Pricing is the same or better than a conventional loan- especially for those buying condo’s and have lower credit scores since those buyers are charged points based on their credit score- points are capped at .75 point.
Reduced mortgage insurance
Buyers must be first time buyers and can not own any other real property
Minimum credit score 620
Maximum loan amount $417000
First time buyers must take home buyers counseling course- most mortgage insurance companies offer these and they’re on-line
Minimum 5% down for fixed rates- can be gift funds
Minimum 10% down for adjustable rates- can be gift funds
Buyers must meet Fannie Mae median income guidelines for their area/county
See link for income :
This product is good on owner occupied properties only.
The reduced mortgage insurance and the cap on points charged all equal a lower payment for your borrower.
Another way we can help more buyers buy the home of their dreams