FHA No Down Payment Mortgage 2024

Are you looking to purchase a home but don't have money for the down payment? An FHA No Down Payment Mortgage 2024 may be your best option. If the seller agrees to seller concession (financing the closing costs), you can purchase a home with no money out of pocket at closing.

What are the Requirements for an FHA No Down Payment Mortgage 2024?

A minimum credit score of 580 is required for the FHA No Down Payment Mortgage program 2024. First time homebuyers are eligible as well as non-occupied co-borrowers. If you are not a first time homebuyer, you can still qualify for the 0% down payment program. The down payment assistance covers 3.5% down payment of the purchase price.

There are 2 down payment assistance options. A forgiveable lien or a repayable 2nd lien. There is no income limit for this program as well. At least one borrower must receive housing counseling from a HUD-approved non-profit housing counseling agency.

Eligible Borrowers

Eligible Borrowers:

• US Citizens
• Permanent Resident Aliens
• Non-Permanent Resident Aliens
• Inter Vivo Revocable Trusts
• Non-Occupant Co-Borrower

Eligible Properties

Eligible Properties:

• Single Family Detached and Attached
• Duplexes (2 Units)
• Planned Unit Developments (PUDs)
• Townhouses
• Condoes
• Manufactured Homes (Double-Wide Only)
• Primary Residence Only

What is the Application Process for FHA No Down Payment Mortgage 2024?

1. Preparing for the application: Before applying for an FHA No Down Payment Mortgage 2024, gather the necessary documents, such as proof of income, employment history, tax returns, bank statements, and identification.
2. Find an FHA-approved lender: Mortgage-World.com is approved to originate all types of FHA Loans. You can call us at 888-958-5382 or apply online now.
3. Complete the loan application: Fill out the loan application provided by Mortgage-World.com. You will need to provide personal, financial, and property information.
4. Provide documentation: Submit the required documentation to support your loan application. This may include income verification, bank statements, tax returns, and any other documents requested by underwriting.
5. Credit check and appraisal: We will order a credit check to review your credit history and assess your creditworthiness. Additionally, an appraisal of the property will be conducted to determine its value and ensure it meets FHA guidelines.
6. Underwriting and loan approval: Underwriting will evaluate your application, including the credit check, appraisal, and documentation, to determine if you meet the FHA loan requirements. If approved, you will receive a loan commitment letter.
7. Closing process: Once the loan is approved, you will need to review and sign the loan documents. This typically takes place at a title company or attorney's office. You may need to pay closing costs, which can include fees for processing the loan, title insurance, and other related expenses.
8. Loan funding: After all the documents are signed and the closing process is complete, the lender will fund the loan. This means they will provide the funds necessary to purchase the property.

It's important to note that the exact application process may vary slightly depending on specific circumstances. Working closely with an experienced loan officer can help guide you through the process and ensure a smooth application experience.

We look forward to working with you.