Program Summary
• Completely forgivable 2nd mortgage grant 3.5% of the purchase price but must hold the loan for 12 months.
• No repayment.
• May be combined with up to 6% seller concession for closing costs.
• No resale restrictions.
100% DPA Program Eligibility
Any Borrower on the loan application is a first-home buyer who meets the following criteria:
✓ Is purchasing the Subject Property;
✓ Will reside in the Subject Property as their principal residence;
✓ Has had no ownership interest (sole or joint) in a residential property during the three -year period
preceding the date of the application.
✓ Or is an individual who is a homemaker or single parent that has no ownership interest in a principal
residence (other than a joint ownership interest with a (former) spouse) during the three -year period
preceding the date of the application. multiple Borrowers on a loan application, their income collectively) is equal to or less than 140% of the state or county median income regardless of family size based upon the state or county where the Security Property is located.
• State/County Median Income Tool: https://ami-lookup-tool.fanniemae.com/amilookuptool/
• What if the Borrower’s paystub reflects over-time income? Is this required to be counted towards the 140%?
• If the over-time income is not used to qualify the Borrower, then the over -time income does not have to count towards the 140%.
• The income that the underwriter will use to qualify the Borrower is what will be compared to the 140%.
• Any Borrower on the loan application is a current, retired, volunteer or non -paid:
• First responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar
• Educator (Sunday school teacher, tutor, day care provider)
• Medical personnel (nurse, doctor, phlebotomists, health ambassador, or hospital, American Red Cross worker,or similar)
• Civil servant in a Federal, state or local municipality
• Military personnel
Call Now📞954-667-9110
Property Types
• 1-2 Unit Primary Residence
• Manufactured Housing
• Singlewide, Multiwide, MH Condo Projects
• FHA HRAP Approved Condos
• PUDs
Parameters
FICO
•620 Minimum Qualifying Credit Score
UW METHOD
• TOTAL Scorecard
• Desktop Underwriter (DU)
• Loan Prospector (LP)
AUS RECOMMENDATIONS
• Approve/Eligible – DU
• Accept – LP
Note: RManual underwrites NOT permitted
ELIGIBLE TERMS
• 30 year fixed
TRANSACTION TYPES
• Purchase only
• Borrower Paid Comp only
LTV/CLTV/HCLTV
• The maximum limit is 96.50%
DTI
• The maximum DTI limit is 48.99%
AUS RECOMMENDATIONS
• Approve/Eligible – DU
• Accept – LP
