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buying a home, Casey Young, core advantage real estate team, FHA loans, financing options, home for sale, home owners, homes, mortgage options, Phoenix, qualifying for a mortgage, real estate, Realty One Group, Sherry Wong
Such an awesome program…especially if you need to purchase a home with as little out of pocket as possible.
More details below:
1. No prepayment penalty
2. The 2nd mortgage is a 15 yr fixed at 8.25%. The payment ends up being quite small because it is only 3% of the purchase price.
3. Max debt to income ratio is 45% for credit scores 620-659, 48.9% for 660+
4. ½% down can be gift and seller concessions allowed to make a true 0 down.
5. $81,862 income limit in Maricopa county. If a couple combined makes more than that, you can use 1 borrower and their income alone.
Call Jim Lee with OnQ Financial, Inc. for more details…tell him Sherry Wong sent you!
480-262-9883 or jim.lee@onqfinancial.com