Borrowers may qualify for 3% downpayment financing with Key Possible – and it’s not just limited to first-time homebuyers. Some of the highlights of this special financing are:
- Your borrowers can have additional financed properties.
- A non-occupant co-borrower may help the buyers qualify for a one-unit property.
- Downpayment sources are less limited – including family contributions, employer-assistance programs, secondary financing and sweat equity.
- Interest rates and PMIs are typically lower than conventional financing.
- Borrowers can put 3% down on a single family home or 5% down on a two-unit.
- More lenient FICOⓇ Scores and DTI ratios are allowed.
Currently, the required income for this program is set to 80% of HUD Area Median Income (AMI) — by census tract, much of Chicagoland’s AMI has increased to $84,560.
For more information about prequalifying your buyers (or making sure your current prequalified buyers were given this option), market rates and additional details about this or other affordable housing programs, reach out to a Key Mortgage loan officer today.