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
