Of course, important mortgage programs are available for first-time homebuyers; however, now, there are unique opportunities for home buyers with gross incomes of 50% or less of the Area Median Income. Importantly, these programs are not only for first-time homebuyers.
Pinnacle Home Loans is very proud to offer this new down payment assistance program which allows qualifying buyers to make a down payment of only 1% of the purchase price! Down payment assistance is provided so that the total down payment is 3%. The borrower pays only 1% and a grant is provided to cover the other 2%. The grant is actually just that - a grant - and there is no repayment requirement.
Pinnacle offers another program which provides assistance to borrowers with 80% or less of the Area Median Income. In this program, up to $2,500 in assistance is available for qualified borrowers with less than or equal to 50% of the Area Median Income... and up to $1,250 in assistance for qualified borrowers with less than or equal to 80% of the Area Median Income.
(Check out https://sf.freddiemac.com/working-with-us/affordable-lending/home-possible-eligibility-map for more information about Area Median Income for a specific address.)
Take advantage of these important programs to increase the opportunity to buy a home and decrease the money to pay out of your pocket.
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