I am sure you all know that DPA (Down Payment Assistance) programs ( Ameridream & Nehemiah) were canceled as of 10/01/2008. This helped many home buyers get into a home with no money out of their pocket. Approx 40% of all FHA PURCHASE loans used DPA. The DPA could cover either down payment and or closing costs.
Barclay Butler Financial Inc. has just been approved to offer 100% Financing again.
Barclay Butler Financial is working with a federal government fund, which allows a buyer to purchase either a condo, single family home or a town-home with NO MONEY DOWN.
The program works with a first mortgage at 92% LTV and a second mortgage at 8% LTV, combined equals 100% LTV. There is no up front MIP with this loan (Not FHA)
Here are some of the requirements:
1. Must have a 620 credit score.
2. Must earn less than or equal to $100,000 (Chicagoland Area) or 140% of the HUD median income. (This is for an Individual or Family Income)
3. Maximum purchase price in 417,000 (Chicagoland Area)
This program is GREAT because of the high income limitation.
I know alot of you reading this are from all over, this program is only good in ILLINOIS & MISSOURI.
Please call or email me with any questions you may have.
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