Conventional Loans

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. 

More information on the Down Payment Assistance 

BORROWER ELIGIBILITY


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