Zero Down Purchase Loan
Down payment keeping you from home ownership? Well, this product can help!
Zero Down Purchase is a down payment assistance program that allows borrowers to receive a 3% loan up to $15,000. You will have no required monthly payment on the second lien and the second lien does not accrue interest. The second lien is due in full as a balloon payment upon refinance of the 1st lien payoff or the final payment of the amortization schedule of the 1st lien.
30-year fixed primary residence purchases only
- 1 unit single-family, PUDs, Condos
- No Manufactured homes
- Conforming loan limits (No High Balance)
- Down payment assistance can cover up to the lesser of 3% of $15,000 of the down payment
Minimum fico 620
- Borrowers with income at or below 80% Area Median Income (AMI)
- Do NOT Need to be a first-time homebuyer
Minimum fico 700
- No Aera Median Income (AMI) restrictions when at least one buyer is a first-time homebuyer
