Are you currently residing in or around Atlanta, Baltimore, Chicago, Detroit, Memphis, or Philadelphia and dreaming of owning your first home? If so, the Purchase Plus program could be the game-changing opportunity you’ve been eagerly waiting for. This exclusive program is designed to make homeownership more accessible and affordable for first-time buyers like you.
What is the Purchase Plus Program?
JVM Lending’s new JVM Purchase Plus Program, an innovative option that can significantly enhance your path to homeownership. Let’s explore the key details and benefits of both programs in greater depth.
The Purchase Plus program, which made its debut in the last week of December, is a pioneering credit initiative with a specific focus on helping potential homeowners in underserved communities. The exciting news is that if you reside in Georgia, Maryland, Illinois, Michigan, Tennessee, or Pennsylvania, you may be eligible for this program even if you plan to buy in a different city or state. This level of flexibility opens up a world of possibilities for your homebuying journey.
Why Should You Consider the Purchase Plus Program?
The Purchase Plus Program is making waves for several compelling reasons:
- Generous Credits: Eligible first-time homebuyers can enjoy a substantial $10,000 grant through the JVM Purchase Plus Program. This grant is a financial boost that can be applied toward your closing costs or down payment. It provides valuable assistance right from the start, reducing the financial burden associated with purchasing your first home.
- No Geographic Limitations: Similar to the Purchase Plus program, JVM’s program allows you to purchase a home anywhere in the United States. Whether your heart is set on a cozy suburban house or a trendy urban apartment, this program’s lack of geographic restrictions means you have a wide range of options at your fingertips.
- Accommodating Loan Cap: With a loan cap applicable for amounts up to $726,200, you have the flexibility to choose a home that suits both your needs and budget. This cap ensures that even if you have your eye on a higher-priced property, you can still benefit from the program’s advantages.
- Zero Income Restrictions: JVM’s Purchase Plus Program is designed to benefit buyers of all income levels, making homeownership achievable for a broader range of individuals and families. Whether you have a modest income or a more substantial one, this program is tailored to your needs.
- Rapid Closing Process: In today’s fast-paced world, waiting to move into your new home can be frustrating. JVM’s program offers rapid closings, sometimes as quick as 21 days, so you can start enjoying the benefits of homeownership sooner rather than later.
- Reduced Rates for First-Time Buyers: Worried about how your credit score and down payment might affect your interest rates? With JVM, you can put those concerns to rest. Low credit scores and down payments won’t negatively impact your rates, ensuring you receive a fair deal.
- Reduced Mortgage Insurance: Mortgage insurance premiums can be a significant expense for homebuyers. JVM’s program offers these premiums at discounted rates, providing long-term savings that can help you better manage your finances.
- Program Flexibility: JVM’s program is designed to maximize your savings by allowing you to combine the $10,000 grant with other local down payment assistance programs. This flexibility empowers you to make the most of available resources, further reducing the financial barriers to homeownership.
Am I Eligible?
To harness the benefits of the Purchase Plus Program, here are the qualifications you need:
- Be a first-time homebuyer
- Live in one of the metros mentioned above, buy anywhere in the US
- Hold a minimum credit score of 620
- Maintain a loan-to-value (LTV) ratio between 95% and 97%
- Ensure your total qualifying income is less than 80% of the area median income
- Keep your loan amount below $726,200
- Purchase a 1-unit residence
If you’re unsure if you qualify for the Purchase Plus Program, contact our team to discuss your finances and homebuying plan! Our team of experts are knowledgeable in a variety of different loan programs and can match you with a financing option that works best for your homebuying goals.
Navigating Census Tract Eligibility
Census tracts are small statistical subdivisions created by the United States Census Bureau for the purpose of analyzing population demographics. Each tract typically contains around 4,000 residents, although this number can vary based on population density. These tracts are intended to be relatively homogeneous units in terms of population characteristics, economic status, and living conditions.
In the context of the JVM Purchase Plus Program, understanding census tract eligibility is essential. This program is specifically designed to aid first-time homebuyers residing within certain census tracts. To determine your eligibility and explore how it impacts your homebuying options and grant qualifications, consult a JVM Mortgage Expert for detailed information.
Contact JVM Lending’s Purchase Plus Experts
For many, the path to homeownership can seem strewn with obstacles. Yet, with programs like Purchase Plus, the journey becomes more navigable and rewarding. At JVM Lending, we specialize in guiding first-time homebuyers, offering expertise in down payment assistance, and ensuring you have comprehensive knowledge about this innovative program. If you’re a resident of the specified states and are in search of trusted guidance, don’t hesitate. Reach out to JVM Lending today to learn more about the Purchase Plus Program – your dream home might be closer than you think!
Contact JVM Lending at (855) 855-4491 or email [email protected] to get started.
