2018 Down Payment Assistance Program

April 12, 2018

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Posted by in News

I’m Troy Silhan, Production Manager at Bank of England Mortgage and this is my very first blog post. Today I wanted to talk to you about our new Down-Payment Assistance program called the BOE100. The difference I’ve found with people buying and not buying is being able to get a down-payment together. This is our way to help make a difference to those in that situation. Here’s a few other reasons why I like this program:

  1. You don’t have to be a first time homebuyer. Unlike the FL Bond you could actually even own a home currently and still use this program to purchase a new place.
  2. Unlike the Bond $7,500 program, this is forgiven after 36 months. The bond has to be paid back.
  3. The Debt to Income Ratio is also much higher than compared to the FL. Bond and USDA. For USDA you have a max DTI of 41%, while for Bond it’s 45%. Using the BOE100 it goes up to 55% for the Debt to Income. Allows someone to find more home with their monthly income and monthly debts.

Now the catch is you will have a slightly higher interest rate with this program than going with a regular loan. You still get the benefit that you will have less cash out pocket to purchase a house. To get started all you will need to provide are some income documents.

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