FIRST-TIME HOMEBUYERS DOWN PAYMENT ASSISTANCE PROGRAM

 

MKG Enterprises Corp Third-Party Originator's NLMS #1370394 is pleased to introduce the Down Payment Assistance program through our Wholesale channel.

 

The key features of this program are as follows:

 

Available for FHA products

 

Available in all states except New York and Puerto Rico

 

The assistance amount is up to 5% of the loan amount

 

Borrowers can use the assistance for the minimum required investment, closing costs, and/or prepaid items



Minimum FICO Allowed

 

600

 

640

 

Income Limit of Borrower

 

Must not exceed 115% of area median income

 

No income limit

 

Must not exceed 135% of area median income

 

Assistance Terms

 

30-year interest-free second lien. Forgiven in 3-10 years (3 years for assistance amount 3.5%, 10 years for assistance amount 5%

 

10-year second lien with 0% interest rate; or 30-year second lien with 5% interest rate

 

10-year second lien with 6% interest

 

Maximum Back Ratios

 

FICO 660+: As per Automated underwriting systems findings (50% if subject is manufactured home)

 

FICO 640-659: 50%

 

FICO 600-639: 45%

 

50%

 

Homebuyer Education Certificate

 

Required if FICO is below 640

 

Not required

 

Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage is committed to guiding clients through the mortgage process. Contact us at (559) 337-5990

 

Contact us



Apply for a home loan with down payment assistance loan FHA limits apply $473,030

https://bit.ly/3BHBaxc

 

Renovation Guide to rehabbing a house as a forever home, FHA loan limits apply. 

https://bit.ly/3BGguph

 

 

Specific loan program availability and requirements may vary. Please get in touch with the mortgage loan officer for more information.

 

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370394 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370676 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 1370676