ZERO DOWN HOME LOANS with Our Lenders Down Payment Assistance Program

We are excited to offer 100% financing through our comprehensive Down Payment Assistance (DPA) Program. This program is designed to make homeownership more accessible by providing financial support for your down payment. If you're located in South Carolina, please feel free to contact me with any questions.

First Mortgage Loan Types & Terms

  • Loan Types: FHA loans, in compliance with FHA guidelines.
  • Loan Term: 30-year fixed term, payable in full at the end of the term.

Down Payment Assistance (DPA) Overview

  • DPA Amount: Up to 3.5% of the lesser of the sales price or appraised value.
  • DPA Structure: A second mortgage loan under the NHF 10-year Second Mortgage Loan Note.

General Terms of the DPA

  • The proceeds of the DPA can be used exclusively for the down payment. Borrowers cannot receive any cash back from the DPA proceeds.

Second Mortgage Loan Terms

  • Loan Term: 10 years, fully amortizing.
  • Interest Rate: The note rate will be 2.0% higher than the rate on the first mortgage.
  • Loan Amounts: Second loan amounts will be rounded up to the nearest dollar.
  • Re-subordination: The second mortgage cannot be re-subordinated if the first lien is refinanced.

Borrower Eligibility

  • No First-Time Homebuyer Requirement:
  • No Income Limits!
  • Occupancy: The borrower must occupy the property as their primary residence within 60 days of closing.
  • Ownership of Other Properties: Borrowers may own other properties at the time of closing, subject to agency guidelines.
  • Co-Borrowers: Non-occupant co-borrowers are allowed.

Eligible Property Types

  • Single-family residences (detached or attached).
  • Townhomes.
  • Condominiums (townhome design allowed; properties must not be involved in litigation).
  • Double-wide manufactured homes.

Borrower Requirements

  • Minimum Credit Score: 600. Each borrower must have at least one credit score.
  • Debt-to-Income Ratio: Determined by Automated Underwriting System (AUS) approval.
  • Homebuyer Education: At least one borrower must complete housing counseling provided by a HUD-approved nonprofit housing counseling agency.

Mortgage Insurance

  • Must comply with FHA or applicable agency guidelines.

Contact Information

For more details on the FHA 0% Down Program, please reach out to:

Dennis J. Quaranta
Funding Resources LLC

Phone: 843-877-4314
Email: dennis@fundingresourcesllc.com