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• How can you offer a $0 down loan program? Because of the attractive interest rate and shorter amortization period a homebuyer using our Equity builder product will actually have more equity than homebuyers using other low down payment products in 12 to 36 months which substantially reduces the risk of a 0 down lending product.
• Do I have to be a first time buyer? No, this product is available for any eligible homebuyer. Are first time home buyers eligible? YES!!!
• What does a 1% contribution mean? This programs requires that a home buyer bring to closing the greater of 1% of the purchase price or $1000. This can be funds being used to set up the escrow account, pay of closing fees, pay for the first year of homeowners insurance etc.… • Can I use gift funds for the other funds needed at closing for a home purchase other than down payment? Yes!
• Can the seller/builder pay for any of my closing costs? The Equity Builder program does allow for an interested party in transaction to contribute up to 3% of the purchase price towards closing costs and escrows. The homebuyer would still be required to make a 1% contribution from their own funds at closing.
• Can I use gift funds for the 1 % contribution? Yes, but there are certain additional requirements. Your monthly liabilities including the new house payment cannot exceed 41% of your calculated gross monthly income, your credit score must be over 720, and cannot be for the purchase of a Condo..