NADA offers:
Nothing Down, 100% Purchase Financing.
ONE SUBMISSION, ONE APPROVAL AND ONE CLOSING
NADA
FHA 100% Financing – NADA
- 100% FHA financing – Down Payment Assistance up to 3.5% of the sales price
- Assistance is set up as a second loan that will have monthly payments along with the first one, and after 10 years it will be paid off. Borrower also has the ability to refinance the two loans together after making 7 payments.
- No income limits to qualify
- No restrictions on the location of the home
- Assistance may also be used towards closing costs and prepaids
- At least 580 FICO score. One FICO score is ok.
- DACA work visa is allowed
- Lender or borrower paid allowed
- Purchase of 1-4 Unit. Single Family Residence, Town homes, duplex, triplex and fourplex as well as FHA approved Condos.
- Primary residence only
- Home buyer Education Requirements: At least one borrower must receive housing counseling from a HUD approved non-profit housing counseling agency
- https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
- Livable property and no construction allowed
- Condominiums must be approved by FHA
- Manufactured homes are allowed
- Loan must have an escrow account: Insurance and taxes to be paid together with the monthly payments of principal and interest
- Minimum loan amount $50,000
- Fixed rates, and no prepayment penalty
- Terms for the loan may be; 30 years and Assistance is based on 10yr amortization
- Gif funds from a relative are allowed
- Seller contributions towards closing costs can be up to 6% of the loan amount
- Co signers – Non occupant borrowers are allowed
- First time home buyer OK
- Loan Amount Limit based on county loan limit.
FHA
- Unidad/es $420,680
- Unidad/es $538,650
- Unidad/es $651,050
- Unidad/es $809,150
Bryan E.
Came to the Contrasto team to prequalify for a new house loan. We had worked with Contrasto when getting our current home.They took time to explain what we needed, ad were very helpful in suggesting where we could get additional help. They are great partners. The Contrasto team was very professional, courteous and provided excellent service to me when I was buying a new home.
Santiago T.
“My wife and I have used Patti's services on two different occasions when we purchased homes. She always provided excellent service, is very knowledgeable, very professional, and very friendly. We highly recommend her.”
Heltor H.
"Outstanding service!!! Patti and Team are amazing!! They will work hard to get you the best possible deal and ensure the entire process is completed in a timely manner. All the while explaining you the entire loan cycle step-by-step, so you never feel out of place. If you have any doubts about whom you should be working with, contact Patti and Team. You won't regret it!!"