We’ve been working very, very hard to put this together and we believe we’ve found a solution. It’ll be rolling out in the next 30 to 60 days, and the program would allow 97% financing with no monthly mortgage insurance up to a $424,000 loan amount, so it’d be great for residents and probably also for fellows.
And this program does have income restrictions. It’s going to be case-by-case basis, and those income restrictions are based by the county that you’re in nationally, all over the country. This program is available in most parts of the country, but the income limits vary. Generally speaking, if you’re on a resident or fellow’s salary, you’re probably going to quality.
Here’s the beauty of this program. Not only does the mortgage that we match it with, 97% no monthly mortgage insurance, very nice loan, but the down payment, the grants, are somewhere between 3% and 5%, again, depending on the county that you go to and a few other factors, and that money can be used in whole to cover your down payment. It could also potentially be used to cover your closing costs and truly, you could get into the property with little to no money out of hand at all.
Same great advantages. Should be able to close on employment contract, more liberal stance how we look at student loans, all of those things that we love about physician home loans should be able to be apply to this program.
So, hey, if you’re interested in a grant, if you’re interested in down payment assistance, give us a call. Let’s talk about the neighborhood, the community that you’re buying in. Let’s talk about your price range, the income, and if we think you’re going to qualify, we’ll have you complete our client questionnaire, we’ll get you some financing numbers and see if you might qualify for one of these grants.
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