Loan type |
30 year
fixed rate |
| Minimum down payment |
0% |
| Eligible transactions |
Purchase
-No cash-out refinance |
| Debt-to-income ratios |
33/41
-Higher ratios available on loans with FICO scores of 680 and over |
| Credit history |
-Excellent
credit required (FICO scores under 660 have greatly reduced
probability of approval)
-Alternative credit histories acceptable with minimum of three accounts,
one of which must be housing related (i.e., rent or
mortgage) |
| Borrower eligibility |
-Borrower's income not to
exceed 80% of median; no income limit if property in Neighborhood Advantage
low-income census tract
-U.S citizens, permanent resident aliens
-Cannot own other real estate at time of closing |
| Eligible property |
-1 unit,
condo, PUD (no-cops, manufactured or mobile homes)
-Primary owner-occupied |
| Maximum Loan Amount |
-Conforming loan limits
-$300,000 in Hawaii |
Source of closing
costs and prepaids |
-Gift
-Grant
-Installment loan
-Seller |
| Cash reserves |
-2 months from borrower's
own funds |
| Subordinate financing |
-Not
allowed |
| Homebuyer education |
-Not required |
| Delinquency counseling |
-Available |
| Seller contribution |
-Not to exceed 3% of the
lesser of the sales price or appraised value |
| Mortgage insurance |
-33%
coverage |
| |
|
