Endorsed by the Reform Party, Ron Brown Democratic Club, Isaiah Project,
AFRAM SEIU 250, AFRAM SEIU 535, AFRAM SEIU 616, AFRAM SEIU 790, AFRAM SEIU
1000, AFRAM SEIU 434-B, CAHEED, ASNA, OMI NEIGHBORS
Email us on:
webmaster@affordable-
homeownership.org
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Zero Downpayment Loans: FHA Access 2000
Highlights:
* FHA 102% Loan
* No Down Payment needed
* No First Time Homebuyer Requirements
* No Recapture Tax
* Single Family Home and Condo's only
The Access 2000 program is designed to assist homebuyers in California and a few counties of Nevada.
This is an FHA first mortgage that requires 3% Down, but Access 2000 provides a 2nd mortgage in the amount of 5% of the sales price.
This loan amount is fully amortized for 20 years and the interest rate is only 7.5%. Altogether, the homebuyer receives financing for 102% of the sales price.
The 5% covers the 3% down payment and the remaining 2% covers most of the FHA regulated closing costs associated with purchasing a home.
Therefore, an individual can purchase a home with almost no money.
Borrower is not required to be a first time buyer to use this program, but must fall within income limits set for the county of San Francisco: $ 72,400 per year.
This loan is available through most Federal Housing Administration lenders in all states, and through mortgage brokers.
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