This program was started in 2014 and potential home buyers will find the process relatively simple. The only requirement is that buyers cannot have an annual income of more than $70,035 making this the perfect opportunity for a first time buyer. Even if your household income is higher than $70,035, you may still be approved by running the loan through only one person. The minimum credit score of 640 is also fairly lenient.
This program is very appealing to buyers unable to provide the 10 or 20 percent down payment required for a traditional mortgage. Any buyer pursuing an FHA loan should consider this program as a way to buy their home faster with less money up front.
At this time, there are very few lenders approved for this program and Coldwell Banker Heritage Realtors recommends Prime Lending. For more information or to see if you qualify, visit the Own Your Dream website. To find an agent to further discuss this program, please contact Coldwell Banker Heritage Realtors.