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)
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.