Richard's Real Estate Thoughts - Chattanooga TN Mortgage Lender: Low down payment purchase with Home Possible Advantage

Low down payment purchase with Home Possible Advantage

The Home Possible Advantage program offers benefits to new home buyers that in many cases are better for new home buyers than FHA loans. The primary benefit is that the down payment is actually lower for Home Possible Advantage compared to FHA loans.

  • FHA minimum down 3.5%
  • Home Possible Advantage 3%

Additionally, at present, FHA mortgage monthly mortgage insurance can be higher than Home Possible Advantage. FHA never cancels its monthly mortgage insurance.

Funds for closing can be gifted with both FHA and Home Possible Advantage loan programs.

FHA remains a great option for many home buyers. For example, FHA allows for greater seller concessions to help with buyer closing costs. Funds required for closing can be a concern for many new home buyers.

If you have questions about qualifying for either Home Possible Advantage or FHA low down payment loans, contact me. We can see which program fits your circumstances best.


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Richard Smith
NMLS# 184479 TN# 104002 Georgia Residential Mortgage Licensee, GA#28928 

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,

Rural Development (USDA), THDA and Jumbo Loans


Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Fairway Independent Morgage Company

Cell phone: 423-280-0345 Email:  Richard.Smith@FairwayMC.com

Visit my website to inquiry about a home loan.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Fairway Independent Mortgage Corporation.

 
Comment balloon 2 commentsRichard Smith • September 19 2016 07:53AM

Comments

Richard, so nice to see another option for only 3% down for some of our first time buyers!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 1 year ago

Thank you Joan.

Of course the Home Possible program is not limited to first time home buyers.  They cannot own other property, but do not need to be firsts time buyers.  There are income limits.

 

Home Possible is a great program for many buyers.

Posted by Richard Smith, FHA VA Rural Development in TN GA (Fairway Independent Mortgage Corporation) about 1 year ago

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