LOOKING FOR A MORTGAGE LOAN?
A quick refresher on loan programs to help buyers purchase a home with NO Money down! The Chenoa product is designed to open up doors to buyers with limited money, lower credit scores and higher debt to income ratios. In some circumstances, people that are buying a new primary residence can still use the program and keep their existing home! Here are some quick highlights of the program. * Offers 3.50% second for the down payment- FHA financing only; * Credit scores as low as 620. Buyer will have to take an online home buying course prior to contract if their score is between 620 and 639; * Offered in MD, DC and VA; * 50 percent debt to income on all programs offered through the Chenoa product (most down payment programs have a 45% cap for the debt to income ratio); * No income limits for their repayable 2nd product (this is huge and completely different than any program out there); * Program can be used for move up buyers and they can retain current residence as long as new home purchase is used as their primary residence; * Can be combined with other down payment programs as long as buyer qualifies * Only the income of the buyer is used to calculate qualifying income if the Rate Advantage or DPA Edge products are being used, household income is not taken into consideration. The Chenoa Fund offers three different options as follows: Rate Advantage – This program offers a lower interest rate compared to the other Chenoa programs. The minimum FICO score is 640 and buyer has to be below 115% of the median income limit. Buyer can own other property but it must be sold prior to taking ownership of the new home. Term for the second mortgage is amortized over 10 years at an 8% interest rate. DPA Edge – This program is a soft second and functions like a grant. When the buyer makes 36 consecutive on-time payments, the second will be completely forgiven. The minimum FICO score starts at 620 and a buyer can have concurrent home ownership. Median income limits of 115% apply to anyone on the loan. Repayable Second – This program does not have income limits so everyone can qualify as long as their credit score and debt to income ratio works. Buyers can choose between a second mortgage to cover the entire 3.5% down payment amortized over 10 years, 0% interest or amortized over 30 years, 5% interest. DO NOT WAIT – CALL….EMAIL…… CHAT TODAY! |
