Oaktree access program
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Transcript of Oaktree access program
FHA ACCESS DOWN PAYMENT ASSISTANCE SECOND
Available In: Arizona, California, New Mexico, Nevada, Texas FACT SHEET
Second mortgage of up to three percent (3%) of either the lower of the sales price or appraised value
Fully-amortized 15-year second mortgage
Interest rate on second: 8.25%
Combined LTV
Max LTV on FHA first = 96.5%*
May be used for
Down payment (Borrower equity contribution) Closing costs Price adjustments
Up-front mortgage insurance premium
Not limited to first-time home buyers
Gift funds allowed from immediate family members only
Seller contribution up to six percent (6%)
One and two-unit properties, condos
and PUDs allowed (2-units requires 640
FICO) No Manufactured Homes
Minimum FICO requirement:600 Max DTI is a function of FICO:
<620 FICO = 43%
620-659 FICO = 45%*
660+ FICO = 48.9%* Maximum loan amount: $417,000 (conforming) and $729,750 (jumbo)
Income limitation: 115% of HUD AMI
Use “qualifying income” only versus Household income
Home buyer education required Premium/rebate pricing: Rate may be “bought up” to cover borrower closing costs Underwriting fee’s $1495.00 ( total first and second) must show on GFE on First Loan only DU or manual underwriting permitted Non-traditional credit allowed Owner Occupied Only