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September 09, 2016

Home > Blog > FHA Announces New 1/2% Down Payment Loan!

Been looking at homes for sale in Las Vegas, but just don't have any extra cash? If you or someone you know has been struggling to come up with the down payment and closing costs for a mortgage, we have great news. There is a new 1/2% down FHA loan that may be your answer.

You could literally get into a home with no money at all! This new mortgage loan program is a combination of a 96.5% FHA first mortgage and a 3% second mortgage. The seller is allowed to pay all of the buyer's closing costs, AND the 1/2% down payment can even be gift funds from a relative or close friend. The interest rate is a little higher than the standard FHA loan, but you can have a non occupant co borrower to help you qualify. Basically this loan is designed for credit worthy purchasers to buy a home with little to no funds out of pocket.

To qualify, borrowers must have a 640 FICO score, be an owner/occupant (though it is not necessary to be a first time homebuyer,) and there are maximum income limits per household.

But of course it can be hard to find a seller who will pay all a buyer's closing costs in this low inventory real estate market. That's where our preferred Tonnesen Team lender, All Western Mortgage, comes to the rescue. We are members of the exclusive AWM NOW program which has ZERO lender costs AND low interest rates. There are no "garbage" fees for underwriting, processing or loan origination with this program, and AWM's rates are as low as any in town. This can make your offer much more attractive to a seller by saving them literally several thousand dollars, and help you beat out the competition.

To find out more about the FHA 1/2% down loan program and how it can help you get into the home of your dreams, please call our Concierge Desk at 866-699-4467 or go to Las Vegas Mortgages.

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"