• Power Purchase Plus Program NO Mortgage Insurance

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).