Do you currently live in or around Atlanta, Baltimore, Chicago, Detroit, Memphis, or Philadelphia and want to purchase a home? Then the Purchase Plus program might be the exact opportunity you’ve been waiting for. Use this program to buy ANYWHERE and avoid the brunt of funding a higher down payment with this new program made exclusively for first-time homebuyers.
What is the Purchase Plus Program?
Debuted in the last week of December, the Purchase Plus program is a pioneering credit initiative that focuses on helping potential homeowners in underserved communities. If you live in one of the states listed above, you could be eligible for this program even if you want to buy in a different city or state!
Why Should You Consider the Purchase Plus Program?
Here’s a quick rundown on why the Purchase Plus Program is making waves:
- Generous Credits: Eligible first-time homebuyers can enjoy a stellar $7,500 in credits. The breakdown is:
- A base credit of $5,000
- An additional lender credit of 1% of the home’s purchase price (up to $2,500)
- Down Payment Assistance: In addition to the above, buyers will receive a grant that equates to 2% of the purchase price. What’s more, this grant doesn’t need to be repaid and is free from prepayment penalties.
- Broad Coverage: While you need to occupy one of the metropolitan areas listed above, you are eligible to buy in any city and state throughout the USA.
- Low Insurance Rates: Another boon is the exceptionally low mortgage insurance rates.
- Competitive Low Interest Rates: This program also offers competitively mortgage interest rates.
- Appraisal Credit: Top it all off with a $500 appraisal credit!
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.
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!
