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 to 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
Apply for a home loan with down payment assistance loan FHA limits apply $472,030
Renovation Guide to rehabbing a house as a forever home, FHA loan limits apply.
Specific loan program availability and requirements may vary. Please get in touch with the mortgage loan officer for more information.
Licensed by the California DFPI under the California Residential Mortgage Lending Act, 1370394 Licensed by the DFPI under the California Residential Mortgage Lending Act, 1370676 or Licensed by the California DFPI under the California Finance Lenders Law, 60DBO-45224.