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).