WOW 100 Percent Financing Is Back With A 580 FICO Score

Dated: 04/06/2016

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That's right, you can now buy a home with no money out of pocket.

Basic FHA Loan Requirements:

Two Years of steady employment, preferably with same employer.

Last two years Income should be the same or increasing.

Credit report should typically have less than two thirty days late in last two years with a minimum credit score of 580 or higher or in some cases, no credit score at all.  640 for downpayment assistance.

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Bankruptcy's must be at least two years old, with good credit since discharge.

Foreclosure's must be at least three years old, with no 30 day lates credit since.

Down Payment Assistance Programs (DAPS) are loan programs designed to assist first-time home buyers with the required down payment and closing costs required by the FHA loan program.

These types of down payment assistance programs are typically broken into two types of loan programs. These are the 501 (c) (3) Non-Profit organizations or county, city, state backed down payment assistance programs.

The 501 (c) (3) non-profit down payment assistance programs will typically require the assistance of the home seller in order for the buyer to take advantage of the program. 

Following is a list of just some of the available down payment assistance programs offered by non-profit organizations:

Nehemiah - Grants up to 3% towards down payment.
HART - Grants up to $15,000 towards down payment and closing costs.
Neighborhood Gold - Grants up to 20%, includes Mortgage Payment Protection

The above programs typically do not have a repayment schedule nor is there a second mortgage required.

The State, County, and City backed Down Payment Assistance programs are typically secured by a second mortgage. Some of these second mortgages may be "silent" meaning there is no payments required initially and some of the programs forgive the loan after 10-20 years of living in the home.

Contact me for more information.  214.690.9058, [email protected] or

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