The Alex Jaffe Mortgage Team now offers financing with no down payment from the buyer up to sales prices of $1,006,010*…and there is no income limit for the program! *Max sales price varies by county and $1,006,000 is applicable to DC and the counties that surround it, plus Frederick & Calvert County.
This FHA loan program is available to first time home buyers, repeat home buyers, and current homeowners. 100% total financing is made possible by 3.5%-5% in down payment assistance from the Chenoa Fund.
There are options within the Chenoa fund, where the down payment assistance can be repayable or forgiven. Depending on what down payment option you choose, that impacts the mortgage interest rate paired with the down payment assistance. Furthermore, applicants with incomes under 135% of area median income receive a lower interest rate than if above ($192,105 in DC)
Down payment options
Repayable: 10 years, rate 2% higher than first mortgage.
Forgivable over 3-10 years at a 0% rate. Forgiveness based on down payment assistance amount:
3.5% of purchase price: After 36 consecutive, on-time payments on the first mortgage.
5% of purchase price: After the initial 120 on-time payments on the first mortgage.
- Credit scores 640 and above
- Home buyers may finance houses, row houses, condominiums, and 2-unit properties. For a condominium to be eligible, the association must be approved or approvable by FHA.
- Buyers are able to contribute additional funds to the down payment, but the primary loan cannot be less than 90% of the purchase price.
- Non-occupying co borrowers (also called co-signers) are allowed, provided they will also be co-owners of the property and are also family members.
Pre-Qualify Now: https://ajaffe.firsthome.com/startapp
Questions? [email protected] 240 – 479 – 7658