Do I make too much money for down payment assistance?Last modified May 10, 2022
There are a couple of 100% 1st Time Home Buyer financing programs up to 105% Combined Loan to Value (CLTV). First Time Home Buyer programs that have unlimited income provisions are unique special financing programs. There is one program that will help you cover all of your Closing Costs as well as the down payment. That program has a combined loan to value of 105%. The Closing Costs of the programs that are used for unlimited income mortgages can vary wildly. The difference in some of these programs is where Closing Costs might be $5000 or more than the other special financing programs. A couple of the programs can actually have lower Closing Costs than most of the other First Time Home Buyer programs. Before you have your credit pulled, you need to find out which Lenders can successfully work with 100% or 105% Financing with unlimited income Borrowers. They definitely do exist and some have much lower Closing Cost's than others. Again, do not let just any lender pull your credit before you get all the facts.