Only assets derived from acceptable sources are allowed for down payment and closing costs.
Minimum down payment required is based on credit the score
Credit score of 580 and above.: Minimum of 3.5% down payment
Credit scores between 530-579: Minimum 10% down payment
Real estate and mortgage transactions have fees associated with them, regardless of the type of financing involved.
The amounts charged will vary depending on the location of the property, the time of the year the loan closes and the fees charged by 3rd party providers.
|Buyer's own funds: checking, savings, retirement,investments and cash on hand.|
|Loans against financial assets such as other real estate, retirement and investment accounts and other depository accounts.|
|Proceeds from the sale of real estate and other personal property.|
|Gift funds: must be from a family member, employer, government agency or charitable organization. A gift letter must be signed by the donor and the transfer of the funds must be documented.|
|Seller Credit- Max 6%**|
**Interested party contriubutions include credits towards closing costs and other loan fees by the Seller, real estate agents, builders and developers. The combined total is limited to 6% of the sales price.