The Hero Loan Is Back!!
The Hero Loan Is Back!! Please read the following information from our lending partner Legacy Mortgage, Sher Hennie.
The New Mexico Mortgage Finance Authority is bringing back the “Hero” program for Teachers, Safety workers, Health Care workers and Active Members of the Armed Forces. The program and the interest rate will be released on October 9, 2012. Below are some highlights:
FHA product
Credit Score requirement – 620 mid score or no score with non-traditional credit
Borrower must have $1,000.00 of their own money into the loan. This $1,000.00 may not come from a gift.
Borrower does NOT have to be a first time homebuyer. However they cannot currently own any single family dwellings (Vacant land is ok)
Income Limit is $73,200.00
Acquisition Limit is $243,945.00
This is a grant program. So the amount of the grant is 3.5% of the final loan amount (including upfront MIP) towards down payment and costs.
Unlike the other Bond programs that the Mortgage Finance Authority offers, the funds for this program are generated through a different source and therefore rates can change on a daily basis until an offer has been made on a property and the money is reserved.
Please contact me on my personal cell 980-2999 so that I can help you take advantage of the lowest interest rates in history. There has never been a better time to buy. It will be my pleasure to help you with all your real estate needs.
~ Celebrating Sandi's 26th year as New Mexico's
#1 Agent after 33 years of serving her clients! ~
