Physicians Financing Solutions and Grant for Down Payment & Closing Costs

by Marsha Willingham on 06/05/2017

in About, Buyers Information, Buyers loan information, Local News, San Luis Obispo Real Estate

Financing Solutions for Physicians…

–       Loan Amounts up to $650k for a New Physician & up to $1,250,000 for an Established Physician (more than 1 year out of residency)

–       10% Down with no MI

–       100% Gift may be used for Down Payment & Closing Costs

–       Exclude Student Loan Debt for New Physician’s so long as debt is in deferment (would normally have to include future minimum payment)

–       Use of Future Projected Earnings to qualify

 

GSFA Platinum Program – Grant for Down Payment & Closing Costs…

–       4-5% Grant which may be used for Down Payment & Closing Costs

–       Borrower is not required to be a First Time Homebuyer (FHA, VA & USDA)

–       No Repayment of the Grant is expected or required

–       Income Limits of $95,680 (FHA, VA, USDA) & $122,240 (Freddie Mac)

–       May be paired with Freddie Mac HFA Advantage which allows 3% down and reduced MI

–       Loan Limits up to High Balance Limit in SLO County or $586,500

–       Credit scores as low as 640 (if between 640-660 a lesser grant is available)

–       May be used to purchase 1-4 unit properties as long as they are a Primary Residence

–       Note that loan may not be locked until fully underwritten & ready for docs

Check with your lender on the above programs.  Or contact me and I will put you in touch with lenders who will provide the above.

 

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