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* compared to other down payment assistance programs.
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DOWN PAYMENT ASSISTANCE FACTS:
DOWN PAYMENT ASSISTANCE AMOUNT:
5%
OF THE PURCHASE PRICE OF THE HOME.
ASSISTANCE BREAKDOWN:
This 5% amount breaks down as follows:
3.5% FOR DOWN PAYMENT (this covers your down payment)
1.5% FOR CLOSING COSTS (this covers some of your closing costs.
Guidelines effective 09/09/2024
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HAVE A QUESTION? MESSAGE US TODAY »
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GET PRE-APPROVED FOR THIS PROGRAM TODAY »
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FIRST-TIME HOMEBUYERS: This program has NO First-time Homebuyer requirement. Experienced homebuyers can use this program!
CREDIT: All applicants must have a minimum middle credit score of 600 or higher and is subject to standard automated underwriting (AUS) approval. (660 for manual underwriting)
Each borrower must have a minimum of at least one credit score.
INCOME LIMITS: The Zero Down Program has NO income limits. Non-Occupying Co-Borrowers are permitted.
DEBT-TO-INCOME (DTI) RATIO LIMITS: The Zero Down Program has a maximum DTI ratio limit up to 57% and is subject to Automated Underwriting (AUS) Approval for a standard FHA Home Loan.
Manually Underwritten approvals may be eligible. For manually underwritten loans, the DTI ratio is limited to ≤ 45% and requires a credit score of 660 or higher.
OCCUPANCY: This program is designed for owner-occupied homes only. This program cannot be used to finance second/vacation homes, or investment properties.
LOAN APPROVAL: Applicants must qualify for a traditional FHA Home Loan program.
HOMEBUYER EDUCATION: At least one borrower must receive housing counseling from a HUD approved non-profit housing counseling agency. This is free of charge.
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NOTE: The Zero Down Program cannot be combined with other down payment assistance programs, and cannot be used with our Unconventional/ Non-traditional loan programs such as Bank Statement Loans, 1099 Income Programs, Profit & Loss Statement Loans, most Asset-based loan programs, Portfolio loans, etc.
See loan originator for loan program eligibility questions.
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DEREK BISSEN
NMLS# 365627
MORTGAGE LOAN ORIGINATOR
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MEET YOUR LOAN ORIGINATOR
A Tampa native, Derek has been banking and financing for over 25 years. Derek's expertise and depth of knowledge in the mortgage and financial services industry is unparalleled. He is a creative loan structurer and specializes in working with homebuyers of all experience levels.
He is also professional saxophonist, marketing specialist, videographer, visual artist, Star Trek/ Sci-Fi fan, comic book collector and sports car enthusiast.
If you're looking for a reliable and trustworthy mortgage expert, contact Derek today to learn more about how he can help you achieve your financial goals.
This is not a commitment to lend. Not all borrowers will qualify for the loan programs listed. All program terms and conditions are subject to change and may be discontinued without prior notice. Contact loan originator for program questions and scenarios.
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