Homeownership has long been considered a cornerstone of the American Dream. However, for many prospective buyers, the high down payment requirements can be a significant barrier. Fortunately, one of our lenders has introduced an innovative 0% down purchase program designed to make homeownership more accessible than ever. This program is perfect for those who are ready to invest in their future but may not have a large sum saved up for a down payment and it comes with special lien regulations!
How the Program Works
The 0% down purchase program allows eligible borrowers to get into their new home without the burden of a hefty down payment. Here’s a breakdown of how it works:
Down Payment Assistance: Qualified borrowers receive a 3% down payment assistance, up to $15,000. This assistance is designed to cover the down payment, eliminating one of the biggest hurdles in the homebuying process.
Second Lien Details: The down purchase assistance comes as a second lien on the property. The best part? There are no monthly payments or interest on this second lien, making it easier to manage your finances. The second lien is only due when the first lien (your primary mortgage) is refinanced or paid off.
Eligibility Criteria: To qualify, borrowers must have a credit score of at least 680 and applicants must earn less than 80% of the average median income.
OR
First-Time Homebuyers with a credit score of 700 can qualify if they meet UWM’s HomeOne requirements.
Why This Program is a Game Changer
This 0% down purchase program opens doors for many potential homeowners who might have been sidelined by traditional down payment requirements. Here’s why it’s a significant opportunity:
- Affordability: By removing the need for a large down payment, this program makes buying a home more affordable. The 3% assistance can be the key to transitioning from renting to owning.
- Financial Flexibility: With no monthly payments or interest on the second lien, you can enjoy greater financial flexibility and stability. This structure helps to keep your monthly expenses lower, making it easier to manage your budget.
- Homeownership Accessibility: The program is particularly beneficial for those who meet the income criteria or are first-time homebuyers. It provides a viable pathway to homeownership for a broader range of individuals and families.
How to Get Started
If you’re interested in taking advantage of this 0% down purchase program, here are the steps to get started:
Check Your Credit Score: Ensure your credit score meets the minimum requirements (680 or 700 for first-time homebuyers).
Assess Your Income: Verify that your income falls within the eligibility criteria (less than 80% of the average median income).
Contact Us: Reach out to our team to discuss your eligibility and begin the application process. We’ll guide you through the requirements and help you understand the next steps.
Prepare Your Documents: Gather necessary documents such as proof of income, credit reports, and any other required information to streamline the application process.
Our lender’s new 0% down purchase program is a fantastic opportunity for those looking to enter the housing market without the hurdle of a high down payment. With generous down payment assistance, no monthly payments or interest on the second lien, and flexible eligibility criteria, this program is designed to make homeownership more attainable. If you’re ready to explore this exciting opportunity, contact us today to learn more and start your journey towards owning your new home.
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