06/02/2023
Borrowers, Loan Officers, and Realtors, please take advantage of this great grant.
You can buy a primary residence house with only 1% down. The lender will help you with 2% (up to $7,000) so that you have 3% down payment for the house. Better yet, you do not have to pay monthly mortgage insurance and your rates are very good (as good as the best borrowers who make 40% down payment).
To qualify, your income must be 80% of Area Median Income. For Houston, the Area Median Income (AMI) is $90,800. Therefore, if your income is 72,640, you will qualify. The loan amount must be $350K or less.
To see how low the interest rates, you can run a quote with 3% down at
https://www.loanfactory.com/l/KpTfe77b308d33f
To look up the Area Median Income of your area, please check out this link
https://ami-lookup-tool.fanniemae.com/amilookuptool/