Equity Resources is proud to announce “Equity Zero.” This new home loan program was created to solve America’s #1 obstacle to home ownership: The Down Payment. Company President Ed Rizor said, “We’re putting our money where our mouth is…$500,000 to promote home ownership for people who are paying their rent, paying their bills, paying their student loans, but don’t have money for a down payment to buy a home.” Created for the borrower with a credit score of 680 or higher, perhaps considering a state bond program, payment assistance or FHA options. This program creates the opportunity for someone to buy a home in 30 days, with no down payment!
Equity Zero is a 97% Loan to Value conventional loan with Equity Resources GIFTING 3% of the sales price to the buyer at closing. The 3% down payment is a TRUE GIFT from Equity Resources. There is NO repayment required. No recapture period. No second mortgage. Along with this, 3% maximum seller contribution is allowed, to defray closing costs and prepaid items.
This is not like a bond program where the loan needs to wait in line for approval for the down payment assistance. This is underwritten by Equity Resources in-house which speeds up the purchase process. Equity Resources average turn time for the first half of 2017 on conventional loans is less than 30 days from application date to closing date.
The Down Payment Gift from Equity Resources is only for a limited time and will expire when funds run out. There are some income limits in certain areas, based on property address. Contact an Equity Resources Mortgage Specialist for the income limit on a specific property.
This program is available in all states Equity Resources is licensed. A sample scenario, in Ohio, of this loan program would be: Buy a $300,000 home (Loan Amount $291,000) with a 4.50% fixed interest rate/5.083% APR for 30 years and have a $1,663.60 monthly payment. (Payment is Principal & Interest + Mortgage Insurance, does not include amounts for taxes and insurance premiums.) Equity Resources would give you a gift for the down payment of $9,000. This means ZERO cash is needed at closing!
Our newest program, enhancing our ability to live out our purpose – To improve the lives of families. For more details on how this zero down payment program can benefit home buyers, visit www.callequity.com/equityzero or call 740-349-7082.