MAP 100% Financing: The Real Deal
Today we’re focusing on another great homebuyer program, called MAP 100% Financing.
Also known as MAP 80.
Also, also known as the Mortgage Assistance Program.
No matter which name you like best…I promise that you’ll remember this program because of the value it offers. For certain homebuyers in and around Portland, this program could be their key to increasing affordability & reaching homeownership. It’s that good.
A program so nice, they named it thrice.
Highlights of The MAP 80 Program:
- Available in the Portland tri-county area:
- Multnomah, Washington & Clackamas counties
- The MAP 80 Program offers qualified borrowers with a $500 minimum down payment a low, fixed-interest rate loan of up to $60,000 for down payment and closing costs on a home in any of the above counties.
- It covers up to 20% of the home’s purchase price, and can eliminate the need for an upfront mortgage premium and monthly mortgage insurance!
- First-time homebuyers with incomes up to 100% of the area’s median income, are eligible for this awesome program.
Using the MAP 100% Financing homebuyer program can provide you with the lowest possible payment – Period! There is simply no other way to get a lower payment, with no money down.
This program works by using a community-funded 2nd mortgage through the Portland Housing Center. And since I am certified to offer The Oregon Bond loan program too, it offers us a bonus option. Because if you qualify for both MAP & The Oregon Bond…then we can combine these two programs for even more savings!
The Oregon Bond gives you a deeply below market interest rate, AND you’ll have no mortgage insurance. Plus, there’s even a portion of The Oregon Bond that will give you closing cost assistance.
This Sounds Too Good To Be True…
Right about now, you’re probably wondering what the downsides are of this program, because it’s sounding too good to be true. Well, I promise you that it really is a great program.
The only “downside” of this program is that, not everyone will qualify for it. The Debt-To-Income(or DTI) ratios are a bit more conservative than some other programs. And, income limits will apply.
Eligibility is a topic that is best handled on a case-by-case approach. So, please give me a call to see if MAP 100% Financing is the right program for you. Or click on the button below to start the Pre-Approval process, and we’ll be able to tell you exactly which homebuyer programs will offer you the most value for your specific situation.
Ultimately I just want homebuyers to remember one thing: there really are great program options out there. But you need to work with a lender that offers these programs…because the majority of lenders don’t.
You don’t want to miss your chance, contact me today, let’s make a plan for you!