Franklin Rolls Out New Down Payment Assistance Program

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Filed under: Market Comentary

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Great news: we just rolled out a new down payment assistance program. This option is for first-time home buyers. With prices going up, the down payment is getting harder to achieve.

There is a big cross-section in the world that assumes you need at least 20% down to buy a home. Or course, that’s not the case.

How Franklin’s Program is Different

Like most down payment assistance programs, this solution gives the borrower a silent second mortgage for the 3.5% down that is required for an FHA loan. This down payment loan does have to be paid back, but it’s a way you can get into a home sooner. It can be paid back through refinancing or selling, depending on how your timeline and situation works out in the future.

It’s a great program because the 2^nd mortgage has 0% interest. It’s a silent piece. Unlike other down payment assistance programs, we are able to underwrite these in-house. Also, it allows rebate pricing that allows us to pay a large chunk of the closing costs.

These benefits make our down payment assistance program stand out from some of the other down payment assistance programs – available mostly through the state of California.

Do You Need Down Payment Assistance?

This new option is a nice program. If you are a real estate agent and have clients looking for down payment assistance, contact us about the possibilities. Even if they didn’t get approved for other down payment assistance programs, we’d love to have a chance to help them out with our new in-house program.

Anyone who is looking for down payment assistance in general, please give us a call so we can share details and see if it fits for you. Our team at Franklin Loan Center is always here to help. Reach out any time to learn more about your financing options.

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