Next To Nothing Down Payment
This is where partnering with the right people comes in to play. I found Adam with CMG Financial and they have some amazing loan programs some Realtors may not be aware of.
Heres some examples of my favorites:
Home Ready Plan will loan up to 97% with no income limits (doesn’t matter if you are above or below AMI Average Median Income), leaving you just 3% downpayment… however CMG also have an option called…
HomeFundMe whereby they will match $2 for every $1 you come up with for downpayment up to a total of $2,500 or 1% of sales price (whichever is less) if you are below the AMI*. The money you come up with can be from friends, family or anyone really without the 60 day seasoning you typically need for downpayment in your personal account. It works like crowd funding if you want it to.
On top of both of these I am also willing to contribute 1% from my commission towards your downpayment in this program.
Sales price $250,000
3% Downpayment = $7,500
HomeFundMe you raise $1,250 from friends and family. CMG matches @ $2 for a total of $2,500
Downpayment is now only $3,750
I contribute a further 1% ($2,500) and you only need to come up with $1,250 yourself.
*If you are over the AMI you can still qualify for 97% loan and CMG will match $2 for every $1 up to $1,000 or 1% whichever is less for downpayment assistance. The program will not let me contribute 1% as a Realtor for over AMI clients.
There are dozens of other downpayment assistance programs available out there too.