Zip Zero Nada 100 Percent Financing Program
|PROGRAM REQUIREMENTS |
|Description||Down payment assistance in the form of a soft second trust. Either a soft forgivable or amortized repayable based on income.|
|Minimum Borrower Investment||0%|
|Down Payment Assistance||3.5% rounded up to the nearest dollar.|
Soft Secondary Financing available to borrowers with qualifying income < 115% of area median income-per lender contract.*
Fully-amortized second mortgages with a term of 10 or 30 years for borrowers with qualifying income < 115% of area median income.*
When loan includes a non-occupant co-borrower, qualifying income of only the occupying borrower(s) is used to determine program qualificaitons under AMI limits.*
|Cash Back to Borrower||Borrower may receive a refund of documented earnest money deposit and other documented third-party costs only|
|Borrower Eligibility||One of the borrowers must occupy the property as their primary residence. Non-occupant co-borrowers are permissable. All other FHA guidelines apply.|
|Interest Rates||FHA First Mortgage-Please refer to daily rate sheet|
Soft Seconds do not accrue interest
Fully-amortized second mortgages with a term of 10 years (0% interest) or 30 years (5% interest).
|Soft Second Forgiveness||Soft, forgiveable second mortgages will be forgiven after 36 on-time payments of the underlying first mortgage.|
For more information please contact Kiona Simon at 202-656-8012 or email me at Kiona@exitflagship.com
Buying or selling a house can be an overwhelming and daunting process. Kiona Simon is ready, willing and able to help you buy, sell or invest in a property that best suits your needs. She is a licens....