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Five Percent Grant Money For Purchasing A Home
The Three guidelines are:
1. 640 minimum Credit Score
2. Income must be $88,200 or below. This is combined household income.
3. Debt Ratio is a 45% or less:
EXAMPLE: FHA Purchase 3.5% down with a seller concession of $3,000:
Sales Price: $250,000
Down Payment: 3.5% $8,750
Base Loan Amount: $241,250
Loan amount with upfront FHA MIP: $245,471 5% Grant is calculated on this number: $12,274 is the Grant money available for this loan.
Down Payment: $8,750
Closing Costs: $2,600
Origination Fee: $2,410
Total money required: $15,260
Grant Funds: $12,274
Seller Credit: $3,000
Total Credits: $15,274
TOTAL MONEY NEEDED TO PURCHASE THIS HOME USING THE 5% GRANT PROGRAM $.0.00 AN ACTUAL CREDIT BACK TO THE BORROWER. The borrower’s earnest money would be refunded to them at the closing. Please call me today, so I can further explain the benefits to you for this program.
Denver Co Real Estate- Luba Jeltov
I specialize in Denver Colorado and surrounding communities of metro Denver area. If you are selling your home I will make sure you get TOP dollar. If you are looking to purchase a home I will make sure that you get the best deal possible. Please contact me directly via phone or text at 303-817-6818.
Exit Realty Chery Creek
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....