The 0% Down Purchase Program allows a rare opportunity for borrowers to qualify for a 3% loan (up to $15,000) to purchase a home without putting any money down on it. Under this generous program, borrowers won’t have to worry about monthly payments on the second lien. In addition, the second lien will not accrue interest. The second lien’s balance won’t be due until the first lien is paid off or refinanced (whichever comes first).
To qualify for this program, at least one borrower must be a first-time homebuyer with a credit score of 700 or above. However, if this criterion isn’t met, applicants may also qualify by being at or below 80% of the Area Median Income (AMI) for the relevant property address and holding a credit score of at least 620. Not sure whether you qualify? Contact Golden Coast Finance and we’ll help you find out!