LEE’S SUMMIT, Mo., April 21, 2021 /PRNewswire/ — A1 Mortgage, a direct mortgage lender, is proud to announce a new exclusive mortgage loan available to residents of Missouri, Kansas, Virginia, Texas, California, Florida and Maryland. The Merit Loan provides down payment assistance to a wide variety of borrowers.
The Merit Loan provides down payment assistance in the form of a grant from 2 percent to 3.5 percent of the purchase price. The Merit Loan may be used with the FHA 203(b) program or any FHA renovation program. The 2 percent grant option is also available for the FHA One-Time Close Program.
The loan, intended to help first-time and moderate-income home buyers, has a variety of benefits for buyers in addition to the down payment assistance. The loan may be combined with up to 6 percent seller concession for closing costs and has no resale or borrower repayment restrictions. The grant also does not have to be paid back.
To be eligible for the loan, borrowers must have a minimum 620 credit score and either be a first-time homebuyer or have worked, volunteered or have plans to volunteer as a first responder, educator, medical personnel, federal state or local employee, or military personnel.
Eligible borrowers include first responders such as police officers, firefighters, public safety officers, paramedics and emergency medical technicians, including volunteers. The loan is also available to educators; civil servants in a federal, state or local municipality; military personnel; and medical personnel such as nurses, doctors, health ambassadors, American Red Cross workers and more. The loan is also available to certain properties located in underserved census tracts.
“Our mission at A1 Mortgage is to present our customers with innovative financial solutions and superior service that will achieve their financial goals while providing our employees the greatest opportunity for personal achievement. This, in return, will build a solid foundation for our company and a better future for our community,” said A1 Mortgage President Richard Cowan. “Whether this is your first time buying a home, moving to a new place or refinancing your existing mortgage, our professional team is here to support you on any step of the way.”
A1 Mortgage offers various loan services, including conventional loans, FHA loans, VA loans, USDA loans, Jumbo loans, Freedom loans and refinancing options. A1 Mortgage specializes in residential mortgage lending and works with real-time rates to find the best available rates and programs. A1 Mortgage never has any out-of-pocket closing. With in-house underwriting, processing, and closing, A1 Mortgage can get fast approvals and on-time funding to close in as little as 10 days.
For more information, visit a1mortgage.com
SOURCE A1 Mortgage