You’re in the right place if you need FHA down payment assistance program information. AmeriSouth is proud to announce that we are offering 100% financing for FHA loans in NC. We invite you to call and consult with an AmeriSouth lender today who can inform you of your loan options and connect you with the loan products that help you achieve your goals and meet your borrowing needs.
Who is the Down Payment Assistance Program for?
The FHA down payment assistance program is for buyers who make enough money to qualify for an FHA loan but have minimal funds for a down payment. Typically, when a person seeks to buy a house with an FHA loan, the buyer will be required to place between 3.5 – 10% of the purchase price as a down payment upfront. This percentage varies from borrower to borrower and is determined based on a borrower’s credit score, among other qualifying factors.
Understand Down Payment Assistance Better
If you were going to buy a house that costs $100k with an FHA loan, you would be required to pay between 3.5 – 10% of the home’s cost, which would be between $3,500 – $10k. However, with the FHA down payment assistance program, you’d only have to pay 0.5% down. Now, you may be wondering what happens to the other 3 – 10% that you would normally have to put down on the property with an FHA loan?
With the FHA down payment assistance program, this amount gets placed as a second lien on your property. You won’t have to make any payments on this amount, and in most cases, it usually gets removed as a second lien within three years. We’ll explain how briefly.
Is There a Downside to this Program?
The only downside to this product is that there are income limitations depending on which county you are purchasing your home in. If you are making more money than the income limitation allows for, then you will not be able to use this down payment assistance program. However, this is not the same in every county.
There’s Definitely More Good than Bad with the Down Payment Assistance Program
AmeriSouth invites you to take advantage of this down payment assistance. We are offering 100% financing on FHA home loans. If you earn under the income limit and make 36 months of on-time mortgage payments, AmeriSouth will forgive the assistance. Therefore, the down payment assistance we give you to buy your home will be forgiven.
If you have previously been told that you make too much money for down payment assistance, this program may be for you! This program does not have an income limit. You just have to repay the money you’ve borrowed. If your income is over the traditional income limits, it’s just not forgivable.
Contact AmeriSouth Today
If you have any questions about the FHA down payment assistance program or financing in general, get ahold of a mortgage broker at AmeriSouth.