Mannie 100 USDA Down Payment Assistance
Most PopularBest For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification
Mann Mortgage LLC is now offering down payment assistance funds for those who may make over the county limits for traditional down payment funds.
This loan program is not available in USA
Program Description
Mannie 100 DPA offers affordable mortgage options for low and moderate-income homebuyers. With SmartBuy, borrowers can access down payment assistance (DPA) to reduce their initial payment and lower monthly mortgage costs. Options include a 5-year forgivable DPA, where the second lien is forgiven if certain criteria are met, and a 10-year repayable DPA with multiple amortization terms.
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Mannie 100 USDA Down Payment Assistance
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
No Limits
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
- Can be combined with seller-funded 2/1 buy-down or permanent buy-down
- No income or first-time homebuyer restrictions;
- Available in multiple states
- 3.5% and 5% down payment options
- 5 year forgivable and 10 year repayable options
- Must have a 620 or higher credit score
- MCC not allowed
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan (some exceptions apply)
Program Availability
Mannie 100 USDA Down Payment Assistances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“The program also enables borrowers to minimize cash-to-close and secure lower interest rates, helping them achieve their short- and long-term homeownership goals."
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
55.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
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
- 3.5% to 5% Down payment assistance
- Funds can be used for down payment and closing cost
- 5 year forgivable & 10 year repayable options
Additional Conditions
- Minimum 640 credit score
- Non-occupying co-borrower(s) and cosigner(s) 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 not required for this loan program.
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 On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
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.
Mannie 100 FHA Down Payment Assistance
Best For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification
Mann Mortgage LLC is now offering down payment assistance funds for those who may make over the county limits for traditional down payment funds.
FHFC First FHA Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores, Zero Down, Easy Qualification
Bond FHA program for Florida first time homebuyers with below market interest rates, easy qualification and down payment assistance options.
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* This program follows the FHA handbook guidelines and does not have any additional requirements for home buyers.
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