Down Payment Program

PROGRAM HIGHLIGHTS
■A simple one-step process, so
we do all the coordination; there is no third party for
you or the borrower to engage with
■ DPA is a grant equal to 2% of purchase price
■May be combined with up to 6% seller concession for
closing costs
■ No resale or borrower repayment restrictions
■ Minimum qualifying credit score: 580
■ Can be used with the FHA 203(b) program or any of our
FHA renovation programs
ELIGIBLE BORROWERS (Any one of the following)
■Total borrower’s income is equal to or less than 140% of median
area income
■ First-time home buyers
■ Any borrower on the loan application who is a current, retired,
volunteer, or non-paid:
– First-responder: police officer, firefighter, public safety officer,
paramedic, or emergency medical technician (EMT), including
volunteers or similar
– Educator
– Medical personnel: nurse, doctor, phlebotomist, or health
ambassador, or hospital, American Red Cross worker, or similar
– Civil servant in a federal, state, or local municipality
– Military personnel

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Portfolio Lending Programs

Wright Mortgage has enhanced the Fresh Start loan.

Part of our Portfolio Lending loans, Fresh Start now features several, borrower-friendly features:

  • A lower down payment requirement – 85% LTV with no Mortgage Insurance (MI)
  • No seasoning requirement for derogatory events, including Chapter 7, 11 and 13 bankruptcy; foreclosure, deed-in-lieu, short sale and pre-foreclosure
  • Multiple significant derogatory events allowed
  • No mortgage/rental payment history required

Help more borrowers realize their dreams

Designed for borrowers who can demonstrate the ability to repay, but may not qualify under more traditional guidelines, Fresh Start features and benefits include:

  • Loan amounts from $100,000 to $1,000,000
  • Primary and second homes
  • No pay history requirements
  • Minimum 580 FICO score
  • Financing for a variety of property types
  • Maximum 50% DTI

Discover Wright Mortgage

http://www.wrightwww.wrightmortgage.ne

Call 832-647-5985

To learn more, contact me today!

FHA Limited 203(k) Rehabilitation Mortgage

Help Your Clients Add Enjoyment and Value to Their Home with Upgrades or Remodeling
Some buyers shy away from older homes, properties that are outdated, or houses in need of repairs. In the 2015 report on Home Buyer and Seller Generational Trends from the National Association of REALTORS® the following reasons were given by home buyers when asked why they chose to purchase new homes:

·     40% wanted to avoid renovations or problems with plumbing or electricity

·     24% preferred the ability to choose and customize design features

·     10% saw a lack of inventory of previously owned homes

Contrast this to the top reasons given by buyers of previously owned homes:

·     32% listed “better price”

·     32% indicated “better overall value”

How many of your clients are aware that the FHA Limited 203(k) Rehabilitation Mortgage could open up the best of both worlds?

Program Highlights
·     All-in-one loan used for minor non-structural repairs

·     There is no minimum requirement for repair costs

·     Can be combined with the FHA Good Neighbor Next Door (GNND) program

·     Max completion time: 90 days – IMPROVE Instead of Move!