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Thinking about Purchasing a home? Buy with a Minimum 620 credit score (DMV)

Hi
If your rent is $1665 a month you are giving away $20,000.00 a year to your landlord. Use one of these loans to get off of the landlord treadmill!

Low down payment advantage - This program does not offer any down payment assistance. It is great to use for buyers that have their own down payment. Applicants are now required to have a minimum FICO score of 620 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

FHA Advantage I - This program does not offer any down payment assistance but it offers discounted interest rates to the buyer. It is great to use for buyers that have their own down payment and want a below market rate without having to pay points. Today's rate is 2.875% to give you an idea. Minimum score 720

FHA Advantage II - This program is the most popular helping buyers with 3% of the down payment in the form of a loan that has to be repaid back if they ever sell, refinance or default on the loan. The rates are very similar to market rates so this makes it more attractive for buyers because they can get most, if not all of their down payment covered at market rates. Minimum score 620 Buy no money down

Grant Assist - This program offers a 3% or 4% grant to homebuyers which can be used for their down payment and closing costs. The rates are a little bit higher but the money is fully forgivable and never has to be repaid back. Minimum score 620 Buy no money down

Benefits of an FHA Loan
The reason why FHA loans are so popular is because borrowers that use them are able to take advantage of benefits and protections unavailable with most traditional mortgage loans. Loans through the FHA are insured by the agency, so lenders are more lenient. Here are a few benefits you can enjoy with an FHA loan:
o Easier to Qualify
While most loans exclude applicants with questionable credit history and low credit scores, the FHA makes loans available with lower requirements so it’s easier for you to qualify.
o Competitive Interest Rates
you’ve heard the horror stories of subprime borrowers who couldn't keep up with their mortgage interest rates. Well, FHA loans usually offer lower interest rates to help homeowners afford housing payments.
o Lower Fees
In addition to lower interest rates, you can also enjoy lower costs on other fees like closing costs, mortgage insurance and others.
o Bankruptcy / Foreclosure
Just because you've filed for bankruptcy or suffered a foreclosure in the past few years doesn't mean you're excluded from qualifying for an FHA loan. As long as you meet other requirements that satisfy the FHA, such as re-establishment of good credit, solid payment history, etc., you can still qualify.
o No Credit
The FHA usually requires two lines of credit for qualifying applicants. If you don't have a sufficient credit history, you can try to qualify through a substitute form.
All of these programs can also be used for second time home buyers as long as they do not own any other real estate at the time of closing.

Give me a call today – even if you're still in the "just thinking about it stage".

Need money to purchase your First Home, receive down payment and closing costs assistance, receive $5000 - $84000. Contact me for details.

Use the link below to see which programs are available in your area.

http://www.1sthousenetwork.com/homebuyer-grants1.html

As always, please feel free to contact me with any questions. If you know anyone looking to sell, buy, or invest in real estate. Please connect me with them by email or text. And stay safe and healthy most importantly!
  • do NOT contact me with unsolicited services or offers

post id: 7196903082

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