An area mortgage company has rolled out a new program to assist borrowers with credit scores less than 640 called the Simplicity Loan with No Closing Costs. The program offers a simple rate, no closing costs. To learn more and to get qualified, call (703) 474-1754. The program is only for FHA and VA loans.
Most county home buyer programs have requirements for:
- borrowers to repay the funds borrowed back
- borrowers to have a mininum credit score of 640
- borrowers must be first time home buyer and not have owned a home within the last 3 years
With the simplicity loan, there is no repayment of the closing costs, the mininum credit score is lower than 640 and as long as the borrower doesn't own a home at time of settlement they are eligible.
The Simplicity Loan makes it really simple to buy a home!
- Simple Fixed Rate
- Simple Payment
- No Closing Costs
- No Appraisal Fee
- No Title or Escrow Fees
- Finance up to $417,000
- No Income Restrictions
- Homebuyer Education Course
- Credit Score of 580 with FHA 203(b) or FHA 203 (k) 3.5% down payment
- Credit Score of 550 with FHA 203(b) or FHA 203 (k) 10% down payment
- Credit Score of 550 with VA Purchase or Refinance
Eligible Financing Programs
- FHA 203(b) - Standard FHA Loan Program (3.5% Down Payment Required)
- FHA 203(k) - Renovation FHA Loan Program (3.5% Down Payment Required)
- VA Loan Program (No Down Payment)
- New Construction
- REO (real estate owned)
- Short Sales
- Approved FHA and VA condominiums
- Single Family Homes
- Multi-Unit (Up to 4 units)
- Properties located in Virginia, Maryland & DC
You have found a home that you love but the homeowner will not pay any closing costs. What do you do? Look for another home or no buy a home at all.
As an buyer that is financing with an FHA loan, the down payment requirement is 3.5%. Without closing help from the seller, you would need about $18,400 to buy a home worth around $280,000 with finaning with an FHA loan. Do you have $18,400 to buy? Use the money that you will save to buy new appliances, furnishings or keep it as reserves for a "rainy" day.
*For FHA Loans: At your option, you may elect to pay the upfront mortgage insurance in cash at closing. Borrower is also responsible for any services requested by the borrower that are not required as part of the loan (i.e. rate-lock extension, survey fee, Home Warranty, etc.)
**For VA Loans: Borrower is also responsible for any services requested by the borrower that are not required as part of the loan (i.e. rate-lock extension, survey fee, Home Warranty, etc.) Please askthe Carrington representative for more details.