Purchase

• Down payment of 3.5% of sales price
• Up to 6% seller concessions
• Credit scores as low as 640

Refinance

• Rate and Term Refinance up to 97.75% of the property value
• Cash Out Refinance up to 85% of the property value

Key Points:

• Great first time home buyer program
• Must be owner occupied
• Non – occupying co-borrower allowed (must be relative)
• Can do up to four unit property, with at least one unit occupied
• Higher debt ratio’s allowable than with other home loan programs
• Less than two years on the job may be acceptable
• Lower Monthly Mortgage Insurance costs on 15 Year Loans
• Upfront MIP fee of 1.00%