100% No Money Down Houston Texas   Mortgage Lenders

This 100% Houston Texas NO money down mortgage loan program is designed to increase Houston Texas home ownership opportunities. Down payment funds are available from 3% up to 6%. This 100% NO money down program is a soft second lien or a 2nd mortgage with a 5-year term, forgiven at month 61, as a 0% interest second lien. The 100% Houston Texas NO money down mortgage loan program requires you to remain current on your first mortgage for the 2^nd second mortgage to be forgiven.

100% No Money Down Houston Texas Mortgage Lenders Key Points

• No requirement to be a Houston Texas first time home buyer.
• Must have a minimum 640 credit score.
• Must have Max Debt to income of 45%.
• Must meet Income Limits (up to 140% AMI)
• First lien is a 30-year fixed term with full amortization.
• FHA 203(b) in accordance with FHA guidelines
• Primary residence 1-4 unit’s single family is allowed.
• DAP funds available, 3% to 6% of the first mortgage loan amount.
• Rental history required or 3 months reserves (PITIA) are required)

100% No Money Down Houston Texas Mortgage Lenders Credit Requirements

Minimum Credit Score: 640

• Each Houston Texas 100% loan applicants must have a minimum of one credit score.
• FICO 640-659 eligible for 3% up to 5% DAP.
• Max DTI: 45% with an AUS approval
• FICO 660+ eligible for 3% up to 6% DAP.
• Max DTI per AUS approval.

Within Reach Credit Guidelines:

• Paying off debt to qualify is not allowed.
• Houston Texas 100% no money down mortgage lenders does not allow audited P&L’s to be used for income calculation purposes.
• No outstanding judgments, including repayment plan. All outstanding judgments must be paid in full.
• Foreclosure, Deed-in-Lieu, and Short-Sale History: 3 years
• Chapter 7: 2 years from discharge date
• Chapter 13: Bankruptcies must be fully discharged before eligible for financing
• VOR supported by 12 months cancelled checks or withdraws from bank account.
• If Houston Texas 100% loan applicants does not have current housing history, then 3 months reserves (PITIA) are required.
• IRS payment plans:
• IRS repayment plans initiated in the current year are not allowed.
• IRS repayment plans initiated for multiple consecutive years are not allowed. (pattern of inability to manage finances)
• For consideration of an exception request an explanation as to why the Houston Texas 100% loan applicants owes unpaid taxes, what steps have been taken and put into place to correct the underpayment from occurring in the future, a copy of the IRS agreement, IRS record of account transcripts to confirm date of payment arrangement request and evidence of 3 consecutive timely payments will be required.

100% No Money Down Houston Texas Mortgage Lenders Employment requirements

100% No Money Down Houston Texas Mortgage Lenders Explained

• Due to the nature of the layered risk in the product offering Houston Texas 100% no money down mortgage lenders will require an evaluation of the Houston Texas 100% loan applicants ’s current housing payment history and the Houston Texas 100% loan applicants must maintain a bank account which will be reviewed to insure the Houston Texas 100% loan applicants is able to meet their monthly obligations based on their current income level in a timely manner. Houston Texas 100% no money down mortgage lenders will require two months bank statements as part of the underwriting evaluation. While we will allow the down payment to be covered by the DAP and closing costs to be covered by eligible gifts or seller credits, bank statements will still be required as part of the credit evaluation.

•              Evaluation will include housing payment history. We consider payments made after the due date to be late, inconsistent payment amounts throughout the month and full 30-day lates in making a decision on both the Houston Texas 100% loan applicants ’s ability and willingness to repay. We also generally see payment shock on the housing payment to the new required mortgage, so it is especially important to review the Houston Texas  100% no money down mortgage applicants monthly budgeting and financial stability. New homeowners face increased costs when transitioning from a rental property into home ownership where they are responsible for covering all utilities, incidentals, and maintenance of the home.

100% No Money Down Houston Texas Mortgage Lenders Explained

The Houston Texas 100% no money down mortgage lenders 2.0 FHA Down Payment Assistance Program Houston Texas 100% no money down mortgage lenders is a competitively priced government loan program that does not require a minimum down payment from the home buyer(s), exclusively offered from Houston Texas 100% no money down mortgage lenders. Houston Texas 100% no money down mortgage lenders 2.0 FHA provides your Houston Texas 100% loan applicants (s) with a choice of a 3%, 4%, 5%, or 6% Houston Texas 100% no money down mortgage lenders.

This Houston Texas 100% no money down mortgage lenders program is a purchase money first lien mortgage with down payment assistance in the form of a subordinate soft second lien with a 0.00% interest rate, as a 5-year term, forgiven at month 61. Houston Texas 100% loan applicants (s) must remain current on their mortgage for the second mortgage to be forgiven.

The 100% No Money Down+Houston Texas FHA Mortgage Lenders should be ran through AUS as a second mortgage without a required payment.

This Houston Texas 100% no money down mortgage lenders is designed for the Houston Texas 100% loan applicants that has achieved financial stability as demonstrated by the file documenting that they have met the responsibilities associated with taking the next step to home ownership such as stability of employment and income, managing their finances and savings to a budget that exhibits responsible repayment patterns and a satisfactory credit history. The down payment assistance program is intended to help these families or individual that have been unable to save a sufficient amount for a down payment and do not have any other resources available for down payment assistance.

Due to the nature of the layered risk in the product offering 100% No Money Down+Houston Texas FHA Mortgage Lenders will require an evaluation of the Houston Texas 100% loan applicants ’s current housing payment history. The Houston Texas 100% loan applicants must maintain a bank account which will be reviewed to ensure the Houston Texas 100% loan applicants is able to meet their monthly obligations based on their current income level in a timely manner. 100% No Money Down+Houston Texas FHA Mortgage Lenders will require two months bank statements as part of the underwriting evaluation. While the program will allow the down payment and closing costs to be covered by the DAP or other eligible Houston Texas 100% loan applicants funds/gifts along with seller contributions used for closing costs only, bank statements are required as a necessary part of the credit evaluation.

In order to ensure the Houston Texas 100% loan applicants will be able to manage a new mortgage payment, the evaluation will include housing payment history. We consider payments made after the due date to be late, inconsistent payment amounts throughout the month and full 30-day lates in making a decision on both the Houston Texas 100% loan applicants ’s ability and willingness to repay. We also generally see payment shock on the housing payment to the new required mortgage, so it is especially important to review the Houston Texas 100% no money down mortgage applicants monthly budgeting and financial stability. New homeowners face increased costs when transitioning from a rental property into home ownership where they are responsible for covering all utilities, incidentals, and maintenance of the home.

As part of this review, Houston Texas 100% loan applicants ’s that are unable to manage month to month and exhibit NSF (Non-Sufficient Funds) outside of an isolated incident are reviewed very carefully as this is an indication of excessive obligations or inability to manage current budget. Layered with limited assets, payment shock or other credit concerns, these factors may result in a loan denial for this program due to layered risk. It is our intention to help families achieve successful home ownership, not create a financial hardship.

Eligibility for 100% No Money Down Houston Texas Mortgage Lenders Program

Types of 100% Houston Texas Mortgage Types and Terms

100% No Money Down Houston Texas Mortgage Lenders Property Types

Well & Septic:

• Local Health Authority well water analysis and/or septic report, where required by the local jurisdictional authority.
• Properties vacant 90+ days require a well and septic certification.

Condo Requirements:

FHA approved condominiums:

• Must be currently approved on HUD’s condo list.
• Certification for individual unit financing dated within 30 days prior to date of closing is required to be present in the loan file.

Expired appraisals will not be accepted.

Exception:

• If an appraisal update is performed prior to expiration date.
• When the Clear to Close has been issued the D.E. Underwriter may extend the appraisal expiration date by 30 days. New 92900.5B must be completed and new LT noted.

No Money Down Houston Texas Coverage Areas