One of the biggest obstacles for most people wanting to buy a home in Connecticut is coming up with a down payment. Now, a new program is available to help you get into a home with as little as 1% down. This new down payment assistance program in Connecticut, the America’s Home Buyer Solution Gift Program, is available exclusively through The Lending Company.
For example, with a FHA home loan, a 3.5% down payment is usually required. If you are an eligible home buyer, down payment assistance from The Lending Company may pay up to 2.5% of that amount. Your percentage of the down payment can even be a gift from a family member
The down payment assistance is a gift, and does not have to be repaid. Where does it come from? One of two HUD approved non-profit charities that have been set up to improve the housing market in the U.S. This down payment assistance is available only from The Lending Company. It is not a seller funded down payment program.
Benefits of the America’s Home Buyer Solution Gift Program
Up to 2.5% gift to homebuyers.
FHA 30 year first mortgage.
Seller encouraged to contribute up to 3% towards closing costs.
Not limited to first time home buyers.
Not limited to foreclosures or vacant properties.
Multi-family (1 to 4) homes or condos are eligible.
Competitive interest rates.
Flexible loan approval guidelines.
More facts about the program
Owner occupied only.
Minimum 620 credit score required.
Non-occupant co-borrowers allowed.
No prepayment penalties.
Requires home buyer education completion.
There may be income limits. Ask your loan officer.
For more information on the America’s Home Buyer Solution Gift Program, please fill out the form below: