21st Century Lending in partnership with United Wholesale Mortgage (UWM) offers a 0% Down Purchase program to assist borrowers in buying a home without an upfront down payment. This program provides a 3% down payment assistance loan up to $15,000.

How It Works:

• First Mortgage: Meets loan-to-value (LTV) requirements.

• Second Mortgage: UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000.

  • No monthly payments or interest on the second lien.

  • The balance is due when the first lien loan is refinanced or paid off.

  • Payments on the second lien can be made voluntarily but are not required.

Key Details:

• The program helps mortgage brokers qualify more borrowers and strengthen relationships with real estate agents.

• Information is subject to change, with certain restrictions and approval requirements.

• The second lien is a 0% interest rate loan with a term of 360 months, fully due as a balloon payment upon refinancing, payoff, or final payment of the first lien.

Borrower Qualifications:

• Income must be at or below 80% of the Area Median Income (AMI) for the property location and meet Home Possible® guidelines.

• Very-low income borrowers (income at or below 50% AMI) receive a $2,500 credit as part of the 3% assistance, which lowers their second lien debt and does not need to be repaid.

• Must have a FICO score of 620 or higher and an LTV of 95% to 97%.

Example:

For a $350,000 30-year Fixed-Rate Loan at 6.75% and 97% LTV, the principal and interest payment is $2,270.09, with an APR of 6.949% and estimated finance charges of $6,500. Monthly payments do not include taxes and home insurance.

Additional Notes:

• The principal and interest payments continue for 360 months until fully paid.

• Rates are current as of 5/20/24 and are subject to borrower approval.