This program Has down payment assistance for the buyer. It is designed to help the first time home buyer put only a 1 percent down Payment and receive a 2 percent gift from the lender. This results in a 3 percent down payment to be used with the Freddie Mac 3 percent down program. This program has the option of no mortgage insurance paid by the borrower in conjunction with using lender paid mi program.
The main requirement is a 700 credit score and a max debt to income of 43%. No other home can be owned and the borrower will need to do a quick online home education class. This program gives the client an Equity Boost. The client can receive a gift from a family member for down payment and closing cost. Please call First Meridian Mortgage Corporation for details at 703-799-5626.
Many other First Time Home Buyer programs are available, FHA, Fannie Mae Home Ready, Freddie Mac Home Possible, and others.