Homeownership is a dream for many, but it can also be a challenge if you don’t have the right financials in place. Fortunately, there are many Down Payment Assistance (DPA) programs nowadays that can make your dream of homeownership an affordable reality. At First Fidelis, our new 0% down Conventional TPO Product through the Lakeview National Community Lending Program can be the perfect down payment assistance option for low- to moderate-income borrowers.
What Is the 0% Down Conventional TPO Product?
The Lakeview National Community Lending Program available through Cardinal Financial Wholesale combines Lakeview’s Conventional, Home Possible, and HomeReady products with the Springboard to Homeownership DPA program here in Kansas or the Fahe My Place DPA program in Missouri.
Both of these DPA programs provide financial assistance of up to 4% of the home’s purchase price or appraised value. This allows first-time home buyers to borrow from a home lender without having to make an initial down payment.
Benefits of the 0% Down Conventional TPO DPA Product
In addition to providing down payment relief for first-time home buyers, the Conventional TPO Product offers other benefits as well, including:
- Acceptance of FICO credit scores as low as 660.
- Up to 105% Combined Loan to Value (CLTV) and 97% Loan to Value (LTV).
- Standard Conventional loans allow up to 140% Area Median Income (AMI).
- Home Possible and HomeReady loans allow up to 80% AMI.
- No purchase price limits.
Is the 0% Down Conventional TPO DPA Product Right for Me?
Purchasing a home can be stressful and may even seem impossible. Most home buyers typically expect to pay at least 3% of the purchase price as an initial down payment. While there are 0% down home loans that exist without the need for down payment assistance, these are usually targeted toward veterans or rural home buyers.
Fortunately, many buyers can qualify for down payment assistance which can help to ease the stress of making a large down payment on a home. If you’re struggling to come up with a down payment as a first-time homebuyer, you may want to consider the 0% Down Conventional TPO DPA Product.
Keep in mind that home buyer education is required for all borrowers and must be completed before closing in order to take advantage of this down payment assistance program. Additionally, this product can only be used for primary residences and not investment properties.
Are you interested in learning more about the 0% Down Conventional TPO DPA Product? Contact First Fidelis today to see what our lenders can do for you at 913-205-9978, or get started with our pre-approval application.