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Exciting new down payment grant program now available at Flat Branch!

Shawn Von Talge



12-31-2014

Flat Branch Home Loans is pleased to announce the addition of a new down payment assistance program to our financing options for borrowers. This exciting new program is called The National Homebuyers Fund (NHF) and it’s essentially an initiative designed to provide down payment assistance to homebuyers, in the form of a grant, with the purchase of a primary residence. At this time the program is available in 25 states, two of which are serviced by Flat Branch Home Loans (Missouri and Kansas). Listed below are a few key highlights of the NHF program:

✓ You do NOT have to be a first-time homebuyer
✓ A grant of up to 5% of the total loan amount is available
✓ It is a true grant program: the borrower does not have to repay it whatsoever
✓ The program can be used in conjunction with Conventional financing and the FHA, USDA, and VA loan programs
✓ For use on primary residence purchase transactions
✓ It can be used on properties with 1-4 units
✓ Income limits apply but only in respect to the income being used for qualifying purposes (NOT “household” income)
✓ U.S. Bank is the servicer of the program
✓ The grant provided can be used for down payment assistance and/or closing costs
✓ 30-year fixed rates available
✓ The minimum credit score is 640 when used with government loan programs (FHA, USDA, VA)
✓ The conventional product requires a 740 minimum credit score
✓ Maximum debt-to-income ratio is 45% across the board

The income limits used for this program are 115% of Area Median Income (AMI) per county for FHA, VA and USDA and 140% AMI for Conventional financing. To date this program has helped families purchase over 64,000 homes totaling in excess of $8.9 billion.

To find out if you qualify for this exciting new program please fill out the quick and easy contact form to the right and a member of our Preapproval Team will contact you as soon as possible.

Thanks for reading and have a safe and happy New Year’s!

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