Special FHA loan programs
These are great loan programs for qualified individuals.
- Down Payment Assistance Program
- This program is designed to provide down payment assistance equal to 2% of the purchase price. Borrower must contribute 1.5% down payment.
- May be combined with up to a 6% sellers concession
- 580 Min Credit Score required
- Can be used with standard FHA loan or FHA 203k Rehab loan program
- Total borrowers income is less than 140% of the median income for the area
- First Time Home Buyers Only ( cannot have owned a home within the past 3 years)
- Qualified borrowers on the application must be a current, retired, volunteer, or non-paid of the following employments:
- First Responders- Police, Fire, Public Safety Officer, Paramedic, EMT,
- Educator
- Medical Personnel- Nurse, Doctor, or other medical professions
- Civil servant in a federal, state, or local municipality
- Military personnel
- Must be primary residence
- Purchase Only
- 1-2 Units, Manufactured Housing, FHA approved condos, and PUDS allowed
- FHA $100 Down Program
- The $100 Down payment incentive permits a borrower to purchase a HUD REO Property with FHA insured financing with a minimum down payment of $100.
- Minimum credit score is 580
- Purchase only
- Available on 1-2 Units, Manufactured Housing, FHA Approved condos and PUD’s
- Primary residence only
- Available on standard FHA Loan or FHA 203k Rehab Loan program
Dominic DiGrazio | Mortgage Loan Originator
Classic Mortgage, LLC
Main: 201-368-3140 ext. 30 | Fax: 201-909-5839
Cell: 973-356-5333
NMLS # 204838| Company NMLS # 31149