By Josh Mettle, Fairway Physician Home Loans
Down payment grants are currently available in conjunction with one of our physician home loan programs in Arizona, California, Colorado, Florida, Idaho, Illinois, Massachusetts, Minnesota, North Dakota, Nevada, Pennsylvania, Texas, and Wisconsin. Not all counties in each state are covered; please reach out to us for additional questions and program specifics.
Depending on the county in which you are buying, the down payment assistance equals between 3.5% and 7% of the loan amount. For example, if you buy a $300k home and your loan amount is $291k (less required down payment), your down payment assistance would be between $10,185 and $20,370 depending on the county you buy in.
Once you qualify and receive the down payment assistance funds, there are no strings attached. You do not need to pay that money back, you can sell at any time with no recapture fee, the down payment assistance is not taxable, it is your money to be used towards down payment, closing costs, or any other fees directly associated with buying the home.
If you are a doctor interested in purchasing a home, and are in or will be in residency or fellowship in one of the states above, I’d invite you to contact us and we can create a total cost analysis for you.
Please see our previous article for additional information: http://utahphysicianhomeloans.com/2017/10/11/down-payment-assistance-now-available-for-qualifying-resident-physicians/
If you are not ready to apply yet and find yourself in the data collection and analysis phase, we have a powerful tool for you get familiar with the areas you might be relocating to.
Did you know that up to 47% of the information on Zillow and Trulia is inaccurate, old information and they sell your personal contact info to multiple Realtors and lenders?
I was a frequent user of Zillow, Trulia, and Relator.com before I figured this out.
I’ve discovered a valuable real estate app that ensures you're seeing every home listed for sale, it is an exact duplicate of the Realtor listing service (MLS) and has 100% of the live data and your contact information remains private.
If you want to search like Realtors do - Download the app here: https://homescout.app.link/SEARCHBETTER
We’d invite you to give us a call with any questions you might have @ 855-260-9932
Or visit our website at www.fairwayphysicianhomeloans.com
Copyright©2017 Fairway Independent Mortgage Corporation. NMLS#2289. 4801 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Fairway is not affiliated with any government agencies. Fairway is required to disclose the following license information. Alaska Mortgage Lender License No. AK2289; Arizona Mortgage Banker License No. 0904162; CA: Licensed by the Department of Business Oversight under the Consumer Finance Lenders Law; Loans made or arranged pursuant to a California Finance Lenders Law License #262571; Illinois Residential Mortgage Licensee No. MB. 0005475; Kansas Licensed Mortgage Company. KS License #MC.0001375; MA Mortgage Broker and Lender License #MC2289"; Minnesota: MN-MO- MN-MO-20183136. This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of Minn. Stat. Section 47.206 (3) and (4); Mississippi Licensed Mortgage Company; Licensed by the New Hampshire Banking Department Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker-NYS Department of Financial Services; OH MBA License #2289; Oregon Mortgage Lender License ML-3791; Rhode Island Licensed Broker & Lender; VA: NMLS ID # 2289; Washington Consumer Loan Company License No. CL-2289.