You need at least a 620 credit score. Your mortgage FICO scores will be pulled. In some cases, loan is required to be manually underwritten and manually underwritten loans require a minimum credit score of 640.
We offer both a conventional and FHA loan grant covering the down payment for each loan.
The maximum debt to income allowed is 50% for conventional and 56.99% for FHA.
You must meet income limit for conventional grant. For FHA grant, there is no income limit if at least 1 borrower is FIRST TIME HOMEBUYER. If not a first time homebuyer, income limit applies.
You do NOT have to be a first time homebuyer, but if all borrowers are first time homebuyer, you need to complete a homeownership education for free online and provide the certificate of completion to your loan officer.
The grant DOES NOT have to be repaid, however if any of the following apply within 6 months of purchase, the grant must be repaid: property is sold, loan is paid in full, loan is refinanced.
Manufactured homes are ONLY allowed with FHA grant and must meet HUD guidelines for FHA including being on a permanent foundation.
This program only covers your down payment. You as the buyer are still responsible for closing costs. You are also responsible for up front costs such as earnest money, appraisal fees, and inspection fees. (Closing costs my be cover by seller. 3% maximum credit for conventional loan and 6% maximum credit for FHA loans.
You may have your agent ask the seller to cover your closing costs when writing an offer. Closing costs average around 3%-5% of the home price. If the seller covers your closing costs, all you are responsible for are the up front costs. You may also have a family member gift you the money to pay your up front costs, leaving you with very little to no money out of pocket. ***SELLER CREDITS ARE NOT GUARANTEED!
These vary based on many factors, but you can expect to pay at least $500 for earnest money, $650 for an appraisal, and $400 for an inspection total at a minimum $1,550.
Equal Housing Opportunity
2o24 Legacy Lending Mortgage Group 2315 N. Main St STE 211D
anderson, sc 29621 1-866-893-LLMG (5564)
NMLS ID 2274014. For licensing information go to www.nmlsconsumeraccess.org.
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