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.