3 Amazing New Loans for Hard to Approve Buyers

By
Mortgage and Lending with Prospect Lending NMLS #1537416

These three new loan products just came across my desk. I love how lenders are thinking outside the box, and using down payment assistance to help buyers get approved.

1. Common Sense Mortgage - A Return to Common-Sense Underwriting. With this loan, the lender does not check income or employment, and does not factor in any DTI. To qualify for the loan, they use credit, LTV (need at least 20% down) and reserves. 

2. FHA 3.5% Forgivable Down Payment Assistance. Geared towards first-time homebuyers or first responders, medical professionals, civil servants, or educators. This Grant is a REAL Grant. This is NOT a Silent 2nd; nothing will be recorded on the title. It goes away when buyer refinances or sells.

3. 20% Down Payment Assistance. This loan is with the state of California's CalHFA program, and the 20% can be used for both down payment and closing costs. Loan is paid off when the borrower either refinances or sells the home.

Each of these loans has their pros and cons. Remember, we're dealing with lenders, and they don't offer any loan unless they can make a profit, Take a look at the details and as always, we're available for questions.

Click Here to Learn More About These Products

Comments (1)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Colorado Broker / Referral Services

It does not surprise me that FHA would come back with a "grant" program for the Buyers!!   Thanks for the info, and make it a great weekend,  .

Mar 23, 2023 09:16 AM
Jesse Rivera

Thanks Dan, you have a great weekend yourself!

 

Mar 23, 2023 09:20 AM