Atlanta Mortgage News

LOAN THIS MONTH: CAN I PURCHASE WITH NO MONEY? 

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My client thought the best program would be the USDA loan which requires no down payment, but the USDA program looks at household income, not borrower income, so they were quickly disqualified.  Instead, by working hand in hand with some awesome sellers, we were able to offer my client a FORGIVEABLE second mortgage at ZERO interest for three years with NO payment and no funds at closing. They paid for an appraisal and credit report only. Sound too good to be true?  It’s not!

Here are a few guidelines

1. The program is either FHA or Conventional for the first mortgage.
2. The down payment assistance is between 3-5% of the sales price.
3. The minimum credit score is 600.
4. The seller can contribute 3-6% of the sales price for closing costs/taxes/insurance.
5. The second mortgage is a Soft/Forgivable Second.   If your income is higher than 115% of area median income, you can get a ten year loan at no interest.

If this sounds like something that *might* work for your purchase in Georgia, let’s brainstorm as to whether you're a fit.  Send me a text or call me at 678-467-2330. Elizabeth Washburn

DACA Status Recipients Eligible to Apply for FHA Insured Mortgages

Effective today, January 19, 2021, the Federal Housing Administration (FHA) is making FHA loans eligible to DACA individuals.  

These individuals are classified under the “Deferred Action for Childhood Arrivals” program (DACA) with the U.S. Citizenship & Immigration Service (USCIS) and are legally permitted to work in the U.S.    Congratulations!  Ready to own?  Call me!

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