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Down Payment Assistance Loans
One of the biggest challenges of pursuing homeownership is coming up with a down payment. At Luxe Mortgage (a division of New American Funding, our Loan Officers help you break down and understand the various local down payment assistance programs available to you depending on your location.
Buy Now with 100% Home Financing
With down payment assistance options from the Chenoa Fund
If you want to buy now but don’t have the down payment needed for an FHA home loan, you may be eligible for either our 3.5% or 5% down payment assistance options from the Chenoa Fund.
We have loans you can live with
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No money down financing available
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Down payment assistance in the form of a forgivable or “soft” second or a repayable second mortgage
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No first-time homebuyer requirement
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Credit score as low as 600
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Must be owner-occupied, but non occupant cosigners are permitted
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Homeowners’ education class may be required
Concerned about the down payment?
You dream about buying a new home, let us help make it a reality! Eligible borrowers can now get up to $6,000 in assistance toward the down payment and closing costs, making it easier than ever to get yourself into that dream home!
Our Pathway to Homeownership Program could be the answer!
Program Highlights
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First-time homeowners
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1 unit | Single-family
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Primary residence
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97% loan-to-value (LTV)
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30-year fixed-rate loan
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Credit score as low as 620
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Subject property must be in eligible
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census tract
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Can be combined with other programs
Clients with Little to No Down Payment?
Eligible borrowers can get up to $8,000 in down payment and closing costs that they don't have to pay back. This is truly free money. Making it easier for you get into the home of your dreams
Our Pathway Plus could be the answer!
Highlights
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Up to $8,000 in Down Payment & Closing Cost Assistance
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First-time buyers
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1 unit, single-family home
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No income limitations
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As little as 3% down
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Minimum credit score of 620
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Can be combined with other
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DPA programs
Loan Products Include
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30-year fixed-rate loan
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Seller-Paid 2-1 buydown
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Seller-Paid 3-2-1 buydown
Introducing our Pathway 100 Program!
With New American Funding’s Pathway 100 Program, eligible buyers could receive up to 100% financing, to be used for down payment, closing costs, and prepaid items. There are no income restrictions or first-time buyer requirements!
Highlights
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Down Payment Assistance available for 3.5% or 5%
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Assistance funds may be forgivable after five years
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Eligibility based on FHA 203(b) & USDA guidelines
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Minimum FICO 620
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Owner-occupied purchase transactions only
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High balance loans available
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Temporary rate buydowns available