Power Purchase Plus Program NO Mortgage Insurance

• Freddie Mac (FHLMC) Power Purchase Program that offers NO Mortgage Insurance premiums.
• Competitively priced Conventional Loan.
• No first time home buyer requirement.
• Requires 1% down payment from the home buyer for down payment.
• 2% Grant from Non-Profit + 1% home buyer funds equals %3 equity with a 97% eligible conforming loan.
• First mortgage must meet FHLMC Home Possible Advantage eligibility.
• No additional subordinate financing allowed.
• Conforming loan amounts only.
• No manual underwrites allowed. LP decisions only.
• Primary Residences only. No Investment properties. No 2-4 units.
• Manufactured housing not allowed.
• The Income limits are based on 100% AMI except for those high cost and under-served counties where higher income limits are allowed.
• Benefit-Underserved counties and those high cost Florida counties included. (Exceeding 100% counties) the increased income limit for those counties.
• No sales price limits.
• Benefit-MI is lower 25% coverage on a 97% LTV.
• Required minimum middle credit score 640-719
• Co-Signers/Non-occupying co-Borrowers not allowed.
• Borrower may have an ownership interest in other under certain conditions. (Please discuss with Loan Originator).