• 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).