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City of Fresno $100k Down Payment Assistance 15-Year Forgivable Loan zero percent 0% interest rate
Manage episode 364658364 series 3393079
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On May 25, 2023 Fresno Mayor announced $100k forgivable loans for Fresno home buyers.
The City of Fresno Mortgage Assistance Program will provide down payment assistance. The City’s second mortgage loan will be a 15-Year Forgivable Deferred Payment Loan (DPL) up to $100,000 with a zero percent (0%) interest rate.
FHA Loan applicants must have a miThe DPL will provide homeownership for 50-70 Fresno low-income households that meet Fannie Mae AMI of $58,320 HomeReady.
For the year 2023, the maximum FHA loan amount for Fresno County is $472,030 in areas with lower housing costs.
Conventional conforming loan limits for Fresno County is $726,200. The minimum FICO score is 620.
Borrowers can use the assistance for the minimum required investment, closing costs, and/or prepaid expenses. For FHA loans the minimum FICO score is 620 to qualify for the low-down payment advantage which is currently at 3.5%. If your credit score is below 580, the down payment requirement is 10%.
The assistance amount is up to 21.183%
Apply for a home loan with down payment assistance FHA loan limits apply to $472,030
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