The program is a grant which can be used for down payment or closing cost. This is a grant with no repayment required. This program is designed to help low to moderate income borrowers.
[table]
| Credit score: | 640 minimum |
| Property type: | SFR, PUD, Condo |
| Occupancy: | Primary residence |
| Down Payment: | no minimum contribution |
| Loan to Value: | 96.5% CLTV: 105.5% |
| Gift Funds | Allowed. No minimum buyer contribution. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 45% |
| Income Limit: | Income Limits Apply |
[/table]
Additional Notes:
- Condos must be FHA approved / 95 LTV max
- Lender-Paid Closing Cost program available
- Impounds are not optional
- Bankruptcy 2 yrs, Foreclosure 3 yrs, Short Sale 3 yrs (Standard)
- First time buyer not required. Must be primary residence.
- Homebuyer education is not required
- 100% gift for closing funds allowed
- Mortgage reserves are not required
- No first time buyer OK
- Flips transaction within 90 days acceptable.
All program are subject to change at anytime without any further notice