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Home
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Buy
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Power Purchase Program Reduced Mortgage Insurance
Power Purchase Program Reduced Mortgage Insurance
- Power Purchase Program that offers reduced mortgage insurance payments.
- Competitively priced conventional FHMLC 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.
- The 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 costs and under-served counties where higher income limits are allowed.
- Benefit-Underserved counties and those High-Cost Counties included. (Exceeding 100% counties) the increased income limit for those counties.
- FHA sales price limits.
- Benefit-MI is lower 25% coverage on a 97% LTV.
- Required minimum middle credit score 620-719
- Score over 720 will have a lower MI factor vs. FHA products.
- Co-Signors/Non-occupying Co-Borrowers not allowed.
- The borrower may have an ownership interest in other under certain conditions. (Please discuss with Loan Originator).