Ideal100 – 100% Financing Programs
EVERYONE IN AMERICA should have access to affordable housing. Our Ideal100 program can make that happen by providing credit-worthy families the financial tools to purchase a home. When we assist responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, we help create healthy communities by improving the balance between home ownership and other types of housing. Owning a home could be possible sooner than you think.
Our 100% Financing Programs offer flexibility and a variety of options to help you qualify for your dream home.
FHA LOANS: EDGE PROGRAM
With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. Borrowers will need to meet the minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. The loan is forgiven as soon as the borrower makes 36 consecutive on time payments on the FHA first mortgage.
REPAYABLE SECOND PROGRAM
With this program, the borrower does not have any income restrictions. There are two options for repayable second. The borrower can choose 10-year repayable second and 0% interest rate or 30-year repayable second at 5% interest rate. Borrowers will need to meet the minimum FICO score of 620.
RATE ADVANTAGE PROGRAM
With this program, the borrower is able to lock their first mortgage at market comparable rates. Borrowers will need to meet the minimum FICO score requirement of 620, have a debt to income ratio of 50% or less, and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live.
Ideal Lending Solutions offers a down payment program in conjunction with Fannie Mae’s 97% standard and HomeReady program. There are no income limits under the Standard 97% LTV program. Borrowers will need to meet minimum FICO score of 640 and any other Fannie Mae guidelines for the Conventional 97 or HomeReady 97 programs.
American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government.
Source: https://chenoafund.org | The information provided is from a third party not affiliated in any way with American Financial Network, Inc. This third-party content is for general informational purposes only, and American Financial Network, Inc. makes no express or implied warranties, promises, or representations as to the nature, standard, accuracy or otherwise of the information provided, nor to the suitability of the information to your particular circumstances. American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government.