Expanding Homeownership with the HomeStart 100 Program
Homeownership has long been a cornerstone of the American Dream, yet for many families, the dream feels out of reach. According to recent data, 54% of potential homebuyers report that saving for a down payment and closing costs is a significant barrier.
At NOVA® Home Loans, we understand this challenge and are excited to introduce our 0% Down Purchase program, HomeStart 100. Designed to make homeownership more accessible, this program aims to help more families transition from renting to owning a home and start building personal wealth.
Key Features of the HomeStart 100 Program
The HomeStart 100 program offers expanded guidelines to make it easier for families to qualify for a home loan. Here are some of the key features:
- No Mortgage Insurance: Save more every month without the added cost of mortgage insurance.
- Primary Residence Only: This program is designed to help families purchase their primary home.
- Location: Available for properties in Pima County, Arizona.
- Loan-to-Value (LTV) Up to 100%: With a 1st lien mortgage only, you can finance up to 100% of your home’s value.
- Maximum Loan Amount: Borrow up to $400,000.
Eligibility Requirements
The following eligibility requirements apply to the HomeStart 100 program:
- Income: Borrower income must be up to 140% of the Area Median Income (AMI). [Use our AMI Lookup Tool here]
- Credit Score: A minimum credit score of 660 is required (640-659 credit scores may qualify for up to 95% LTV).
- Borrower Contribution: A contribution of 1% of the purchase price is required.
- Reserves: Two months of reserves are needed.
- Seller Contributions: Sellers can contribute up to 3% of the purchase price.
Apply for the HomeStart 100 Program Today
The NOVA HomeStart 100 program not only empowers our clients but also strengthens our relationships with real estate partners. By providing a solution to the down payment barrier, we are helping more families achieve the dream of homeownership.
At NOVA Home Loans, we believe that everyone deserves a chance to own their home. The HomeStart 100 program is our commitment to making this possible for more families. If you or someone you know is ready to take the next step towards homeownership, explore our 0% Down Purchase program today.
Apply Now or connect with a local Loan Officer today to learn more about the NOVA HomeStart 100 program and start your journey to homeownership. Don’t let the down payment be a barrier—let us help you make your dream a reality.