Make Your Next Home A SmartBuy With 3.5% Forgivable Down Payment Assistance
Is saving for a down payment or closing costs keeping you from your next home? Our latest down payment assistance (DPA) program is designed to help you overcome that hurdle. Let’s explore how our exclusive SmartBuy FHA DPA program (which comes in the form of a second lien mortgage loan) can help get you into your dream home!
What is SmartBuy?
SmartBuy is a new DPA program offered exclusively by Lennar Mortgage, LLC. It pairs a first-time-buyer-friendly FHA loan with 3.5% in down payment assistance, which may completely cover your down payment in some cases.
What sets SmartBuy apart? The assistance, in the form of a second lien mortgage loan, may be completely forgiven after 3 years with on-time payments, unlike many programs that require repayment at the end of the loan term.
Key features of the SmartBuy program include:
- Fixed-rate FHA loan first lien
- 3.5% down payment assistance in the form of a second lien mortgage loan
- 0% interest and no monthly payments on the second lien
- Second lien is fully forgiveable after 3 years
- To qualify for forgiveness, mortgage payments must be made on time (no delinquencies of 90 days or more) for 3 years
Who Qualifies for SmartBuy?
As a down payment assistance program, SmartBuy is designed to lower the upfront costs of buying a home:
- The 3.5% assistance can be used toward both down payment and closing costs
- Since FHA loans have a minimum 3.5% down payment, this may result in very low upfront costs
- The second lien carries no monthly payments and may be forgiven after 3 years, given that no mortgage payment is made more than 89 days late during that time
In short, SmartBuy may help you get into a home with less cash up front — and if you stay on track with your payments, your down payment assistance may be forgiven!
How Do I Get Started?
The FHA SmartBuy program is available exclusivly through Lennar Mortgage, LLC. It’s one of many programs we offer to help homebuyers afford the home of their dreams.
As your guide on the path to homeownership, we here to help you find the financing that fits your goals. That starts with connecting you with a Loan Officer who will help you navigate your options.
Ready to learn if you qualify for SmartBuy or other down payment assistance programs? Find a Loan Officer in your area or get pre-qualified today!
The content provided herein is for informational purposes only. Nothing herein shall constitute legal, tax, investment or financial advice. No representation is made regarding your ability to qualify for a home loan or the availability of a home or loan product that meets your needs. This is not a commitment to lend; applicants must qualify. Model(s)/lifestyle photo does not reflect racial or ethnic preference.