| | Requirements:
To qualify a borrower for one of these Advantage Loan products, please verify that the borrower meets the 140% or less than median income requirement. Preferred Program specific income limits apply. Borrowers for this product do not need to be first-time homebuyers to qualify and there are no sales price limits. As with our First Loan product, you may utilize Fannie Mae's automated underwriting system at www.efanniemae.com to qualify your borrower for the Fannie Mae's standard 30 year-fixed rate products.
|
| | Features: |
| - | May qualify for new Homebuyer Tax Credit Program |
| - | No first-time homebuyer requirement |
| - | No sales price limits |
| - | Below-market fixed rate for higher-income borrowers |
| - | May be used for purchase or refinance |
| - | Add .25% to the rate for cash out refinances. |
|
Conventional
15 year
20 year |
0
1
2
0
1
2
0
1
2 |
3.62%
3.50%
3.40%
2.88%
2.76%
2.66%
3.46%
3.34%
3.24% |
See LLPA chart below for LTV/FICO adjustments to the Conventional Program |
Preferred No MI
Specific Income Limits Apply |
0
1
2 |
4.03%
3.91%
3.81% |
| - | Maximum first mortgage 97% Loan to Value |
| - | Up to 100% with down payment assistance |
| - | No minimum investment required |
| - | Homebuyer Education is required |
| - | Lower Mortgage Insurance option available |
| - | Purchases and rate/Term refinance options |
|
Preferred Lo MI
Specific Income Limits Apply |
0
1
2 |
3.78%
3.66%
3.56% |
| - | Maximum first mortgage 97% Loan to Value |
| - | Up to 100% with down payment assistance |
| - | No minimum investment required |
| - | Homebuyer Education is required |
| - | Lower Mortgage Insurance option available |
| - | Purchases and rate/Term refinance options |
|
| FHA/VA Loan |
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores between 580 and 620 are ineligible if the DTI exceeds 45% |
|
RD Loan
|
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores between 580 and 620 are ineligible if the DTI exceeds 45% |
|
Manufactured Homes
|
0
1
2 |
4.75%
4.61%
4.48% |
| - | Loan types may be FHA/VA or Conventional |
| - | Conventional-Maximum CLTV 80% |
| - | Eligible borrowers will have a minimum mid-credit score of 680 |
| - | Loans must be approved through Loan Prospector's Automated Underwriting or DU System |
| - | Rate term refinancing okay |
|
| FHA 203(k) Streamline Rehabilitation Loan |
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores between 580 and 620 are ineligible if the DTI exceeds 45% |
| - | No manufactured houses |
|
|
| Refinance |
| FHA Cash-Out Refinance |
0
1
2 |
3.75%
NA%
NA
|
| - | Loans with credit scores between 580 and 620 are ineligible if the DTI exceeds 45% |
| - | No manufactured houses |
|
|
| Conventional Cash-Out Refinance |
0
1
2 |
3.87%
3.75%
3.65%
|
| - | See Conventional Cash-Out Refinance LLPA Chart below |
| - | No manufactured houses |
|
|
| | Requirements:
Everyone who obtains a First Loan product must comply with these federal regulations:
- The borrower must be a resident of Idaho, and must occupy the financed property as a principal residence within 14 days after closing.
- The borrower must have an acceptable credit and employment history.
- The borrower cannot have been a homeowner any time during the last three years. This requirement has been waived for the following "Allowed" counties click here
|
| | Features: |
| - | May qualify for a new Homebuyer Tax Credit Program |
| - | First-time homebuyer requirements may apply |
| - | Lowest fixed rate for low-to-moderate income borrowers |
| - | Check borrower income and home sales price limits |
| - | Conventional, FHA, VA, and RD loans |
|
Conventional
|
0
1
2 |
N/A%
N/A%
N/A% |
| - | Maximum first mortgage 97% Loan to Value |
| - | Up to 100% with down payment assistance |
| - | Borrower minimum investment from $500 may be required |
| - | MCM underwritten loans require completion of a Homebuyer Education course |
|
| FHA/VA Loan |
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
|
RD Loan
|
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45%
Click here to check property eligibility |
|
| Manufactured Homes |
0
1
2 |
4.75%
4.61%
4.48% |
| - | Loan types may be FHA/VA, or RD loans |
| - | Conventional-Maximum CLTV 80% |
| - | Eligible borrowers will have a minimum mid-credit score of 680 |
| - | Purchases only |
| - | No refinance available |
| - | Loans must be approved through Loan Prospector's Automated Underwriting System |
|