Luxury Down Payment Assistance program for High Priced Homes
Provides 1:1 matching funds up to $50,000.
- Assistance must be repaid when the property is sold.
- Program designed to help avoid Private Mortgage Insurance because of much larger down payment.
- Increases the ability to purchase a larger home without Mortgage Insurance.
- Mortgage payments are lower because of Non- Jumbo interest rates and no mortgage insurance.
- Appreciation equity is divided 50% between the Owners and the Lender when the Property is sold.
- Equity that results from Owner paying down the mortgage is Owners equity alone and not split with Investor.
- Primary Residences only.
- 1003 Income only.
- No Income Limits.
- Maximum purchase price $500,000.
- Fannie Mae (DU Approval Required)
- No Bankruptcies in the last 4 years and no foreclosures, Deed in Lieu, or Short Sales in last 7 years
- Minimum middle credit score 640 with DU approval.
- No Prepayment Penalty Fee if the loan is paid out early.