Other 100% Financing Programs

Down Payment Assistance Program For First Time Home Buyers and Next Home Buyers

Access a simple down payment assistance program. With less restrictions restrictions than most DAP loans. Purchase a home with little or no cash investment. Achieve the dream of homeownership with down payment assistance. This program can be used for non first time home buyers provided you do not own any other properties.

Everyone deserves a home. If you qualify, Down payment assistance can help cover your down payment and even some of the closing costs! In some cases the down payment assistance is forgivable and does not have to be repaid, contact Leo to learn more. 

• Up to 5% down payment assistance (*up to 101.5% combined financing)
• You do NOT have to be a first time home buyer but you can not already own a house.
• A minimum credit score of 600 is required (certain programs require a minimum 620 credit score)
• For one and two unit homes and qualified Manufactured Home
• This program is an FHA First Mortgage of 96.5% and either 3.5% 2nd Mortgage = 100% or 96.5% First Mortgage with a 5% 2nd Mortgage = 101.50% of which 1.5% can be used towards closing costs.
• As mentioned above, The Down Payment Assistance is 3.5% or 5% of the lower of the purchase price of the home or its appraised value, which may be applied toward the down payment or closing costs, or both. Borrowers have the choice between repayable assistance and forgivable assistance:
  • Repayable: 10-year term with an interest rate 2% higher than the mortgage interest rate. This product is fully amortized with a fixed rate.
  • Forgivable: 30-year term with a 0% interest rate (0% APR) and no monthly payments. This product is forgiven (i.e. turned into a grant) at the borrower’s request when the forgiveness conditions are met, which are determined by the DPA amount:
    • 3.5%: Forgivable after 36 consecutive, on-time payments on the mortgage.
    • 5%: Forgivable after the initial 120 payments on the first mortgage

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USDA Loan Program

We also offer USDA LOANS which will go up to 100% financing and will allow you to add in closing costs up to the appraised value of the home. For example if the appraised value of the home you are buying comes in at $220,000 on a home you are buying for $215,000.00 then you can finance in that additional $5,000.00 towards closing costs should you want to.

A USDA loans is a home loan guaranteed by the United States Department of Agriculture. Being backed by the government allows USDA loans to have lower interest rates and lower down payment requirements than conventional loans Financing

• Purpose—Properties purchased via USDA loans must be used as a primary residence.
• Accessibility—Properties purchased via USDA loans must have direct access to a street, road, or driveway.
• Utilities—Properties purchased via USDA loans must have functioning utilities, including wastewater disposal.

Want to learn more about 100% financing options and first time home buyer programs?

Contact Leo Namiot Today to learn more about these programs and to see if this program is a good fit for you. 

Are you ready to make your move?  Start now with our quick and easy mortgage application. Get pre-approved today.