You can now get FHA loans with just 1% down payment and that 1% down payment can be be a gift from a family member, employers, union or non profit agency.
FHA requires 3.5% of the total home price as a down payment but now it is possible to buy with just 1% down. This is due to the introduction of the America's Home Buyer Solution Down Payment Assistance program available in 13 states. This program provides a down payment assistance gift of 2.5% toward your down payment and has to be combined with the FHA loan so as to get your 1% down payment. That 1% down, can even be a gift from a relative.
1. America's Home Buyer solution Down Payment Assistance is only available through The Lending Company.
2. You do not need to be a first time home buyer.
3. The property that you are going to buy with a 1% down FHA Loan must be your primary residence,
4. An Online Home Buyer Education Class is requiresd
5. America's Home Buyer Solution Down Payment Assistance program is available in Arizona, California, Colorado, Connecticut, Florida, Hawaii, Nebraska, New Mexico, Oregon, Tennesee, Texas, Utah and Washington on any FHA approved home.
6. Minimum FICO of just 640
7. Maximum income limits based on family size and county, range between $74,050 to $171,750
To see if you are eligible click on the banner below.
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