MoFI HomeNow $0 Down Conventional Mortgage Program
Best For: First Time Homebuyers, Low Down Payments, Zero Down
MoFI HomeNow Conventional Program
Program Description
MoFI HomeNow $0 Down Conventional Program provides 1st mortgage financing and down payment assistance to eligible borrowers. Assistance is a deferred 0% 2nd Mtg up to 3% or 5% of the 1st Mortgage. $0 borrower contribution.
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MoFI HomeNow $0 Down Conventional Mortgage Program
Min. Credit Score
680
Min. Down Payment
3%
Max Loan Amount
$766,550
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Down Payment Assistance of 3% or 5% - as a 0% interest 2nd mortgage
- 2nd Mortgage bears no monthly payments (subject to conditions)
- Borrower does not have to be a First-Time Homebuyer
- Min 680 Credit Score
Program Availability
MoFI HomeNow $0 Down Conventional Mortgage Programs are available in 1 state.
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“Conventional $0 down with 680 FICO. Must qualify for HomeReady. Max DTI 50%. Either 3% or 5% assistance. Payments deferred. Manual UW allowed"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$790,257
Income Limit
No Limits
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- $0 Down Payment
- No Up-front Mortgage Insurance Premium
- DTI to 50%
Additional Conditions
- Conventional $0 down with 680 FICO. Must qualify for HomeReady. Max DTI 50%. Either 3% or 5% assistance. Payments deferred. Manual UW allowed
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: 1 borrower must complete education
Fannie Mae's Framework or Hud approved counseling agency or Homeownership education programs developed by mortgage insurance companies that meet the standards for Homeownership Education and Counseling by HUD
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
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Read MoreVisit our Mortgage Education Center for more resources.
* Assistance is a $0 2nd mortgage that goes behind a HomeReady Mortgage. Can be 3% or 5% of the 1st Mtg
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