Down Payment Assistance

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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