First Time Homebuyer
HomeSweetHome
HomeSweetHome is a turn-key mortgage program that allows an affordable, low down payment financing option first-time homebuyers!
Help your members achieve the dream of Homeownership!
Key Program Benefits
- As little as 3% Down Payment
- Up to 6% in Seller Concessions
- Reduced PMI
- Affordable Interest Rates
- No Points
- Loan Terms up to 30 Years
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Key Program Requirements
- Loan to be Retained in Portfolio by Credit Union
- For Borrowers At or Below Area Median Income Limit
- One or More Borrowers Must Be a First-Time Homebuyer
- Homebuyer Education Course Required
- Mandatory Escrow for Taxes & Insurance
- Financing for 1-2 Unit Primary Residence
- 660 Minimum Credit Score
- 43% Maximum DTI
First Time Homebuyer – HomeSweetHome
| Product Eligibility Matrix | |
|---|---|
| Portfolio Status | Retained *Some loans may be non-saleable |
| Borrower Eligibility | One or more borrowers must be first-time homebuyers (A first time homebuyer defined as a borrower that has not owned a home in the last 3 years) |
| Income Limits | Combined borrower income not to exceed the Area Median Income ami-lookup-tool.fanniemae.com |
| Homebuyer Education | Homebuyer education required for all borrowers www.fanniemae.com |
| Loan Purpose | Purchase |
| Occupancy | Primary Residence |
| Loan Amount | Up to conforming loan limit singlefamily.fanniemae.com |
| Property Eligibility | 1 to 2 Units, Condominiums, Double-Wide Manufactured Homes |
| Loan Term | Fixed Rate, up to 30 Years |
| Loan to Value Ratio's | Maximum 97% LTV for Single Family and Condo's Maximum 95% LTV for 2 Unit and Manufactured Homes Maximum 105% CLTV *Exceptions may be made by the credit union |
| Credit Score | Minimum 660 *Exceptions may be made by the credit union |
| Qualifying Ratio's | Maximum 43% *Exceptions may be made by the credit union |
| Escrow | Mandatory escrow account for taxes and insurance |
| Pricing | Loan level pricing adjustments waived |
| PMI | Available if seller concessions do not exceed 3% |
| Automatic Payments | Fully executed ACH authorization required prior to closing |