PHL Down Payment Assistance.
We have the most flexible Down Payment Assistance program on the market today!
Program Matrix.
Below is the program matrix that gives the basic guidelines that must be met. We also discuss each section more indepth below. If you have more questions, please give us a call at 352-446-9422.
Loan Type & Term
FHA First Lien, 30 Year Term Only.
Loan Purpose
Purchase Loan Only.
DPA Amount
3.5% of the purchase price, Repayable.
Credit Score
Minimum 600 FICO®. All borrowers must have a score.
First-Time Homebuyer
Not Required.
Loan Limit
FHA Loan Limit of $498,257. High Balance Counties on exception only.
Manual Underwriting
Permitted. See DTI Ratios below. No late payments last 12 month. Max 2 late payments 12-24 months.
AMI Income Limit
No Income Limits.
Debt to Income (DTI)
Per AUS approval. Manual underwriting limit 47% with 1 comp factor or 50% with 2 comp factors.
Property Types
SFR, Townhome, Condo, 2 Units Properties and Manufactured with restrictions below.
Manufactured Homes
Allowed with Double-Wide or larger, newer than 1995, on permanent foundation and detitled.
State Eligibility
Available in all states except NY & MA
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Indepth Look Into Program Details!
Below are some important information and details about the specifics of the program. How it works and who can qualify for it.
Loan Program Type and Terms
PHL Advantage Program is a down payment program to help buyers obtain a mortgage loan with no required down payment. The progam utilizes an FHA loan that requires 3.5% down payment and then that down payment is provided by the assistance. The 3.5% is not a gift or grant and is repayable as a second loan. This essentially will give you 100% financing. This program is available for purchase loans only and is available in all states except NY & MA.

This is a Fixed Rate 30 Year mortgage and the DPA is a Fixed Rate 10 Year. Estimate My Payment ->
Credit Scores and Requirements
Mortgage companies use FICO® Credit Scores from Transunion, Experian and Equifax. The middle score is used (remove higher and lower score). Mortgage companies also use versions 2, 4 & 5. The best place to check your score is MYFICO since they provide the mortgage scores as well. Click the banner below to sign up for your scores.
In addition to your score, there are certain credit requirements that must be met. Typically the prior 2 years of credit history is factored in to the approval. Older derogatory items or collections will not affect the approval. Medical collections are also ignored completely.
Income & Employment
The PHL Advantage DPA program does NOT have any maximum income limits. Most Down Payment Assistance programs have maximum income limits that can severly hurt your chances to qualify but our program DOES NOT! If you would not qualify for other programs, this might be the one for you!

Income

Income is calculated based on your gross W2 income or your Net Self Employment Income. When you are W2, we can use Bonuse, Commission, Overtime, Tips, etc if received for at least the last 12 months. Self employment income is calculated by using the average net income for the last 2 years, if increasing or most recent year if declining. Tax returns are required and items like Depreciation, Mileage, etc can be added back to your income calculation.

Employment

Program requires 2 years of employment history with no gap more than 6 months in between employers. There is no guideline how long to be on current job. Secondary education like College or Trade School count in the 2 years of employment history. High School does not.
Assistance Amount
The required down payment of 3.5% is covered entirely by the assistance in a form of a repayable loan. It's essentially 100% financing. When purchasing a home, there are closing costs involved for Title Fees, Lender Fees, Prepaids, Escrow, etc. Those fees are NOT covered by the assistance however the seller can pay up to 6% which covers them in almost all cases. We will work with your realtor to help you get most, if not all closing costs paid by the seller. Our goal is to get everyone into a home for under $2,000.
HOW MUCH CAN I BORROW?

You can use our calculators to estimate monthly payments or estimate how much you would qualify to borrow to buy a home.

PURCHASE POWER
CAN I BUY WITH ZERO DOWN PAYMENT?

There are many options that allow you buy a home with no down payment. We offer the best programs out there today!

SEE DPA OPTIONS
WE DON'T LIKE TO BRAG, BUT OUR CLIENTS DO!


           

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NMLS #957081
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Copyright 2024 Planet Home Lending | NMLS #17022 www.nmlsconsumeraccess.org | Equal Housing Opportunity | We are not an affiliated or an agency of the federal government. All information contained herein is for informational purpose only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures, rates, terms, programs, and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply.