(302) 703-0727

(302) 703-0727

PRMI Dream Maker Down Payment Program

John Thomas September 25, 2017 Tags: ,
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PRMI Dream Maker Down Payment Program

Are ready to buy a home but don’t have the 3.5% down payment required by FHA? Or can’t get a gift for the down payment?  We have a loan program for you that will lend you 100% financing with a FHA Loan and our PRMI Dream Maker Down Payment Program.  Call us today at 302-703-0727 to started on the process or go online at Dream Maker Online Application

What are the Qualifications for the PRMI Dream Maker Down Payment Program?

The requirements to qualify for the Down Payment Assistance are as follows:

  • 620 Minimum FICO score for all borrowers
  • No Income Limits to qualify!
  • Must be purchasing the property as Primary residence
  • Eligible to get as much as $13,700 for down payment
  • No Home Buyer Education Required
  • Second Mortgage Amount up to 3.5% of purchase price
  • Forgivable Soft Second Mortgage if under 115% of Average Median Income (AMI)
  • Non-Occupant Co-Borrowers are Allowed
  • Must Receive Approve/Eligible Response from Automated Underwriting System (AUS)

PRMI Dream Maker Down Payment Program

What are the terms of the Down Payment Assistance Loan?

The down payment assistance is for home buyers purchasing a primary residence with a FHA loan only.  Down Payment Funds are not available if using a conventional, VA or USDA loan.  You are allowed to use a non-occupying co-borrower on the loan in order to income qualify but all borrowers must have a minimum 620 middle FICO score.  If you are under the 115% limit for Average Median Income Limit for the area you are purchasing the home then you are eligible for a Soft Second Mortgage for 3.5% of the purchase.  After you make 36 on time payments to the first FHA mortgage loan then the soft second mortgage is forgiven and you do not have to pay it back.

If you are over 115% of the median income limit for your household size then you are eligible for the hard second mortgage loan which is your choice of a 10 year 0% interest second mortgage loan or a 30 year 5% interest second mortgage loan.  You must pay back the hard second mortgage loan.  We must also count a payment for the hard second mortgage loan in your debt to income ratio for qualifying purposes.

How much down payment assistance do you get?

You are able to get 3.5% of the purchase price toward the down payment as a second mortgage.  For Example:

Purchase Price – $200,000

FHA Mortgage Loan – $193,000 (96.5%)

Down Payment Required – $7,000 (3.5%)

PRMI Dream Maker Loan – $7,000 (3.5%)

So able to get 100% financing with FHA Loan for $193,000 and PRMI Dream Maker for $7,000 for a total of $200,000.

Where is the Down Payment Program Available?

The PRMI Dream Maker Program is available throughout the United States from PRMI except for New York.  The income restrictions for the soft second are based on the average median income (AMI) for the county where the property is located.

How do I Apply for the Down Payment Assistance?

If you would like to get more information on the PRMI Dream Make Down Payment Assistance Program or to apply please call us at 302-703-0727 or APPLY ONLINE

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.

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