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With Millennial Home Loans quick online loan application, determining if you qualify for a BorrowerSmart Program Loan and for how much, has never been easier.
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Millennial Home Loans, for a limited time only, is offering the BorrowerSmart Conventional Loan program, which provides a $1,250 or $2,500 Down Payment Credit, based on 80% and 50% Area Median Income; respectively. Minimum 3% down payment required. This means the effective down payment required on a 3% conventional loan can be reduced by either $1,250 or $2,500.
BorrowerSmart Down Payment Credit Program offers the following benefits:
- $1,250 or $2,500, based on 80% and 50% Area Median Income; respective, down payment credit from the lender, lowering the homebuyer cash-to-close requirements
- Grant from the lender up to $2,500, with NO repayment requirement or silent second lien
- No geographic restrictions
- The borrower can be a first-time homebuyer but isn’t required
BorrowerSmart Payment Credit Program Borrower Eligibility Requirements
- Area Median Income Requirements 80% or lower of the Area Median Income. If the subject property is in an underserved area the Area Median Income requirements are waived. Use the Freddie Mac Tool to determine Area Median Income and underserved areas
- Loan amount can’t exceed conforming loan limits
- Maximum loan to value of 97%
- Must receive a LP Accept underwriting findings
- Minimum middle credit score of 620
- 3% to 6% maximum seller closing cost assist allowed, based on the down payment amount
- Non-occupant co-signers are not permitted
- Manufactured homes permitted with 5% down payment
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