NEW Soft Second program in St. Tammany Parish, 100% Financing available!
It's a GREAT opportunity to buy a home in St. Tammany Parish with no money down. Plus, they will give you up to $35,000 towards the purchase of your new home. Below are the details on this program. To find out more on how to take advatage of this great opportunity please call me today 985-778-2525.
Below is the breakdown.
Assistance: A Soft Second Loan of 20% of the purchase price up to $30,000 and up to $5,000 per borrower for Closing Costs fro a total of $35,000
Minimum Homebuyer Investment: 1% of Purchase Price or $1,000, whichever is greater
Type of Eligible Units: New/Existing residential 1 & 2 Units in St. Tammany Parish
Maximum Purchase Price: $200,000
First Mortgage Rate: Normal mortgage rates
Second Mortgage Rate: 0.00%; No Monthly Payment
Soft Second Payment Requirement: Repayment as follows full upon sale or refinance: 0 - 3 Years: 100% of Soft Second Loan 3 - 4 Years: 80% of Soft Second Loan 4 - 5 Years: 60% of Soft Second Loan After 5 Years: $0 due
First Mortgage Loan Type: FHA, VA or Conventional
Credit Score: Minimum credit score of 640
Closing Costs and Down Payment Assistance: The Closing Costs Assistance limit is $5,000. The $5,000 can include funding for prepaids (homeowners insurance, flood insurance, mortgage insurance premium, and taxes) and other customary costs associated with closing a real estate transaction. Advance payments for Homeowners, Flood Insurance, and Taxes are limited to 24 months of premiums.
Eligible Borrowers: First time homebuyers with annual household incomes at or below 120% are median income. A first-time homebuyer is an individual who meets any one of the following criteria: - An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers). - A single parent who has only owned with a former spouse while married - An individual who is a displaced homemaker and has only owned with a spouse.
Household Income Limits: Income Limits will be adjusted annually according to HUD MSA publications.