Episode 1

First-Time Homebuyers Down Payment Assistance Program

Published on: 9th September, 2022

MKG Enterprises Corp Third-Party Originator's NLMS #1370394 is pleased to introduce the Down Payment Assistance program through our Wholesale channel.

The key features of this program are as follows:

Available for FHA products

Available in all states except New York and Puerto Rico

Assistance amount is up to 5% of the loan amount Borrowers can use the assistance for the minimum required investment, closing costs, and/or prepaid items Refer to the table below for additional information:

Parameters Soft Second Repayable Second Rate Advantage


Minimum FICO Allowed

600

640


Income Limit of Borrower

Must not exceed 115% of area median income


No income limit Must not exceed 135% of area median income Assistance Terms 30-year interest-free second lien.

Forgiven in 3-10 years (3 years for assistance amount 3.5%,

10 years for assistance amount 5%

10-year second lien with 0% interest rate; or 30-year second lien with 5% interest rate

10-year second lien with 6% interest


Maximum Back Ratios FICO 660+: As per Automated underwriting systems findings (50% if subject is manufactured home)

FICO 640-659: 50% FICO 600-639: 45% - 50%


Homebuyer Education Certificate Required if FICO is below 640 Not required


Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage is committed to guiding clients through the mortgage process. Contact us at (559) 412-7248


Apply for a home loan 24/7

https://mkgenterprisescorp.com


Download our free mobile app to apply for a mortgage loan from the safety of your home.


Apple App Store http://keap.li/MD7z7D


Google Play Store http://keap.li/k07EJw


Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.


Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370394 Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, 1370676 or Licensed by the Department of Business Oversight under the California Finance Lenders Law, 1370676

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Mortgage Broker Advisors Podcast
Borrower Save Money Using A Broker
Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and MKG Enterprises Corp Mortgage Brokerage NLMS 1370394 is committed to guiding clients through the mortgage process while promoting equal and fair access to homeownership.
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Marshawn Govan

MKG Enterprises Corp Third-Party Originator NLMS 1370394 is a diversified digital finance company focusing on serving low-income and moderate income communities while promoting equal and fair access to homeownership to first-time home buyers and existing homeowners FHA, Conventional, VA, Jumbo loans, Non Qualified Mortgage loans, DSCR.

The company provides mortgage loans, down payment assistance, auto, home, life insurance, secured personal loans and tax refund advances. The goal is to help underprivileged and underbanked families access credit to affordably finance auto loans, home improvements, home solar systems, down payments, investment and paying off debts.