Five percent of the loan amount is gifted to a borrower to cover their down payment and a portion of their closing costs. The minimum credit score is 640 to be considered for this program. Unlike the Pathway to purchase program where only the borrower income is considered, your household income cannot exceed $88,000.00 for the Home in Five Program.
This is a gift and does not have to be repaid! Veterans can receive 6% and since their VA loan comes with Zero Down, they can use this to cover their closing costs and maybe have enough to buy down the interest rate.
Want to know how to get started? Click on the phone link above to call us or contact us via our website as well.