***Lenders Offering 100% Financing***
The below lenders may be able to assist you in financing your new home purchase. Please contact them today to see if you qualify for their 100% financing programs or any other program they may offer:
BB&T Bank Community Homeownership Incentive Program
The program is called Community Homeownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance).
- Loan amounts up to $417,000.00
- Maximum income limits: 97% financing - $66,500.00, 100% financing - $53,200.00 household income. No income limits in HUD designated underserved areas. HUD designated underserved areas can be
- Ratios: 33% housing, 41% total debt. Can go up to 45% with 720 credit score and no other debt
- Term: 30 year fixed only
- Homebuyer Education: Required
- Can use approved down payment assistance program or qualified gift
- Property: Single family residence, townhouse or condo
- Minimum buyer contribution: $500.00
- Reserves: 97% financing - one month PITI, 100% financing - two months PITI
Buyer Credit Qualifications:
- No 30 day delinquencies within the past 12 months. Derogatory credit must be explained. Collections may not have to be paid, but judgments must be paid off.
- Student loan payments will not be counted in debt as long as payment will be deferred at least 36 months from loan closing.
- For 100% financing, minimum credit score must be 660. No minimum for 97%.
- Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months. Minimum number is three sources of non-traditional credit.
*** Loans are subject to approval & this loan program can be modified or discontinued at anytime without notice.***Please consult BB&T at: www.bbt.com for up-to-date information & Eligibility Requirements***
***Disclaimer: You are encouraged to obtain lender financing at your own discretion. I am not an affiliate or employee of BB&T. Information provided may not be accurate & should be verified through a BB&T representative.***
***NACA: Neighborhood Assistance Corporation of America***
NACA has access to billions of dollars of mortgage funds for primarily low- and moderate-income people and people purchasing in low- moderate-income communities. NACA provides this incredible purchase mortgage product for all Members.
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PURPOSE:
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Purchase
Purchase & Rehab
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PROPERTY TYPES:
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One to Four Family, condos, and co-ops.
Existing, New Construction, and Renovations
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DOWN PAYMENT:
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None
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CLOSING COSTS:
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None (paid by lender)
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INTEREST RATE:
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One percent below the prime market rate
Current Interest rate: 30 year fixed (as of )
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BUY-DOWN:
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Additional funds can reduce the interest rate
Paying one percent of the mortgage amount up front reduces the interest rate by one quarter of a percent (.25%)-- a tremendous added benefit.
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APPLICATION FEE:
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None (paid by lender)
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POINTS & FEES:
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None (paid by lender)
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CREDIT HISTORY:
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Perfect credit not required
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P.M.I.:
(Private Mortgage Insurance)
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None
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Membership:
(Neighborhood Stabilization Fund)
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$50 per month for five to ten years
This payment occurs once you purchase through NACA and is part of your mortgage payment. This is a required payment as a NACA Homeowner Member, and as a Member you can receive assistance to NACA’s membership assistance program if you are ever at risk of losing your home. You would also receive the other benefits of NACA Membership.
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OTHER TERMS:
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No yield spread premium; No pre-payment penalty; No balloon payment; No required credit life, or other unnecessary or overpriced insurance
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*** Loans are subject to approval & this loan program can be modified or discontinued at anytime without notice.***Please consult NACA at: www.naca.com for up-to-date information & Eligibility Requirements***
***Disclaimer: You are encouraged to obtain lender financing at your own discretion. I am not an affiliate or employee of NACA. Information provided may not be accurate & should be verified through a NACA representative.***
