Looking to purchase a home but don’t have a down payment? We can help!
Our AFI 100 Down Payment Assistance Program will cover your entire down payment for you.
AFI100 is our 100% financing program. This program has some amazing perks compared to some of the other DPA (Down payment assistance programs) available. Here are some of the key differences this program has compared to other programs available.
Debt To Income Ratio
One perk our down payment assistance program has over others is that it allows your debt to income ratio to go up to 55-56%. All of the other programs have a maximum debt to income ratio of 45%. This 10% difference can do great things for a family looking to purchase a home.
It helps those that maybe couldn’t qualify because of their higher DTI ratios. It can also help to increase your purchase price by around $30,000. If you were to find a home that’s $20,000 more than what your ratios allow you to qualify for, this program can help.
Credit Scores
The AFI100 program allows you to have a middle score of 620 to qualify for the assistance. Most of the government grant programs require you to have a 640 or 660+ to qualify. This allows more families to qualify for the home of their dreams.
Income Limits
Another thing that helps the AFI100 down payment assistance program stand out is the income limit to qualify.
While most down payment assistance programs have a max yearly income of around $92,000, AFI100 allows you to go up to 150% of the area median income. The can increase your max yearly income to around $115,000 in some areas. (Arizona). This can be higher depending on the county in California or Texas.
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