This program is designed for credit worthy low-to-moderate income borrowers, with expanded- eligibility for financing homes in designated low-income, minority and disaster-impacted communities.
[table]
Credit score: | 640 |
Property type: | 3-4 units |
Occupancy: | Primary residence |
Down Payment: | 3% minimum borrower contribution |
Loan to Value: | 75% Max. CLTV: 75% |
Gift Funds | Allowed. No minimum buyer contribution required. |
Closing cost: | Seller and/or lender can pay up to 3% |
Debt Ratio: | 45% |
Income Limits: | Income Limits Apply |
[/table]
- Lender-Paid Closing Cost program available
- Impounds are option at 20% down or higher
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs (standard)
- First time buyer not required must be primary residence
- Boarder income and accessory unit income allowed
- Landlord education required
- 100% gift for closing funds allowed
- Mortgage reserves required based on AUS results
- No first-time buyer requirement
This page contains program highlights only. See sidebar links for further information and details.