Star West Homes

With homebuyer grants and down payment assistance programs, you could be a homeowner sooner than you think. Down payment assistance programs are designed for homebuyers who can afford monthly mortgage payments but may not have enough for a down payment. Here are the most popular programs available:

• Minimum down payment requirement of 3.5% of the total loan amount.
• Your debt-to-income ratio (DTI) must be less than 43%.
  Requires an upfront and monthly mortgage insurance premium to protect lenders in case of default.
• Minimum credit score based on size of down payment.

• FHA Mortgage paired with a 3.5% down payment assistance which is forgivable after 3 years.
• No first time homebuyer requirement.
• No income limits.
• Credit score as low as 600.

• Designed for low-to-moderate income homebuyers and offer 100% financing in rural areas.
• Property must be in a USDA eligible area.
  Only available for new homes built in the past 12 months and must meet minimum size requirements.
• The home must meet all Federal
• Manufactured Home Construction and Safety Standards (FMHCSS).
• Home must be zoned, taxed and recorded as real estate.

• Zero-down payment options to eligible members of the U.S. military and surviving spouses.
• These government-insured loans remove many of the typical up-front and ongoing costs of mortgages.
• Don’t require private mortgage insurance (PMI).
• Manufactured home must be permanently affixed to a foundation on owned land (not leased).

• Assistance up to 5% of the total loan amount.
• Assistance can be used for down payment or closing costs.
• Programs for both first time and repeat homebuyers.
• Income limits apply.
• 680 minimum credit score for manufactured housing.
• Additional programs for veterans, active military, and licensed K-12 teachers.

• Assistance up to 4% of the total loan amount.
• Assistance can be used for down payment or closing costs.
• No first time homebuyer requirement.
• Income limits apply.
• 680 minimum credit score for manufactured housing.

• Interest rate is around 1% lower than average interest rates.
• Assistance up to 4% of the total loan amount forgivable after 5 years
• Assistance can be used for down payment or closing costs.
• Must be a first time homebuyer.
• Income limits apply.
• 680 minimum credit score for manufactured housing.