Down Payment Assistance

1 DPA$0 DOWN 

One of my lenders will finance your Down Payment (DPA) for an FHA Mortgage.

WHAT YOU GET:

3.5% of the Purchase Price as a 2nd Mortgage from the Lender. So, $0 DOWN!

HOW IT WORKS 

On a $250,000 Home,

  • Down Payment: $8,750,
  • Closing Costs: $6,775 equals
  • Cash to Close: $15,525

On same $250,000 home, with DPA:

  • Down Payment: $0,
  • Closing Cost: $6,775 equals
  • Cash to Close: $6,775.

On that same $250,000 home, with DPA, and Seller Credit:

  • Down Payment: $0, plus
  • Closing Cost: $0 (Seller pays $6,775) equals
  • Total Cash to Close: $0

WHAT YOU NEED? CREDIT, MONEY and APPLY FOR IT

Credit means 3 things:

  • a FICO score of 580, Official Mortgage Credit Report;
  • 2 current credit items –credit cards or auto-student loans; and,
  • NOT terrible credit the last 2 years;
    • no bankruptcy in 2 years;
    • no multiple late payments on active credit items;
    • student loans not in default; and
    • not too many debts.

Money means documented income and money in the bank.

Documented income means: pay stubs and 2 years of w2s. If Self Employed, DECLARED Income on Tax Returns.

Closing cost can be paid by you, or the sellers, or as a gift.

Minimum Loan $100,000

Maximum based on your County in Florida: from $356,362 to $460,000.

PRIMARY HOME ONLY

No mother daughter, 2 units, no rehab, no unique homes, such as log homes, or boat homes, and no manufactured homes.

OTHER STUFF

  • Must take an online 1st Time Homebuyer Education Required.
  • First time buyers – OK.
  • Co-borrowers – OK
  • DACA – OK.

Want to get Pre-Approved?

Write, text or call me….or…go to my site ChrisLuis.com and fill out an application.

Chris Luis – My Favorite Mortgage Broker

941-219-4381

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