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Author Topic: 1% Down Conventional - $200K loan  (Read 2305 times)

Offline pianoman9701

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1% Down Conventional - $200K loan
« on: April 19, 2023, 08:55:00 AM »
One of my lenders is offering up to a $4,000 grant for lower income home buyers. The normal down payment for this type of conventional loan is 3%. So, on a $200,000 loan, the borrower pays $2,000 down and the lender pays $4,000. Now, I know finding real estate in WA for $200,000 is rare at best. However, for a bigger loan, the lender will still grant $4,000 of the down payment. Free $4K is still free $4K. This is designed to help low-income buyers get into their first home. They must be at or below 50% AMI (Area Median Income). You can find AMI here:https://ami-lookup-tool.fanniemae.com/amilookuptool/ Please call me with any questions.
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Offline Zardoz

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Re: 1% Down Conventional - $200K loan
« Reply #1 on: April 23, 2023, 09:33:30 PM »
You're a Good Man, Charlie Brown... :tup:     :chuckle:

Most won't get it. But you are doing good work for people. Special Home Buyer Programs help me get into my first house. Thanks
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Offline Magnum_Willys

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Re: 1% Down Conventional - $200K loan
« Reply #2 on: April 23, 2023, 10:27:43 PM »
You're a Good Man, Charlie Brown... :tup:     :chuckle:

Most won't get it. But you are doing good work for people. Special Home Buyer Programs help me get into my first house. Thanks
:yeah: :yeah: :yeah: :tup:

Offline Skillet

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Re: 1% Down Conventional - $200K loan
« Reply #3 on: April 23, 2023, 10:41:41 PM »
 :yeah:  I only got my first leg up on the financial ladder due to a 1st time "broke bum" homebuyer program.  I would never have known about it except I had a lender like P-man hunting it down for me.

And he's on here laying his cards out on the flop.

 :tup:
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