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First-Time Homebuyers Down Payment Assistance Program
Manage episode 340643422 series 3393079
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MKG Enterprises Corp Third-Party Originator's NLMS #1370394 is pleased to introduce the Down Payment Assistance program through our Wholesale channel.
The key features of this program are as follows:
Available for FHA products
Available in all states except New York and Puerto Rico
Assistance amount is up to 5% of the loan amount Borrowers can use the assistance for the minimum required investment, closing costs, and/or prepaid items Refer to the table below for additional information:
Parameters Soft Second Repayable Second Rate Advantage
Minimum FICO Allowed
600
640
Income Limit of Borrower
Must not exceed 115% of area median income
No income limit Must not exceed 135% of area median income Assistance Terms 30-year interest-free second lien.
Forgiven in 3-10 years (3 years for assistance amount 3.5%,
10 years for assistance amount 5%
10-year second lien with 0% interest rate; or 30-year second lien with 5% interest rate
10-year second lien with 6% interest
Maximum Back Ratios FICO 660+: As per Automated underwriting systems findings (50% if subject is manufactured home)
FICO 640-659: 50% FICO 600-639: 45% - 50%
Homebuyer Education Certificate Required if FICO is below 640 Not required
Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage is committed to guiding clients through the mortgage process. Contact us at (559) 412-7248
Apply for a home loan 24/7
https://mkgenterprisescorp.com
Download our free mobile app to apply for a mortgage loan from the safety of your home.
Apple App Store http://keap.li/MD7z7D
Google Play Store http://keap.li/k07EJw
Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370394 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370676 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 1370676
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