House Karma working in conjunction with Loan Depot can help you get your first home with little or no money down – this program, as well as others, when combined with the expertise of the House Karma Team, can make your Dreams a Reality
Some partnerships were just meant to be.
HouseKarma and loanDepot’s accessZERO program, the perfect partnership to guide you on your homeownership journey. We understand your needs, and we’re here to help, together.
Our partner, loanDepot, Inc., has launched its new “accessZERO” program intended to make homeownership more accessible for aspiring homebuyers grappling with traditional down payment requirements, high-interest rates, and rising home prices. With affordability concerns eroding consumers’ purchasing power, accessZERO is a powerful option that offers financial flexibility by providing an alternative to one of the barriers to homeownership.
The program is available nationwide for FHA purchase mortgages and offers up to five percent in downpayment assistance structured as a 10-year fully amortized repayable second mortgage. It is open to first-time and repeat homebuyers who meet minimum credit score and debt-to-income (DTI) ratio requirements.
“As we continue to unlock new ways for our customers to purchase homes in today’s challenging market, accessZERO helps address a significant barrier, particularly for first-time buyers grappling with the obstacle of saving for the higher down payments that come with the rising costs of housing,” said LDI Mortgage President Jeff Walsh.
BASIC PROGRAM GUIDELINES:
- First lien is an FHA loan
- Second lien is either a 3.5% or 5% in DPA
- Credit:
- Miinmum of 600 for th e3.5% in DPA
- Minimum of 620 for the 5% in DPA
- DTI:
- 45% cap on a 600-619 credit score
- 50% cap on a 620% credit score
- Minimum LTV: 96.5%
- Borrowers do NOT need to be first-time home buyers
- Manual Underswrites allowed.