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FHA Access Program
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Is a down payment keeping you "locked out" of new home? |
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WHY?!
100% Financing with FHA Access
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information was updated 10/2009 |
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Can you answer "Yes" to the following? |
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 Live in Sacramento or surrounding County*
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and have a yearly income less than $87,360?* |
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Live in a city, not a rural area? (100% financing Rural loans) |
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Are Not a veteran? (100% Veterans loans) |
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Have at least a 620 credit score? (What is a credit score) |
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*Other income limits vary by county, at minimum $54,000/yearly. Available Statewide. |
Congratulations, you are elgible for the FHA Access Program!
You can buy a house with no money down and no money out of pocket!
How is this possible? Through a special FHA community lending program called ACCESS(provided by the National Home Buyer Fund), Sunrise Vista Mortgage is pleased to announce true 100% financing! That's right, this program contributes for the normally required 3.5% down payment required by FHA, meaning you don't need a down payment. HUD - Governing body for FHA loans | Federal Housing Administration (FHA.gov).
FAQ's:
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Answer |
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I thought that the Nehemiah / Seller sponsored gift programs were banned! |
Absolutely true! But this program is NOT Nehemiah and never requires the seller to "kick in" or be paid back. It's a small second mortgage that goes behind a FHA first mortgage. No special negotiation needed. |
| Isn't there special requirements for "community lending" no down programs? |
Not this one, what you see is what you get. No special taxes, paperwork or hoops to jump through. |
| So, I don't have to be something special to qualify? |
Nope, simply meet the income limits as mentioned above and be able to be approved for an FHA loan. |
| To make truly no down, no money out of pocket, won't the seller have to pay my closing costs? |
That's the #1 benefit of ACCESS! Not only does it fund your 3% down payment, but you can finance up to 3% of your closing costs too! Leave your seller money for repairs or simply ask for nothing! |
| What are the new guidelines for the Access Program? |
FHA downpayment has increased from 3.0% to 3.5%. Access has remained the same, meaning the actual down payment is .5% |
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EXAMPLE SCENARIO
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Traditional FHA |
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Access FHA |
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Purchase price: $250,000 |
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Purchase price: $250,000 |
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est. closing costs: $7700 |
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est. closing costs: $7700 |
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earnest deposit $1500 |
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earnest deposit $1500 |
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FHA (96.5%)loan: $241,150 |
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FHA (96.5%)loan: $241,150 |
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Access (6%)loan: $15,000 |
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Total cash required: $15,050 |
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Total cash required: $50 | |
EFFECTIVE 7/18/2009: THE ACCESS PROGRAM HAS FUNDING!! This opportunity may not last long, inquire today.
This extended contact form will allow your loan officer to better serve your needs!
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