Down Payment Assistance Is Not Dead!
Many first-time homebuyers, who would otherwise qualify for a mortgage, lack the funds to cover the down payment and closing costs necessary to purchase a home. In fact, this is the largest barrier to becoming a homeowner.
Some people are fortunate enough to be able to get a gift for the down payment from a parent or other relative. But, with the recent economic down turn fewer people have money to give. And, with the seller-assisted down payment assistance programs being banned a couple years ago many first-time homebuyers have had to sit on the sidelines and wait to afford a new home.
Down Payment Assistance is Alive and Well!
At Envoy Mortgage, we offer a program that will assist these first-time home buyers purchase their new home -- and maybe help the housing market turn around. Here are some of the features of the program:
• Up to $6,000 in down payment and closing cost assistance
• Up to 100% financing available
• Fixed rate with terms up to 30 years
• Available with FHA or conventional loan programs
• Reduced mortgage insurance for conventional loans
• Available to first time home buyers, veterans or spouses of veterans (In certain, targeted areas, these restrictions do not apply – contact me for more information)
• Below-market interest rates
• Up to 45% debt-to-income ratios
With this program, we have been able to help first-time homebuyers make the leap into homeownership. Call me today for more information on this program.
Yet another reason to choose me and Envoy Mortgage for all your financing needs!
