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