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Low Down Payment Options
Through our affordable loan products, it's possible to
buy a home with low down payments. Additionally, Countrywide
offers loans for homes needing improvement, rural home loans, FHA
loans and Mortgage Revenue Bond Loans.
Improvement Plus Home Loan
You may find a great house, but it needs
some work to be perfect. Our Home Improvement Loans cover
the cost of buying the home along with the cost of making improvements
all in one convenient loan. Plus, the interest on your home loan
may be lower than if you used a credit card to finance renovations.
And, the interest may be tax deductible (consult your tax advisor).
Federal Housing Administration (FHA)
An FHA loan requires 3 percent of the home's
selling price as a downpayment in many cases. There are no
income limits with an FHA-insured mortgage, but eligible borrowers
must have a good credit history and meet other program guidelines.
Mortgage Revenue Bonds (MRB)
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To encourage first-time homeownership among
lower income groups and encourage revitalization in their communities,
state and municipal housing finance agencies have developed tax-free
mortgage revenue bonds. By selling these bonds to investors, proceeds
are generated that allow lenders like Countrywide to offer home
mortgages with attractive features, such as below-market interest
rates and low downpayments to local residents. Depending upon each
program's criteria, first-time homebuyers can use some of the loan
proceeds for part of a downpayment, closing costs and other prepaid
items.
203(k) Loan
With 203(k) loans, borrowers can obtain
one all-encompassing 30-year fixed-rate loan that covers the homes'
purchase price, as well as the costs of repairs or improvements.
Present homeowners may also obtain a 203(k) loan to refinance or
make repairs. For both options, the borrower's loan amount is based
on the "after-repaired" value of the property, and money is released
from an interest-bearing escrow account as the work progresses.
In this way, more funds are available upfront to do the work required
for the rehabilitation. In fact, borrowers can buy a house and have
the money to fix it with as little as 3 percent down - and all in
a single- loan with one closing.
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