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Highlights Include:

  • New home purchase or mortgage refinance
  • Low down payment options of 3% on single unit
  • 5% down on a 2-4 unit property
  • Credit scores down to 620
  • Flexible sources of funds allowed for down payment and closing costs (including gifts and grants).
  • No minimum reserves or borrower contribution on 1 unit properties
  • First time or repeat home buyers may qualify
  • Income limits based on 80% of area median income
  • Homeowner education for first time buyers may be required
  • Competitive fixed interest rate
  • Lower Mortgage Insurance rates compared to other loan products
  • Conventional loan backed by Fannie Mae or Freddie Mac