New Downpayment Assistance Program!
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
- Minimum 0.50% from the borrowers own funds cannot be gifted.
- Income limits restricted by County regardless of family size.
- Minimum 640 credit score
- DTI not to exceed 45%
- Home Purchase price cannot exceeds $250,000