REQUIREMENTS
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| First Time Home Buyer (Has not owned a home in last 3 years or is a first time home buyer) | Income is below county acceptable limits. (Ex: Contra Costa and Alameda is $120,880) | Loan is below county high balance limit (Ex: Contra Costa and Alameda is $970,800) |
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| DTI Below 50% for credit score above 700 and 45% for 660-699 | Credit Score 660+ |
Zero Interest and forgivable if you occupy home for 5 years
ABOUT SHINING STAR FUNDING
We are a team of two successful loan officers, Depac & Akshay, and Shining Star Funding is a branch of Finance of America (FOA). FOA is a nationwide lender that has helped over 50,000 families in the last 12 months.
- 22 years of combined mortgage experience
- Offer wide range of loan products to meet most lending needs
- Quick Closings, Competitive Rates
- Direct Lenders with Inhouse Underwriting and Funding
CASE STUDY
First Time Home buyer buying in Alameda County for $800,000 putting 20% down with credit score of 660 and income of $104,000 per annum
Other monthly debt $200
Forgivable Grant = $80,000
Down payment = 20% + 10% Grant = $240,000
New Conventional First Mortgage of $560,000
This is not a commitment to lend. Prices, guidelines and minimum requirements are subject to change without notice. Some products may not be available in all states. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.
© 2022 Shining Star Funding A division of Finance of America Mortgage LLC | | NMLS ID # 1071 (www.nmlsconsumeraccess.org) | 1 West Elm Street, Suite 450, Conshohocken, PA 19428 | (800) 355-56268 | AZ BK 0910184 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. For licensing information go to: www.nmlsconsumeraccess.org
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