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Home Low Down Payment

FHA Down Payment Assistance Program | FHA Grant

byNicholas Auriemma, NMLS# 1455001
4 years ago
inLow Down Payment, Purchase
FHA Down Payment Assistance Program FHA Grant

FHA Down Payment Assistance Program | FHA Grant

Looking for an FHA down payment assistance program? The normal down payment for an FHA loan is 3.5% for a 580 FICO credit score or higher. Depending on your credit score, the FHA down payment assistance grant is 2%, 3%, or 4% of the total loan amount that can be applied towards closing costs and/or the down payment.

What is the Down Payment Assistance Program?

  • The down payment assistance program for FHA loans is 2%, 3%, or 4% of the 1st mortgage total loan amount with no repayment required.
  • The within reach FHA down payment assistance grant is designed to increase home ownership opportunities.
  • The grant can be used for the down payment on a home and/or closing costs.
  • The down payment for an FHA loan without a grant is 3.5% for 580 FICO credit score or higher and 10% for under 580 FICO credit score.

Down Payment Assistance Grant Overview

  • Down payment assistance program is intended to help families who demonstrated financial stability.
  • Financial stability is demonstrated by stable employment, income, managing finances, responsible repayment patterns, and satisfactory credit history.
  • Intended to help families or individuals who have been unable to save a sufficient amount for a down payment and ready for the next step to home ownership.
  • Seller credit of up to 6% is allowed.
  • Gift funds are allowed.
  • Borrower not required to be a first time homebuyer for the 3% and 4% grant.

Also have a within reach conventional loan down payment assistance program – no repayment.

Loan Types and Terms for the Down Payment Assistance Program

  • 30 year fixed term, fully amortized.
  • 203(b) within accordance of the FHA guidelines.
  • 1-4 units for the 3% and 4% grant.
  • Manufactured housing eligible under the FHA manufactured home within reach program – no repayment.

Also have an option in conjunction with the FHA limited and standard 203(k).

Borrower Qualifications

  • Occupy the property as a primary residence
  • Non-occupying co-borrowers or cosigners are not allowed
  • Limit on income of 140% of area median income or maximum allowed by FHA
  • Borrowers with new employment with previous two years education need 6 months on the job for standard salary positions and 12 months for variable income
  • Chapter 13 bankruptcy must be fully discharged before eligible for financing
  • Must take a simple and easy to use homebuyers education course

Credit Requirements for the FHA Down Payment Assistance Grant

Nationwide Mortgage & Realty, LLC has loan programs that will go lower on credit score and more lenient on guidelines. The FHA within reach grant has different guidelines than a regular FHA loan with no grants. The regular down payment for an FHA loan is a 3.5%.

Minimum Credit Score for the Down Payment Assistance Program

The 3% and 4% grant require a 620 FICO credit score or higher. The 2% grant requires a minimum FICO credit score of 580 or higher.

How to Get Pre-approved for a Down Payment Assistance Grant

If you are interested in the down payment assistance grant, you should reach out to a licensed Loan Originator to go over your options. They will put together a list of documents required for processing and underwriting.

Once enough information is gathered, they will run the Automated Underwriting System (AUS) to determine your eligibility. A licensed Loan Originator will go through the pre-approval process steps and write a pre-approval letter once the eligibility is determined.

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Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma, NMLS# 1455001

Nicholas Auriemma is a Loan Originator at Nationwide Mortgage & Realty, LLC, providing information on mortgages that can often be confusing even to real estate and mortgage professionals. Borrowers can be discouraged because mortgage professionals can be mistaken due to guidelines always changing, the extent of guidelines, their company having an overlay (stricter guideline), or other lenders not offering a loan program. Call or text Nick anytime at 630-779-8430 or email at nick@nationwidemtg.net.

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Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage & Realty, LLC is not acting on behalf of or at the direction of HUD/FHA or any government agency. CO: Check license status of your mortgage loan originator at www.dora.state.co.us/real-estate/index.htm. Also licensed in: CA, FL, IN, TN, VA, WI and TX: NMLS ID 276777. Illinois Residential Mortgage License | MB. 6760210. WA: Consumer Loan License MB-276777. GA: Georgia Residential Mortgage Licensee 60857

  • Home
  • Request Information
    • Apply Now
  • About Us
    • Career Opportunities
    • Contact Us
    • Meet the Team
  • Purchase
    • Conventional Loan
    • Condotel & Non-Warrantable
    • FHA Loan
    • FHA 203k
    • Fix & Flip
    • Investment
    • Jumbo & High Balance
    • New Construction
    • Non-QM Loans
    • USDA Loan
    • VA Purchase Loan
  • Refinance
    • Cash Out & Debt Consolidation
    • Conventional Refinance
    • Condotel & Non-Warrantable
    • FHA 203k
    • FHA Streamline Refinance
    • Investment
    • Non-QM Loans
    • Reverse Mortgage
    • VA IRRRL
  • Loan Process
    • Application Checklist
    • Credit Report
    • Home Buying Do’s and Don’ts
    • Interest Rates
    • Mortgage Calculator
  • Mortgage Blogs
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: (844) 953-0100
Email:
info@nationwidemtg.net
Nationwide Mortgage & Realty, LLC
​1 TransAm Plaza Drive Suite 300
​Oakbrook Terrace, IL 60181
NMLS # 276777
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