Zero down mortgage loan with down payment assistance

There are no income limits to qualify and this assistance covers the entire down payment. It works with an FHA loan only and has a minimum credit score requirement of 600. Andour Enterprises Inc work with a NPO that provides down payment assistance in the form of repayable and forgivable loans (but not grants). Their DPA forFHA loans may be either 3.5% or 5% of the purchase price or the appraised value of the home, whichever is lower. With the 5% option, the minimum 3.5% can go toward the down payment and the remainder can be used toward closing costs.

The DPA Repayable option carries a 10-year term with a fixed interest rate the same as the first mortgage, and a separate monthly payment.

The DPA Forgivable has a fixed 0% interest rate at a 30-year term. No monthly payments are required and it is forgivable under conditions dependent on the down payment assistance amount as follows:

• 3.5%: Forgivable after 36 consecutive, on-time payments on the FHA first mortgage.
• 5%: Forgivable after 120 consecutive, on-time payments on the FHA first mortgage.

Please let us know if you have any questions. You can apply for our program and access the entire program through the lender, from registration to closing, as long as the lender is approved.