Wanted to make sure you were aware we have Down Payment Assistance grants for FHA loans.
The minimum down payment on an FHA loan is 3.5%.
The grant covers the 3.5% down payment.
Here’s some things you should know about qualifying for it…
Credit: You need at least a 620 credit score.
Maximum back end debt to income ratio: 48.99%
Not everyone can qualify for this grant. Here’s how you can qualify…
1) Property can be located in an “underserved Census Tract”. We can check this for you.
2) First time home buyer. (can’t have owned property in the last 3 years)
3) Any borrower on the loan that is planning to become or is a current, retired, volunteer or non-paid:
a) First responder.
b) Educator
c) Medical personnel
d) Civil servant in a federal, state, or local municipality
e) Military personnel
4) The borrower’s income is equal to or less than 140% of the county median income.
Thanks for reading!
Have a great day!
Brett
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