Legacy Lending Mortgage Group
  • Home
  • Realtor
  • dpa
  • Sign In

  • My Account
  • Signed in as:

  • filler@godaddy.com


  • My Account
  • Sign out

WE NO LONGER OFFER CREDIT ANALYSIS!!!

Legacy Lending Mortgage Group

Signed in as:

filler@godaddy.com

  • Home
  • Realtor
  • dpa

Account


  • My Account
  • Sign out


  • Sign In
  • My Account

DOWN PAYMENT ASSISTANCE FREQUENTLY ASKED QUESTIONS

What is the minimum credit score?

You need at least a 640 credit score for our down payment assistance programs. Your mortgage FICO scores will be pulled. 

What type of loan is this?

We offer down payment assistance for FHA, USDA, and conventional loans.

What is the maximum debt to income allowed?

The maximum debt to income allowed is 50% for conventional, 44% for USDA, and 56.99% for FHA.

Are there income limits?

We have down payment assistance with and without income limits.

Are there any other stipulations?

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.

Can I buy a manufactured home?

Manufactured homes are ONLY allowed with FHA down payment assistance loan  and must meet HUD guidelines for FHA including being on a permanent foundation.

Do I need to have any money?

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 may be covered by seller. 3% maximum credit for conventional loans and 6% maximum credit for FHA loans.

If I don't have much money on hand, what can I do?

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!

How much are up front fees?

These vary based on many factors, but you can expect to pay $78 for credit check, at least $500 for earnest money, $650 for an appraisal, and $400 for an inspection total at a minimum $1,630.

Equal Housing Opportunity
2o25 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.

Powered by

  • Home