Who has heard about FHA .5% down payment program?

Question

I've been getting emails from a couple lenders promoting this program but my local lenders don't know anything about it. Has anyone closed a .5% down deals and what lender?

Barry Ratliff · Answer

Thanks YA'LL for the help. I did find out some info regarding the program. Not sure if just for Tejas but what I do know is there a 2nd lien for the 3% of the 3.5% down payment. Making it a .5% down payment loan. Getting more details.

Andy Collins · Answer

Yes, 360 Mortgage is out of Austin (512 area code), I have had a couple of mortgages through them, always great to work with

Jared Anderson · Answer

Is this the same company you speak of:  www.360mtg.com. 512-418-6000?  I've been doing many appraisals for this company over the years.

Thomas Yankovoy · Answer

360 Mortgage is a mortgage company and yes it is for only owner occupants.

Gautam Venkatesan · Answer

ALso I am assuming this type of loan is for owner occupied property correct?

Gautam Venkatesan · Answer

@Thomas Yankovoy

who or what is 360 Mortgage? I have not heard that term before.

Thanks,
	Gautam

Thomas Yankovoy · Answer

It is a FHA specific program that only 360 Mortgage has access to.  I forgot that actual name of the program but it is a 0.5% down program that only 360 Mortgage can do.

Edit: Only available in Texas as far as I know.

Joel Owens · Answer

I have seen that with other programs before. To get grant money you have to have certain income qualifications and the money runs out quick for the programs.

So there are programs for first time home buyers but a bunch of red tape and hard to get.

Brandon Hughes · Answer

I have, the state comes up with a grant for 3%, you come up with a half percent. first time buyers/fha loan only.

Joseph Weisenbloom · Answer

Nope never heard of it but I would be very interested in using it!