The thought of a down payment can often scare off many first time home buyers but now with our FHA combo loan, purchasing your new home could be more attainable than you thought. On Q Financial has just rolled out our new combo loan that will allow all first time home buyers and move up buyers who qualify to get into their new home with only .5% down!
So how exactly does that work? The program includes a 30 year fixed rate FHA 1st mortgage with a 15 year fixed rate 2nd lien totaling to a combined 99.5% loan to value ratio. That .5% could come from the borrower or a gift from a family member. That’s where the 2nd loan can come in to assist you with the down payment, closing costs or to cover the FHA Upfront Mortgage Insurance Premium. This opens up more opportunity for you to distribute your own reserves elsewhere.
This loan program is so flexible in providing different choices for just about anyone who qualifies. With such a minimal down payment of only .5% that leaves you with more cash reserves for all of those expenses that come along with the purchase of your new home.
It allows you peace of mind knowing you can use the 2nd mortgage to allocate towards other mortgages expenses. This is defiantly a program you don’t want to miss out on!
The new FHA combo loan is available for purchase, owner occupied, single family residence, PUDs, FHA approved condos and 1-2 unit properties. Most importantly first time homebuyers AND move-up buyers are able to take advantage of the program!
This program is offered throughout Arizona, California, Texas, and Utah. Let me guide you down the path to homeownership with this FHA combo loan program. Give me a call today to learn more and find out if you qualify for this unique product!
Effective as of 6.27.2014