How much down payment assistance is available for a second mortgage?



How much down payment assistance is available for a second mortgage?

The Tennessee Housing Development Agency’s Great Choice Home Loan offers up to $7,500 in down payment assistance in the form of a second mortgage loan. This second mortgage must be repaid over 15 years at the same mortgage rate as your primary home loan.

What is the Down Payment Assistance Program?

The Down Payment Assistance program is offered to all borrowers in Hillsborough, Brevard, Clay and Duval Counties and Jacksonville City Florida who meet income, purchase price and other program guidelines, and can otherwise qualify for an FHA mortgage loan.

What is the VA down payment and VA funding fee amount?

Down payment and VA funding fee amounts are expressed as a percentage of total loan amount. For example: Let’s say you’re using a VA-backed loan for the first time, and you’re buying a $200,000 home and paying a down payment of $10,000 (5% of the $200,000 loan). You’ll pay a VA funding fee of $3,135, or 1.65% of the $190,000 loan amount.

What is the VA loan assistance program?

The programs are designed to help VA-guaranteed home loan holders bring their mortgages current and resume making regular payments to avoid foreclosure.