CHF,Homepath & 203K

CHF Access

Program designed to assist homebuyers with their down payment. It is a traditional, FHA first mortgage and a 3% second mortgage brining your out of pocket down payment to .5%. (Example: $210,000 purchase price would be a down payment of $1050). There are specific income limits you must fall under, however, your credit score can be as low as 580. This program applies to first time homebuyers and prior homeowners. Call us today to determine if you qualify.

Homepath

This is a Fannie Mae program and it designed to help sell homes that are Fannie Mae owned homes. Low down payments with flexible mortgage terms, fixed and arm programs available with a minimum credit score of 640. This financing can be used to purchase an owner occupied home, a second home and even and investment property. In most cases this loan requires NO mortgage insurance. Tell us what the property address of the property is that you are interested in purchasing and we can tell you if it qualifies for this loan program. The loan amounts in some areas go up to $625,500

FHA 203K

The FHA 203K program is the Department’s primary program for the rehabilitation and repair of single family properties. This is basically a home improvement loan. FHA will allow you to finance all or some of the repairs or upgrades to a property you are planning on purchasing in some instances. Have you found that prefect property that is priced a little under market but needs repairs or upgrades, maybe a new kitchen or flooring but do not have the extra money to pay for that? With a 3.5% down payment and lenient underwriting guidelines, this may be the program for you.