If you are needing assistance with the down payment, the MHDC home loans would be a solution. They offer a MHDC First Place for first time homebuyers and MHDC Next Step for individuals who have already owned a home previously.
- A 3.5% down payment is required, but these programs offer a second lien for 4% of the loan amount to use as a down payment and a little towards closing costs. If you remain in that home for 10 years and do not refinance, that 4% loan is forgiven.
- Maximum sales price varies according to the area the property is located.
- Gifts are allowed.
- The seller concession is limited to 3-6% of the sales price.
- Credit score requirement is 620.
- There is a large amount of documentation required on these type of loans that needs to be taken into consideration when choosing these loan types.