Do your clients need a little help with their down payment?
FHA & USDA
3.5% Down Payment Assistance
DPA loan Highlights (2nd Loan)
- No payments and No Interest Required
- Total Loan Forgiveness after 5 Years
- No Income Limits or Geographic Limits on FHA, No Buyer Restriction (except USDA)
- Minimum FICO but can be Blended.
- One Submission Package for both loans
- All Borrowers must be Primary Occupants
The 2nd Mortgage will be a 5-year loan with No Interest and No Payments. Initially the Rosebud 2nd will be subordinated but cannot be resubordinated in the future. At the close of year 5, the Full and Total Principal amount is forgiven. If the 1st Mortgage is paid off via a purchase or refinance within the first 5 years, the full amount of the DPA will be required to be paid back. Equal Housing Lender.
Other restriction applies, for complete details call. 417-887-9595
The information is intended for use by Mortgage Professionals only and not for distribution to the general public or an advertisement to extend credit as defined by Reg Z. Programs, program parameters, rates, pricing, and availability are subject to change without notice and may not be available.