1.5% FHA Home Loan:
Arizona Wholesale Mortgage Inc. offers a 1.5% fha home mortgage loan for borrowers with a 580 middle fico score. Furthermore borrowers must meet one of the three listed criteria’s below.
First off, anyone who is a first responders automatically qualifies. However, they need a 580 fico score. Plus, their loan amount can not exceed the county maximum limit for an FHA loan. All borrowers must receive an Approved/Eligible findings from the Desktop Originator system.
Secondly, borower is a first time home buyer or hasn’t owned a home within the last three years. The loan requires a middle fico score of 580 or higher. The new home needs to be the borrowers primary residence. The lender will only lend on a single family residence or a manufactured home. Manufactured homes include both single and double wide homes. Townhomes and Condos do not qualify for this loan product.
Thirdly, for borrowers who have owned a home within the last three years there is an income qualification. There is also a 580 middle fico score requirement as well. The income requirement is 140% of the average median income set by Fannie Mae for your county. Please call in for more information on the income limit.
How Do I Get Qualified?
Fourthly, we need to pull your credit and run your loan through the Desktop originator system. The lender requires an Approved/Eligible findings from the Desktop originator system. The loan officer must verify your income, assets, credit, and down payment money.
How This Program Works:
Next, borrowers need a down payment in the amount of 1.5% of the purchase price. The remaining 2% comes from a grant from the government. Unlike other grant programs this program does not put a lien on your home. It does not require you to live in the home for a certain period of time. What’s the catch? The interest rate is a little higher than a regular loan where you put the required down payment amount down on a home. You have to make six mortgage payments before you can refinance your loan.
Does A Higher Rate Justify Putting Less Down On A Home?
If you are like alot of people, being able to save money for your down payment is difficult when you live paycheck to paycheck. This programs allows you to get into your dream home quicker. After 8 months, you can refinance again and hopefully obtain a lower rate.
First Time Home Buyer Mortgage
Start the prequalification process today! Don’t wait! Call 602-358-8717.