{"id":4731,"date":"2024-05-17T07:37:07","date_gmt":"2024-05-17T12:37:07","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=4731"},"modified":"2024-05-17T07:37:28","modified_gmt":"2024-05-17T12:37:28","slug":"0-down-purchase-mortgage-with-down-payment-assistance-now-available","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/0-down-purchase-mortgage-with-down-payment-assistance-now-available\/","title":{"rendered":"0% Down Purchase Mortgage with Down Payment Assistance Now Available!"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Available today May 17th, 2024 we are excited to announce our new 0% Down Purchase Mortgage! This program is available to first time homebuyers with no income limits! Repeat buyers are also eligible if they meet income limits for their area.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With this Down Payment Assistance Program (DPA), the borrower will get a <a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/conventional-mortgage.html\" title=\"\">conventional mortgage<\/a> at 97% of the purchase price and a 2<sup>nd<\/sup> mortgage for up to $15,000. This second lien will have 0% interest and no monthly payment required!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Down Payment Assistance Highlights<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fast Closings with no 2<sup>nd<\/sup>\u00a0underwrite required<\/li>\n\n\n\n<li>May have seller paid closing costs<\/li>\n\n\n\n<li>Available for First Time Homebuyer with no income limits!<\/li>\n\n\n\n<li>Also Available for Repeat Homebuyers!<\/li>\n\n\n\n<li>Up to $15,000 in <a href=\"https:\/\/riverbankfinance.com\/mortgage-programs\/buying-a-home-with-no-down-payment.html\" title=\"\">Down Payment Assistance<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">0% Down Mortgage Requirements<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Borrower must either be a first time homebuyer or under income limits if repeat homebuyer<\/li>\n\n\n\n<li>Must qualify for conventional mortgage guidelines<\/li>\n\n\n\n<li>30-year fixed primary purchases\u00a0<strong>only<\/strong>\n<ul class=\"wp-block-list\">\n<li>1 Unit single-family, PUDs, condos<\/li>\n\n\n\n<li>No manufactured homes<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Down payment assistance can cover up to the lesser of 3% or $15,000 of the down payment\n<ul class=\"wp-block-list\">\n<li>Second lien is due in full as a balloon payment upon refinance or final payment of the mortgage, or a payoff<\/li>\n\n\n\n<li>No required monthly payment on the second lien<\/li>\n\n\n\n<li>Second lien does not accrue interest<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>All Home Possible\u00ae or HomeOne\u00ae guidelines must be met, based on borrower eligibility\n<ul class=\"wp-block-list\">\n<li>LPA findings must be Accept<\/li>\n\n\n\n<li>Home Possible\u00ae or HomeOne\u00ae price caps will apply<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Minimum FICO\n<ul class=\"wp-block-list\">\n<li>0% Down Purchase &#8211; Home Possible\u00ae = 620 FICO<\/li>\n\n\n\n<li>0% Down Purchase &#8211; HomeOne\u00ae = 700 FICO<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>For 0% Down Purchase Home Possible\u00ae: only eligible for borrowers with income at or below 80% Area Median Income.\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/affordable-lending\/home-possible-eligibility-map\">Freddie Mac\u00a0<\/a><a href=\"https:\/\/sf.freddiemac.com\/working-with-us\/affordable-lending\/home-possible-eligibility-map\">Freddie Mac Home Possible\u00ae Income &amp; Property Eligibility Tool<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>No AMI restrictions on 0% Down Purchase HomeOne\u00ae\u00a0when at least one occupying borrower on the loan is a first-time homebuyer.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">0% Down Payment Mortgage Examples<\/h2>\n\n\n\n<h4 class=\"wp-block-heading\">EXAMPLE 1:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Sales price is $300,000, appraised value is $290,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3% of $290,000 = $8,700<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second lien = $8,700<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">EXAMPLE 2:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Sales price is $600,000, appraised value is $650,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3% of $600,000 = $18,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Second lien = $15,000 (assistance cap)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Apply for 0% Down Mortgage with Down Payment Assistance<\/h2>\n\n\n\n<div class=\"wp-block-contact-form-7-contact-form-selector\">\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/4731#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.6\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"application_form\">\n\t<div class=\"block_top\" id=\"apply_form\">\n\t<\/div>\n\t<div class=\"spacer_top\">\n\t<\/div>\n\t<div class=\"ApplyFullHeader\">\n\t\t<p class=\"replaceheader\">Request Home Loan Information Now!\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"blueBox\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\t\n\t\t<\/p>\n\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t\t<\/p>\n\t<\/div>\n\t<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t\t<\/p>\n\t<\/div>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"81\"\/><script>\ndocument.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Disclaimer: <em>Information subject to change. Certain restrictions apply. Subject to approval of borrower and investor guideline requirements. Down payment is provided as a 2nd lien against the subject property. 2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount. 2nd lien has no minimum monthly payment requirements, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien. Borrower must qualify based on Home Possible\u00ae or HomeOne\u00ae guidelines. Some exclusions may apply.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Available today May 17th, 2024 we are excited to announce our new 0% Down Purchase Mortgage! This program is available to first time homebuyers with no income limits!&hellip;<\/p>\n","protected":false},"author":1,"featured_media":4732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,874,924],"tags":[316,1059,273],"class_list":["post-4731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-first-time-home-buyer","category-second-mortgage","category-zero-down-loans","tag-down-payment-assistance","tag-dpa","tag-zero-down-mortgage"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"We are excited to announce our new 0% Down Purchase Mortgage! Down payment assistance for first time homebuyers and repeat homebuyers! 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