0.5% Down FHA LOAN PROGRAM FACTS

0.5% down for 580+ fico – 43% Max Debt Ratio
3.5% down for 580+ fico – 57% Max Debt Ratio
10% down for 500 – 579 fico – 43% Max Debt Ratio
500 Minimum FICO score
Disputed Accounts must be resolved
Collections over $1,000 need to be paid off
No Bk in the last 2 years
No Short Sale In the last 3 years
No forclosure in the last 3 years
SFR, PUD, Condo, 2 Units
Owner Occupied Only

3% Down Payment Assistance Programs (DPA) with A FHA 96.5% First Loan Program.
1. ACCESS FHA Loan Program:
580 Minimum Fico Required
43-47% Maximum Debt Ratio
2nd Mortgage Payment is Required @
8.25% rate on a 15 Year Fixed Amortization
Access admin fee is $350
Must meet county income limits (ex. LA County income limit is $85,680 combined household income)
Manual Underwriting Allowed
No score with Non-Traditional credit allowed

2. CHADAP FHA Loan Program:
640 Minimum Fico Required
3% towards closing costs/pre-paid expense
Up to 47% Maximum DTI Ratio
No 2nd Mortgage Payment
DPA is Forgiven as long as they don’t refinance or sell in the first 9 years
CHDAP admin fee is $350
No min. down payment required from borrowers funds (.5% can gifted funds)
Must meet county income limits (ex. LA County income limit is $102,480 for 1-2 people in household or $119,560 for 3-4 people in household)

3. PLATINUM FHA Loan Program:
620 Minimum Fico Required
3% towards closing costs/pre-paid expense
Up to 50% DTI
4.5% rate (no buy down available)
No 2nd mortgage payment
DPA is forgiven as long as they don’t refinance or sell in the first 9 years
No non-occupant co-borrowers allowed
No min. down payment required from borrowers funds (.5% can be gifted funds)
Must meet county income limits (ex. LA County income limit is $85,680 combined household income)

NOTES:
It is easier for them to retrieve the FTHB Certificate online at www.mgichome.com (save time and it is free).

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