Looking for financing assistance. A message from Dick Harbin of Monarch Mortgage
CDA appears to be â€œon holdâ€ for now
FHLB has run out of money for their down-payment/closing cost assistance program
MY HOME is limited to PG County...has income limitations...has a 45% maximum debt ratio...and is limited to first-time buyers
So...what do you do if your seller is only paying 3% closing help, and the buyer needs more? Visit Bowie Home SalesÂ for buying, renting and selling needs.Â We can help!
You donâ€™t need a program...you donâ€™t have to be a first-time buyer...you donâ€™t have to buy in any particular county...
I WILL assist you in finding how to Â PAY UP TO 3% OF THE BUYERâ€™S CLOSING COSTS
THROUGH MY â€œFHA PLUSâ€ PROGRAM
Using this program, I love to say â€œnoâ€...as in...
NO...you donâ€™t have to be a first-time buyer
NO...you donâ€™t have to buy in any particular state, county or zip code
NO...you donâ€™t have to meet any income requirements
NO...you donâ€™t have to attend any classes
NO...I am not going to do my own home inspection (a la My Home)
NO...youâ€™re not limited to a 45% debt-to-income ratio
NO...weâ€™re not going to run out of money like these programs do
NO...you donâ€™t have to live in the house for a certain number of years
And best of all...
NO...you donâ€™t have to wait 60 days for loan approval and closing, like all of those programs
With â€œFHA PLUSâ€, itâ€™s as simple as this:Â for any FHA buyer, in exchange for a slightly-higher interest rate/payment, I will pay up to 3% of the buyerâ€™s closing costs.
Thatâ€™s it...no hoops to jump through...no special forms or requirements.
With FHA PLUS, the turnaround time for loan approval/closing is the same as with any FHA mortgage:Â youâ€™re in closing about 3-4 weeks from the date of loan application.
Your buyer gets all of the benefits of an FHA loan, PLUS I pay up to 3% of their closing costs.
Check out todayâ€™s rates...based on a 660 credit score:
4.00%...0 points...PLUS I pay 1% towards closing
4.25%...0 points...PLUS I pay 2% towards closing
4.50%...0 points...plus I pay 3% towards closing
Those rates, like all rates, can change daily, but thatâ€™s todayâ€™s rates
So, if your buyer can come-up with their 3.5% down-payment, and you can get 3% seller help, I can do the rest!