New Downpayment Assistance Program!

New Downpayment Assistance Program!

image Wright Mortgage has a new program that provides up to 3% in down payment assistance, in the form of a non-repayable grant for FHA, VA and USDA 30-year fixed mortgage loan only. There is no repayment associated with this down payment assistance program.

The grant program may be applied against the borrower s down payment, closing costs and prepaids. This is a regular FHA loan but a new down payment assistance program.

The loan must be a owner-occupied home and the borrower must not own any rental property.

GRANT:

  • 4% DPA- FHA, VA & USDA
  • 3% DPA – Conventional (Fannie & Freddie)
  • Program Requirements Income limits restricted by county
  • Minimum Credit Score: 640 minimum
  • Purchase price maximum Government – $250,200 Conventional – $324