Many Americans face a frustrating problem in their housing search: they've met every qualification for an FHA Loan but fall short of the down payment. While the FHA Loan has a low down payment already, it can still hurt the pockets of families that may qualify for a loan but not have a suitable down payment handy.
Thankfully, there are options for down payment assistance in almost every state. The PRMI Dream Maker Program, for instance, helps families that qualify for an FHA Loan but need help with down payment or closing costs. Funding through this program is only available for FHA Loans - Conventional, VA, and USDA loans are not eligible.
How Do Families Qualify for The PRMI Dream Maker Program?
The requirements to qualify for the Program's Down Payment Assistance are as follows:
- 620 Minimum FICO score for all borrowers
- No Income Limits to qualify!
- Property must be purchased as a Primary Residence
- Borrowers are eligible to get as much as $13,700 for down payment
- No Home Buyer Education Required
- Second Mortgage Amount up to 3.5% of purchase price
- Forgivable Soft Second Mortgage if under 115% of Average Median Income (AMI)
- Non-Occupant Co-Borrowers are Allowed
- Must Receive Approve/Eligible Response from Automated Underwriting System (AUS)
The income restrictions for the soft second are based on the average median income (AMI) for the county where the property is located.
Where Can I Get More Information About the Program?
There's even more to know! This infographic goes over just a few important details of the program. You can find more detailed information about the PRMI Dream Maker Program requirements and conditions on our website, or call The John Thomas Team at 302.703.0727.