New Down Payment Assistance Program
LendSmart announced its new down payment assistance program that will provide a grant for first time homebuyers, teachers, military members and first responders.
It’s called The Advantage Program, and will grant up to 2% of the purchase price and up to allow up to 6% of seller concessions for closing costs. This is a grant so there is NO repayment.
The program is a completely forgivable grant, and there are no resale or borrower repayment restrictions.
There are, however, several requirements for homebuyers to qualify for the down payment assistance program.
- Minimum credit score to qualify is 580.
- Borrowers whose income is equal to or less than 140% of the median area income, qualify for the program (in Maricopa that’s $102,060)
- FHA loan – Max FHA loan is $314,827 in Maricopa County
Who is eligible?
- First-time homebuyers
- First-responder such as a police officer, firefighter, public safety officer, paramedic, emergency medical technician, volunteers or similar
- Medical personnel such as a nurse, doctor, phlebotomists, health ambassador, hospital, American Red Cross worker or similar
- Civil servant in a federal, state or local municipality
- Military personnel
Borrowers will not be required to apply for the program separately, and will be automatically be qualified by LendSmart during underwriting.
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