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Dickinson Mortgage
and Associates

First Time Homebuyers

Rural development loans — No down payment.

This loan is designed to assist homebuyers obtain affordable financing in order to overcome the high cost of homeownership. Benefits include 0% downpayment and no mortgage insurance. This keeps monthly housing payments nice and low.
Loan parameters:
• Income limits apply
• Loans are offered in limited areas
• Seller can provide up to 6% of the sales price for closing costs
• Financing can include closing costs up to the appraised value of the home
• There is a 2% funding fee required on all loans —this pays for RD to guarantee the loan
• Credit should be good and those with no credit may qualify

103% Financing — yes, you can finance your closing costs — no income limits — good credit only.
100% conventional programs with low mortgage insurance rates and no income limits.

This program is designed to provide affordable financing to teachers and school administrators in order to help overcome the high cost of homeownership. It is available for purchases only. To be eligible one of the applicants must be a full or part-time teacher or school administrator in a public or private K-12 school. Substute teachers, teacher aids, cafeteria workers, and constodians are not eligible.

Benefits include:
• Qualify easily for 100% financing
• Ability to buy a home with little or no money out of pocket
• Family and other sources can pay all closing costs
• No income limits
• Loan programs include a 30 year fixed and a 5/1 Adjustable rate program.
Program perameters:
• No loan amount limits
• Must intend to occupy the residence
• Manufactured housing, log homes, and co-ops are not allowed
• There are limits on owning other properties
• Good credit
THIS PROGRAM IS ALSO OFFERED WITH MORE FLEXIBLE QUALIFYING IF THE BORROWER PUTS 3% DOWN.

The Nehemiah Convention:
• 97% first lien; up to 5% second
• 30 year fixed 1st & 20 year fixed 2nd
• Up to 4% Builder/Seller concession
• No income limits
• No first time homebuyers requirement
• Loan amounts to $275,000 first lien or $289,175 when combined with second
• Single family detached, Condos & PUD’s
• Minimum credit score 620
• No reserve requirement
• Debt to income ratio 41%

No credit — No Problem
Manufactured housing loans
Homebuyer counseling.