# 100% CONVENTIONAL PURCHASE

97% Down Home Possible
or
97% Down HomeOne
Up to \$15,000 second with no interest and no monthly payment.
BENEFITS

0% Down Purchase is a down payment assistance program that allows borrowers to receive a 3% loan up to \$15,000. Borrowers will have no required monthly payment on the second lien and the second lien does not accrue interest. The second lien is due in full as a balloon payment upon refinance of the 1st lien, a payoff or the final payment of the amortization schedule of the 1st lien.

## CALCULATIONS

The amount of down payment assistance is calculated based on the lower of the appraised value or the sale price of the subject property.

### WITHOUT VLIP CREDIT

EXAMPLE 1:

Sales price is \$300,000, appraised value is \$290,000

3% of \$290,000 = \$8,700

Second lien = \$8,700

EXAMPLE 2:

Sales price is \$600,000, appraised value is \$650,000

3% of \$600,000 = \$18,000

Second lien = \$15,000 (assistance cap)

### WITH VLIP CREDIT

VLIP borrowers may receive an additional credit of \$2,500 from Freddie Mac, which will be subtracted from this calculation to give the final second lien amount.

EXAMPLE 3:

Sales price is \$450,000, appraised value = \$600,000

3% of \$450,000 = \$13,500 minus VLIP credit of \$2,500

Second lien = \$11,000