Unique Opportunity Home Financing

National Homebuyer fund Platinum Program

This program is designed to Increase homeownership opportunities for low-to-moderate income borrowers. It is a First Mortgage Loan with a 3% Down Payment Assistance Grant.

Downy Payment Assistance (DPA) – Grant Funds Available.

• May not exceed 3% of the First Mortgage Loan Amount;
• Proceeds may be used for down payment and/pr closing costs’
• There must be no cash back to the borrower from the Grant Fund proceeds.

Mortgage Loan Types and Terms -

• FHA: 203(b) and 234(c) in accordance with FHA guidelines. Temporary buy-downs permitted, per limits and rules.
• VA: In accordance with VA guidelines under 1810 and 181A. Temporary buy-downs permitted, per limits and rules.
• USDA-RHS: In accordance with USDA guidelines. Temporary Buy-downs permitted per limits and rules. Borrower Eligibility – Borrower must meet the following requirements:
• Occupy the residence as their primary residence; non-occupant co-borrowers are not allowed.
• Borrower income cannot exceed CHF income limits for the county in which the property is located: 120% Area Median Income (AMI). Refer to www.nhfloan.org.

Minimum FICO requirement -

• 640 for all USDA transactions.
• 620 for all FHA and VA transactions.

Maximum Loan Amount -

• The lesser of $417,000.00 (not including MIP) or maximum loan amounts permitted by HUD. For any guideline(s) not addressed, please refer to MWF’s FHA, VA and USDA guidelines.

CalHFA FHA Loan Program - 1% Down Program

 

Program Details:

• Interest Rate is fixed for the entire term on the loan
• 30 year term only
• 96.5% Max LTV; CLTV per FHA guides
• Maximum loan amount including the Upfront MIP account exceed the lesser of $417,000 or FHA county loan limits
• Homebuyer Education is required for all borrowers
• Please be sure to visit the CalHFA website for more detailed guides.
• http:www.calhfa.ca.gov/homeownership

Underwriting Guidelines:

• Must be a First Time Homebuyer with the following exceptions – Qualified Veterans and property being located in a targeted area
• Must occupy property as primary residence
• Non Occupant co borrowers are not allowed
• Non Occupant co signers are allowed per FHA guides
• Must be a U.S. citizen, permanent resident alien or qualified alien
• Maximum of (4) borrowers
• Income Limits
• Qualifying ratios 31/43%
• DU approvals only –no manual underwrites. Must receive Approve/Eligible Minimum 620 credit score