That's right, did you know that we offer a special first time homebuyer program that will allow for a down payment as low as 1%. Best of all, this product is not limited to rural housing area's. While this product is intended for first time homebuyers, some clients who have previously owned a home may be eligible for this program depending on the homes location.
With this program there are some limitations that apply. Here are the highlights:
- Borrower's must have 1% of the purchase price in their own funds (cannot be a gift).
- Borrower's must have a minimum credit score of 620 (all borrowers who apply).
- Borrower's and property must meet FHA standards.
- Borrower's must be a First Time Homebuyer unless they are purchasing a home in a targeted area.
- Borrower's are not allowed to own any other real estate in addition to the new home to be purchased.
- Income and sales price limit's apply and vary by location.
We have done a number of these transactions that have turned otherwise ineligible home buyers into a happy homeowner. Because these transactions are more involved and the paperwork and requirements are more intensive, I suggest we get started on the approval process as early as possible.
We process, approve and close all of our loans in-house. In addition, we work with local appraisers who know the market area and DO NOT use an appraisal management company to manage our appraisal process. With over 20 years of banking experience, you can rest assured I have the experience and knowledge needed to help put these transactions together.
If you want to learn more about myself of other programs and options we can assist you with you can visit my website at http://www.danmoralez.com.
I specialize in Michigan Real Estate Lending with offices located in Holland and Grand Rapids.
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