APF’s 0% Down Purchase program offers borrowers a unique opportunity to secure a home without the burden of a down payment. This innovative program provides a 3% loan up to

$ 15,000, with no required monthly payments on the second lien and no interest accrual. This second lien is due in full as a balloon payment upon the first lien’s refinancing, payoff, or final payment.

Benefits of the 0% Down Purchase Program

 Fast-Track Homeownership: Help more borrowers get into a home quickly without a down payment.

• Financial Flexibility: Borrowers can use their funds for home repairs or emergency savings.
• Affordable Homeownership: This program adheres to Home Possible@ guidelines, allowing borrowers to benefit from LLPA caps, making it easier for underserved individuals to achieve homeownership.
• Competitive Edge: Real estate agents can gain a competitive advantage by offering their clients an additional affordable product.

Program Parameters

• Eligible Properties: 30-year fixed primary purchases only, including single-family homes, PUDs, and condos (no manufactured homes).

 Down Payment Assistance: Covers up to the lesser of 3% or $15,000 of the down payment.

• Second Lien Terms: No required monthly payment, no interest accrual, and due in full as a balloon payment upon refinancing or final payment of the mortgage.  Home Possible@ Guidelines: These guidelines must be met based on borrower eligibility, with AUS findings that must be Accepted.  Minimum FICO Scores: 620 for Home Possible@ loans.
• DTI and LTV Limits: Maximum DTI determined by AUS findings, maximum LTV of 97%, and maximum TLTV of 100%.

Borrower Eligibility

 Income Limits: For Home Possible@, borrowers must have income at or below 80% Area Median Income (AMI). If you are concerned if you qualify, give us a call.

• First-Time Homebuyer: At least one occupying borrower is a first-time homebuyer.
• Homeownership Education: Required for all first-time homebuyers.
• Very Low-income Purchases (VLIP): Borrowers with AMI at 50% or lower receive a $2,500 credit, reducing their down payment assistance to $12,500.
• Non-Occupying Co-Borrowers: Permitted up to 95% LTV on Home Possible.

APF’ s 0% Down Purchase program is a powerful tool for making homeownership more accessible. By leveraging this program, borrowers can achieve their dream of owning a home with financial flexibility and competitive advantages.

For more information, contact Joe Mays at hjmays@aol.com or call 210-614-8951