and having the necessary down payment doesn’t converge when we would like.

We understand!

That’s why we have been working feverishly on the development of our new Down Payment Assistance Program.

Here’s How It Works:

Depending on purchase price, down payment requirements for our homes run 2%-5% of the purchase price.  Most of our deals require 3.5% down.

Presently, for the purchase of a primary residence, FHA loans require a minimum of 3.5% down, and conforming limit Fannie Mae & Freddie Mac loans require a minimum of 5% down. Jumbo and Super Jumbo loans require 10% and 20% down, respectively.

Under our new down payment assistance program, you can buy your dream home with as little as the first month’s payment plus the equivalent of two month’s of payments for your initial down payment. The remainder of the down payment required will then be amortized into equal monthly installments for 6-12 months.

So, how does it shake out?

Simple, take a look at this example:

If the home you are purchasing cost $150,000, if you were to put 3.5% down on the home, you would be required to bring the following:

First Month’s Payment of: $1,000
Down Payment @ 3.5%: $5,250
Total Required at Contract Execution: $6,250

Using our Down Payment Assistance Program, if the home you are purchasing cost $150,000, you would only be required to bring the following:

First Month’s Payment of: $1,000
Down Payment of 2 times rent: $2,000
Total Required at Contract Execution: $3,000

The remainder of the 3.5% down payment can be amortized into equal monthly installments over the next 6-12 months.

For example:

$150,000 X 3.5% = $5,250 required for FHA down payment

$5,250 –  $2,000 (paid at contract execution) = $3,250 (remaining to equal total down payment)

$3,250 ÷ 12 months remaining of contract term after first month’s payment = $270.83

$270.83 is the monthly amount that will be added to the payment.

So, this makes the monthly payment $1,270.83 for the remaining 12 months ($1,000 + $270.83).

2 Biggest Benefits:

1) Helps you get into your new dream home TODAY with a minimum of money down.

2) Ensures that you build up the total required down payment so that when you are qualified for a mortgage, you don’t have to bring any additional down payment to closing.

Ask us today if you qualify!  Chances are, you probably will!  It’s that easy!

* Certain restrictions apply. You must meet certain income and debt to income ratio guidelines. Inquire for more details.  These figures are based on lending guidelines as of 25-SEPT-2010 and are subject to change without written notice.