BENEFITS:  (Subject to first mortgage program guidelines)

• 3% - 5% grant money with no repayment, no monthly payment and no interest.
• Grant is not a second lien and does not affect DTI or LTV calculations.
• Up to 5% of the first mortgage loan amount with FHA, VA & Freddie Mac loans,
• Up to 3% of the first mortgage loan amount with USDA-RHS & Fannie Mae loans.
• Grant money may be used for down payment and/or closing costs.
• May be combined with other programs including our 20% MCC program.
• No sales price limitations.
• Program is NOT restricted to first time homebuyers.
• Homebuyer education is NOT required.

RESTRICTIONS:

• All borrowers must occupy the home. Non-occupant co-borrowers are not allowed.
• Automated underwriting qualification is generally required.
• No cash back to the borrower is allowed at closing.
• Borrower may not pay discount points for a reduced interest rate.
• First mortgage program rates are set by servicer:  https://nhfresportal.nhfloan.org/login.aspx
• Only Geneworth PMI is offered on Conventional first mortgage options.

QUALIFICATIONS:  (Subject to first mortgage program guidelines)

• Credit – 640 minimum credit score is generally required.
• 740 score is required for Fannie Mae Standard program.
• 680 score is required for Conventional loans with less than 5% Downpayment.
• 680 score is required for 45% to 50% debt ratio exception with FHA/VA/USDA-RHS
• 660 score is required for FHA/VA/USDA manufactured homes.
• Income – Limited to 115% - 140% of Average Median Income (AMI).
• Income chart available at www.OneRay.com/Platinum
• Fannie Mae programs are limited to 140% AMI.
• Central Valley is generally limited to $97,580 yearly maximum.
• FHA/VA/USDA-RHS/Freddie Mac programs are limited to 115% Median Income (AMI).
• Central Valley is generally $80,155 yearly maximum.

o    Maximum 33/45% borrower debt ratio (DTI) is generally allowed.

• Assets – No minimum investment or savings are required of borrower.
• 1.5% Origination fee is required.