ZERO DOWN… Yes, it’s true!
For many New Jersey First-Time Home Buyers, homeownership just became a bit easier – and more affordable – thanks to a special 0% down payment home loan offered by American United Mortgage Corporation.
As part of our commitment to community reinvestment (CRA), American United is offering this loan to qualified buyers that purchase a home located within the following NJ counties: Bergen, Cumberland, Gloucester, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Sussex, and Union County.
To assist our clients, American United is providing first-time buyers with access to a “Forgivable Grant” that will be used to cover the 3.5% down payment required by HUD. The grant is placed as a second lien against the home and is 100% forgiven as long as the property remains owner occupied with timely mortgage payments for five years. No monthly payment or interest is charged on the grant portion of the loan!!
“For home buyers that struggle with saving enough to cover the down payment, or for those that prefer to retain their savings to use toward home renovation and upgrades, the -0- down Grant program offered by American United is a game changer”, states Joseph Farella, Executive Vice President for the Scotch Plains based Mortgage Banker. “We are seeing a tremendous demand for this product”, Farella adds.
Program Highlights & Features Include:
- 0% Down Payment from buyer
- Single Family or Approved FHA Condominiums
- Primary Residence Only
- Total Forgiveness of 2nd Mortgage after 5 Years*
- First-Time Home Buyers only – Move-up buyers through exception
- 640+ Credit Score required
- No Interest or Monthly Payment on Grant used for down payment*
- No Income limits – open to all qualified buyers at any income level
*The 2nd Mortgage will be a 5 Year Loan with No Interest and No Payments. At the end of the 5th year, the Total Principal amount is forgiven. The property must be held for a minimum of 5 years as an owner occupied home with timely mortgage payments.
American United encourages interested First-Time home buyers to contact them for a simple pre-purchase review to make sure that minimum program requirements can be met. Call 908.322.5423, or click here for a no cost review.
This article was provided by Joe Farella, industry expert and author of the award winning book, “Insider Secrets to Home Buying Success”. Mr. Farella is also the Executive Vice President of American United Mortgage Corporation, Scotch Plains, NJ. For questions about your New Jersey home purchase, feel free to call Joe at 908.322.5423 or via email: firstname.lastname@example.org