• UNLIMITED INCOME DPA Edge 100% Mortgage Financing

UNLIMITED INCOME DPA Edge 100% Mortgage Financing

    • Provides 3.5% in down payment assistance in ALL Florida Counties for both FHA and Conventional FNMA Loans.
    • 3.5% down payment assistance is in the form of a forgivable 0%, "silent second" mortgage. 36 months of consecutive on-time payments must be made for "silent second" mortgage to be forgiven.
    • 30 year fixed term.
    • For all Florida counties.
    • The buyer does not need to be the first time Home Buyer.
    • NO Origination fee on mortgage loans.
    • Unlimited income.
    • Back end debt-to-ratio less than 49.99% on all mortgages.
    • Must be a primary residence, no Investors.
    • Must NOT have other concurrent residential real estate.
    • Stick built homes or manufactured homes allowed for Conventional and Government Agency loans (FNMA, FHA, VA, and USDA).
    • Non-Owner Occupant Co-Borrowers allowed for Credit only, NOT income.
    • Competitive mortgage Interest rates.
    • Can be used with Conventional mortgages (3.5%), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
    • Supplemental Alternative credit NOT allowed. No manual underwrites.
    • The borrower must qualify for Conventional, FHA, USDA or VA Loan.
    • Duplexes ARE allowed. NO triplexes or quadruplexes.
    • NO Income limit.
    • Maximum loan amount of FHA limits in the area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
    • Home Buyer Education required.
    • Minimum middle FICO credit score is 620 or higher.
    • Maximum debt-to-income 50% or higher depending on credit score, compensating factors and Automated Underwriting findings.
    • 47% LTV or higher must have 12 months of documentable rental history.
    • No Prepayment Penalty Fee if the loan is paid out early.
    • No cash back to Borrower/Buyer
    • The seller can tribute up to 6% towards FHA, VA or USDA and 3% for all conventional Buyers closing costs.
    • No 203k Renovation loans allowed.