Low or No Money Down Programs

5 08 2011

Who Says You Need 20% Down Payment

HomePath Program

  • Only designated Homepath properties are eligible (not Homepath renovation)
  • No appraisal required
  • No MI required
  • 3% down payment can be a gift
  • Min 660 score to go to 97% loan to value

Fannie Mae 97%

  • 3% down payment from borrowers own funds
  • Monthly and split edge MI available
  • Min 720 score required
  • Max DTI 41% (MI requirement)
  • 3% seller contribution to closing costs/pre paids/ points are allowed

FHA 96.5% (plus MIP)

  • Non occupant coborrowers are allowed
  • 3.5% down payment can be a gift
  • Upfront MIP of 1% can be financed
  • 6% seller contribution to closing costs/ pre paids/ points are allowed
  • Min 640 score is required

203K Streamline

  • 3.5% down payment can be a gift
  • Upfront MIP of 1% can be financed
  • Finance non structural repairs /improvements up to $35,000
  • Min 640 score is required

USDA 100%

  • 3.5% funding fee can be financed
  • Max DTI 45%
  • Min 640 score is required
  • No monthly MI
  • 6% seller contribution to closing costs/pre paids/ points (higher will be considered with restrictions)
  • Geographic and income restrictions

VA 100%

  • Funding fee determined by veteran status, can be financed
  • Borrower must be a veteran or currently in the military
  • No monthly MI
  • Min 620 score is required

IHDA 2% down-

  • Min 660 score is required
  • 3 years proof of tax returns to show you are a first time buyer
  • Household incoem less than $75,100.00
  • Max DTI 45%
  • Monthly and split edge MI available
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