Click n’Close Smartbuy – Downpayment Assistance – Repayable
Special Alert
Maximum Purchase Price
Inquire for Details
Contact Info:
http://www.clicknclosecorrespondent.com/ 15301 Spectrum Drive, Suite 405, Addison, TX 75001 (214) 261-3337
Limitations
Manual Underwriting is not permitted. Must be approved through AUS. Maximum Loan Amount – follow FHA/USDA guidelines. Higher loan limits in Alaska and Hawaii not allowed. No revocable trusts. _________________________________________________________________________ Escrow Holdbacks subject to the following: Weather related items with aggregate cost not to exceed $10,000 Postponed items do not affect occupancy Must be completed and inspected within 180 days of the Note date Mortgagee to establish escrow account and final completion
Credit Score Requirements
Minimum Credit Score: 660 No price adjustments. Manufactured Homes: 680 *All borrowers must have at least one score
Deferred Payments?
No
Accepted First Mortgage Type:
FHA 203(b), FHA 234(c), USDA / RD
Homeowners Education Class:
Recommended
Is Forgivable?
Location:
48 States, 2 Cities Available in all states except New York (not available in U.S. territories); New York exception effective with locks as of 04/01/23.
Income Limitations:
No
Maximum Assistance
5% of Purchase Price 3.50% or 5.00% of the home purchase price or appraised value, whichever is less. Repayable Options: • 10 year repayable, 20 year amortization with 10 year balloon • 30 year amortization with 10 year balloon.
Education Requirements Info:
Recommended, but not required.
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
Minimum Credit Score: 660 No price adjustments. Manufactured Homes: 680 *All borrowers must have at least one score
Qualifying Ratios:
Per AUS response. Manual Underwriting is not permitted.
