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With Millennial Home Loans quick online loan application, determining if you qualify for a Purchase Plus 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 Purchase Plus Conventional Loan program, which provides a $5,250 Down Payment Credit, based on a first-time homebuyer currently living within one of six designated metropolitan statistical areas. Minimum 3% down payment required. This means the effective down payment required on a 3% conventional loan can be reduced $5,250.
Purchase Plus Down Payment Credit Program offers the following benefits:
- $5,250 down payment credit from the lender, lowering the homebuyer downpayment requirements
- Grant from the lender up to $5,250, with NO repayment requirement or silent second lien
- No geographic restrictions of where the homebuyer purchase their home
Purchase Plus Payment Credit Program Borrower Eligibility Requirements
- The homebuyer must currently live in an eligible censes tract with six metropolitan statistical areas
- Millennial Home Loans is licensed in Maryland, Pennsylvania, and Virginia, which there are two eligible areas. Click on designated eligible areas for Maryland Purchase Plus Areas and Pennsylvania Purchase Plus Areas
- Loan amount can’t exceed conforming loan limits
- Maximum loan to value of 97%
- Desktop Underwriting findings must be “Approved/Eligible”
- 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
- One the borrowers on the loan application must be a first-time homebuyer, which is defined as not having an ownership interest in a residential property in the three-year period prior to purchasing the new home
- Manufactured homes permitted with 5% down payment
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