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Chenoa

The Alex Jaffe Mortgage Team now offers financing with no down payment from the buyer up to $704,300…and there is no income limit for the program!

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% in down payment assistance from the Chenoa Fund.

 

More about the 3.5% assistance:

For households with incomes above 115% of area median income ($134,780 in DC), the 3.5% assistance is repaid.

For households below this limit, buyers can choose between:

a.  3.5% down payment assistance which is forgiven after 3 years of on time mortgage payments

OR

b. 3.5% down payment assistance is repaid…and in exchange the primary loan comes with a lower interest rate! (restrictions: loan amounts below $453,100 only, 640+ credit, co-signers not permitted, and 1 unit properties only)

 

Key Criteria:

  • Credit scores 620 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 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.
  • Home buyer education required for applicants with credit scores 620-639.  Complete at https://www.borrowersuccess.org/prepurchase

Pre-Qualify Now: https://ajaffe.firsthome.com/startapp

Questions? ajaffe@firsthome.com 240 – 479 – 7658