Have you ever heard of the ability to have someone get an FHA loan and borrow 100% of the appraised value? If not then perhaps you have not heard of FHA loans with down payment assistance or DAP's as they are called. FHA allows this if the provider of the downpayment is an approved non-profit. I have been helping buyers navigate the various down payment assistance programs for over 31 years now and I am very excited that we just rolled out a new program for loanDepot (other lenders have already rolled out the program) last week called the Chenoa Fund. I plan to detail this program further in coming blogs but I am so excited about this particluar program that I wanted to get the word out as soon as possible. One unique aspect of this program over other down payment assistance programs we offer is that the FICO score of the borrower can can be as low as 620 versus the 640 minimum that many of the other programs require.
More great info to follow. Contact me in the meantime if this program excites you as much as it excites me! Merry Christmas & Happy Holidays!