Here at Superior Mortgage Co., Inc., we’re excited to announce that we have partnered with National Homebuyers Fund, Inc. (NHF) to provide a down payment assistance program through Superior Mortgage.
FHA - NHF Program
Some of the key benefits of the FHA – NHF Program through Superior Mortgage include:
- NHF SaGrant: 3.00% or 4.50% of the 1st mortgage total loan amount.
- DPA Grant – no repayment required!
- Grant can be used for the down payment or closing costs.
- Seller credit of 6% is allowed.
- Gi funds are permitted.
- Borrower(s) not required to be first-time homebuyers.
- Income limit is based on qualifying income used for a transaction, not household income.
To ensure that Program Requirements:
- 620 Minimum FICO, DTI – up to 50%.
- Income limits: 115% of Area Median Income.
- All borrowers must occupy the property as a primary residence.
- The lesser of $417,000 or maximum loan amounts permitted by HUD.
- At least one borrower must have homebuyer counseling.
- Borrower Paid Origination Fee of 1.5% – May use grant to pay origination fee.
- Nationwide Admin Fee = $1,145
Get in contact with us today for more information about the National Homebuyers Fund, Inc. and how it can help you!
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