The last couple of years have seen the elimination of most of the zero down payment options for home buyers. While there are a few options left, questions of who qualifies and how to get a home when you have no down payment have been the most asked questions.
Recently, we have rolled out a Zero Down Home Loan for first time home buyers in Idaho. The general requirements are:
Must not have owned a home in the last 3 years.
The borrowers must have a fico score of at least 680
The combined debt to income ratio must not exceed 45%
The borrowers must contribute at least $1000 to the transaction.
Now there are other qualifying that must be done, but those are the main qualifications.
This program doesn't require private mortgage insurance, making it very affordable.
When compared against the often used FHA program with secondary financing and required mortgage insurance premium, it came in much lower monthly payment.
So if you're a First Time Home Buyer in Idaho, and you have questions on how to qualify for this program, call me at 208-861-7579.
Comments(4)