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Is it possible to get an FHA Home Loan with a 0% down payment?
Yes, it is possible to get an FHA loan with 0% down payment through programs like the FHA Fast 100+ Supreme. This unique program combines a primary mortgage with a subordinate lien to cover the entire down payment and even part of the closing costs—up to 1.5% of the home's purchase price. With financing available for 101.5% of the home's value, buyers can move forward with purchasing a home without needing a large upfront payment.
What is the FHA Fast 100+ Supreme Program?
The FHA Fast 100+ Supreme program is designed to make homeownership more affordable by eliminating the need for a large upfront payment. This program allows you to finance not just the entire purchase price of your home but also a portion of the closing costs—up to 101.5% of the home’s value.
Here’s how it helps:
Covers More Costs: The program includes both your down payment and part of your closing costs, so you can buy a home with less money upfront.
Lower Initial Payments: With the optional 2/1 buydown, you can enjoy reduced monthly payments for the first two years to make budgeting easier.
Simplified Access to Homeownership: This program makes it easier to purchase a home, even if saving for a large down payment has been a challenge.
It’s a great option for buyers looking to minimize upfront costs and move into a home sooner!
Key Program Details and Benefits
The FHA Fast 100+ Supreme program offers features designed to make homeownership more accessible for a wide range of buyers:
No Income Limits: Unlike many assistance programs, this option is available to buyers at all income levels.
Open to All Buyers: You don’t have to be a first-time homebuyer to take advantage of this program.
No Minimum Upfront Contribution: You can purchase a home without needing to put down a set amount of money upfront.
Flexible Loan Options: This program works for homes in a variety of price ranges, giving you more flexibility based on your needs.
It’s an excellent choice for anyone looking to minimize upfront costs and move into a home sooner.
Important Considerations
The FHA Fast 100+ Supreme program is a great option for homebuyers, but here are a few important details to consider:
Monthly Payments on Two Loans: You’ll have monthly payments for both the main mortgage and a secondary loan.
Funds for Home Purchase Only: The program’s assistance is solely for the purchase of your home, so you won’t receive cash back at closing.
Built on FHA Standards: This program follows FHA guidelines, ensuring a secure and compliant loan process.
These points help ensure the program is used effectively to support your home purchase.
Disclaimer: 0DownFHA.com is an informational website. The content provided on this site does not constitute mortgage approval, loan offers, or financial advice. 0DownFHA.com is not affiliated with any government program or agency. All information is provided as general guidance, and users should consult with a qualified mortgage professional for personalized assistance.
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