Ideal100
100% Financing Programs
If you’re a homebuyer who qualifies for an FHA first mortgage but could use some down payment assistance, Ideal Lending Solutions may have the answer. In fact, based on your income there are options possibly available, providing up to 3.5% of the sale price or appraised value (whichever is less). Thousands of people each year dream of becoming homeowners. Ideal100 presents an alternative down payment solution for you to potentially make homeownership a reality.
- Down payment assistance of up to 3.5 % of the sale price or appraised value
- All FHA approved buyers with 620+ FICO for Standard program
- All FHA approved buyers with 640+ FICO for Rate Advantage program
- No income restrictions
- No first-time homebuyer restrictions
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100% Financing Loan Programs
FHA LOANS: EDGE PROGRAM
Chenoa Fund DPA Edge Soft Second product. With this program, you receive a 30-year term, 0% interest rate, no monthly payment, second mortgage. You will need to meet the minimum credit score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which you will live. The loan is forgiven when you make 36 consecutive, on-time payments on the first mortgage.
FHA LOANS: REPAYABLE SECOND PROGRAM
With this program, there are no income limitations. There are two options for a repayable second. You can choose a 10-year repayable second at 0% interest rate or a 30-year repayable second at 5% interest rate. You will need to meet the minimum credit score of 620.
FHA LOANS: RATE ADVANTAGE PROGRAM
With this program, you are able to lock their first mortgage at market comparable rate. You will need to meet the minimum credit score of 640, have a debt to income ratio of 50% or less, and have a qualifying household income less than or equal to 135% of the median income for the county in which you will live. This is Chenoa Fund’s only program that offers both 3.5% down payment assistance and 5% down payment assistance.
CONVENTIONAL PROGRAM
Ideal Lending Solutions offers a down payment program in conjunction with Fannie Mae’s 97% standard and HomeReady program. There are no income limits under the Standard 97% LTV program. Borrowers will need to meet minimum FICO score of 640 and any other Fannie Mae guidelines for the Conventional 97 or HomeReady 97 programs.
American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government. Source: https://chenoafund.org | The information provided is from a third party not affiliated in any way with American Financial Network, Inc. This third-party content is for general informational purposes only, and American Financial Network, Inc. makes no express or implied warranties, promises, or representations as to the nature, standard, accuracy or otherwise of the information provided, nor to the suitability of the information to your particular circumstances. American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government.
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