down payment assistance: What you should know about Down Payment Assistance - 07/26/16 05:04 AM
Down Payment Assistance (DPA) is a program offered by many “non-profit” institutions and government entities that provides First Time Homebuyers and non-First Time Homebuyers money to be used to pay for the Down Payment or Closing Costs and Prepaid Items necessary in buying a home. In most cases, the type of loans associated with DPA are government backed loans (FHA, VA), Fannie Mae’s HomeReady Program and Freddie Mac’s HomeSteps Program. There are thousands of companies and government entities offering DPA programs:
  
         Loan Officers tend to pre-qualify a person without taking into account the guideline requirements of DPA programs. Make sure … (2 comments)

down payment assistance: Freddie Mac vs FHA - 01/25/16 03:54 AM
Freddie Mac (FHLMC) offers programs for conventional financing. Federal Housing Authority (FHA) offers programs for government financing. 
Freddie Mac Home Possible Advantage vs FHA
         Home Possible Offers - 97% LTV                  Allows for non-occupying co-borrowers          Does not require minimum reserves          Allows down payment from sources other than from applicant          Income cannot be greater than 100% of median income in higher income areas          No cap on percentage of median income if property located in underserved areas          At closing, the buyer cannot own other property          Mortgage insurance is around $123 on $100,000 loan (payment varies via … (1 comments)

down payment assistance: FHLB - Down Payment Assistance - 01/12/16 05:57 AM
What: FHLB Down payment assistance may soon be coming to your area.
Currently Where: Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia
FHLBATL.com
Who Qualifies: Anyone who earns less than 80% of the 2014 HUD median income. The 2015 median income is not available until 03/2016:  https://www.huduser.gov/portal/datasets/il/il2014/select_Geography.odn
Programs: Multiple
First home buyer Program (First time home buyer means not on title in last 3 years) requires minimum $1000 investment. Grant matches $4000 for every $1000. Maximum of $5000 with $1250 investment for first time home buyer program for down payment and closing costs.
Community Program for 1st time and non-first time buyers who work: … (0 comments)

 
Bill Polack, Bilingual Spanish Loan Officer in Southeast US. (First Option Mortgage)

Bill Polack

Bilingual Spanish Loan Officer in Southeast US.

Suwanee, GA

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