$0 down mortgage program offered by Vitek Mortgage Group allows for grants up to 5% of the loan amount for down payments and closing costs, with no repayment required. The program has specific eligibility criteria, including a minimum credit score of 640 and income limits based on county standards, and can be combined with various loan types. It is primarily aimed at real estate professionals and not for consumer use.

1. $0 Down
With Platinum
John Easterbrook
Mortgage Loan Originator
Licensed – NMLS #226555
Information in presentation intended for real estate professionals only. Not for consumer use.

2. The Benefits
 Grant for up to 5% of the total first loan
amount (Does not require any repayment!)
 NOT a first-time homebuyer program
 Proceeds may be used for down payment and/or
closing costs
 Can be combined with MCC
 Can be used with FHA, VA, USDA, and Conventional
 Higher income limits than CHDAP in some cases
VITEK does it ALL in house – underwriting & funding!
Information in presentation intended for real estate professionals only. Not for consumer use.

3. The Requirements
 Minimum FICO score of 640
 Non-occupant co-borrowers not allowed
 Borrower qualifying income cannot exceed CHF
income limits for the county in which property is
located
 Owner-occupied residents only
 Eligible properties: Single family residences,
PUDS, and agency approved condos
 Interest rate determined by NHF
Information in presentation intended for real estate professionals only. Not for consumer use.

4. How to Structure a $0 Down Deal
 Get buyer in front of a VITEK MLO to verify
they meet the criteria for the program
 Write up as an FHA with 96.5% LTV
 Write in Additional Financing Terms:
 Buyer to obtain a CHF grant of 5% of the 1st
loan amount.
 Seller to credit buyer up to 3%. (depending upon price)
Information in presentation intended for real estate professionals only. Not for consumer use.

5. How it Works for the Buyer
 Purchase price $200,000
 Closing costs = 4.5%
 Down payment = 3.5%
 Grant = 5%
 Seller credit = 3%
 PITI = $1537
 MCC benefit = $207
 Net payment = $1,330
Example based on FHA loan with a Platinum Grant. Interest rate of 5.000% (6.69%
APR). MCC based on a $45,000 income. Numbers are approximate.
Information in presentation intended for real estate professionals only. Not for consumer use.

6. Another Advantage of Platinum –
the income limits
Much higher than other down payment
assistance programs (140% of median incomes):
Income limits as of 9/22/14

7. Questions?
Call Me at (916) 224-7653
Information in presentation intended for real estate professionals
only. Not for consumer use. VITEK Mortgage Group is licensed by
the Department of Business Oversight under the California
Residential Mortgage Lending Act. NMLS # 37408