Academy Mortgage Mesa now has a loan solution called the First-Down Loan Program that only requires a 1/2% down payment.
The First-Down Loan Program offers financing of up to 99.5% of the sales price or appraise value of the home, whichever is lower. This is why you do not require more than a 1/2% down payment.
This loan is a 30-year, fixed-rate FHA loan. FHA’s mortgage insurance enables home buyers to qualify for ownership, even if they have been previously denied home loans or have found it difficult to qualify.
Even those who have previously experienced bankruptcy or foreclosure will be pleased to know that the minimum credit score requirement is 580.
For lower or moderate income earners, the First-Down Loan Program can open many doors of opportunities. If you want to buy a home and enjoy the flexibility and freedom that it can offer, this program might be the right choice for you. Academy Mortgage Mesa can help you turn your dream of homeownership into reality. Click here to contact us.
The 99.5% financing with the First-Down Loan Program is based on the combination of a 30-year fixed-rate FHA first mortgage and a 15-year fixed-rate First-Down second mortgage.
The payment on a $164,050, 30-year fixed-rate loan at 4.5% and 96.5% loan-to-value (LTV) is $831.22 with an annual percentage rate (APR) of 4.825%. The payment on a $5,100, 15-year fixed-rate First-Down second mortgage at 8.25% would be $49.49 with an APR of 10.016%.
Therefore, your total monthly payment in this scenario would be $880.70.
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