$6,000 Downpayment Assistance
What is the one thing that stops most buyers from buying a home today?
They don't have enough money for down payment and closing costs to buy a home.
We have the solution: The BMC Advantage Loan.
With the BMC Advantage Loan you can get up to $6,000 at closing to help towards your down payment and closing costs. Combined with seller assist, this reduces the amount of money needed substantially. In fact, you can buy a home with as little as just $1,000 total. This is probably less than the security deposit needed for a rental.
Here's how it works: You must be eligible for a PHFA first mortgage (We will let you know if you
are) and select your new home.
The assistance is limited to 4% of the sales price or $6,000 (Whichever is LESS). It is a second mortgage paid back over 10 years with NO INTEREST. In this example you would be financing $6,000 over 120 months interest FREE. The payment would be $50 per month and we have included it in the figures below.
Real Life example of the type of loans we do for our clients everyday. This is based on a home recently listed in our market.
Sales Price $175,000*
Closing Costs $11,850
Down Payment $ 6,125
SubTotal needed $17,705
Less Seller Assist - $10,500
Less Lender Assist - $6,000
Final Cash needed $1,205.00
Payment Info - FHA 30yr fixed*
Principal & Int $
Advantage P&I $ 50.00
Taxes $ 150.00
HO / Hazard Ins $ 54.17
MI $ 119.62
Monthly Total $1145.38
Yes, you read that correctly and this is not a bait & switch. We routinely help families buy homes with very little money using this program. You will need some money upfront to take the home off the market and pay for an appraisal but usually everything over $1,000 can be refunded to you at closing from the $6,000.00 assistance.
*Although you do not have to be a First-Time buyer to be eligible, you might get a reduced rate if you have ot owned a home in the past 3 years and meet certain sales price and income limits. Payments quoted above are based on 3.50% rate (4.292 APR) for eligible First-Time buyers and subject to change without notice. Please call for the most up to date rates as they can change several tiimes a day. Borrowers must have a minimum of 660 credit score and new home must be located in Pennsylvania.
Despite the recent downturn, owning a home is still the best investment for almost everyone.
When purchased and financed correctly, owning a home is almost a "Can't Lose" investment. Now, with the BMC Homestead loan, you can start on your path to financial security with little to no money of your own.
Get Approved Today!