For many of us it’s challenging to save a 3.5% down payment plus the closing costs needed to purchase a home.
Lender, Miles Pitcher with Superior Lending, recently introduced a down payment grant program that is currently helping two of my clients purchase a home. Here’s an overview of how it works:
🏠 The grant is 3.5% of the purchase price (3.5% is the minimum down payment FHA requires for a loan)
🏠 The initial interest rate is about 1.5% higher than the regular FHA rate
🏠 After six months the buyer can streamline refinance to a regular FHA interest rate (lowering their monthly payment substantially).
🏡 No repayment of the grant is required upon sale or refinance.
After my clients weighed the costs, they determined it was well worth paying the six months of higher monthly payments in order to receive the grant.
If you think this program could help you or someone you know get into a home, please call. I’d love to share more specifics!