Rate Advantage

  • FHA product ONLY
  • 30 Year Fixed FHA First Mortgage
  • Zero dollars required from borrower for down payment
  • Qualifying income is borrower qualifying income only
  • Available for borrowers with income at or below 115% of AMI(search AMI by county)
    • Assistance available at 3.5% (rounded to the next highest dollar – do not round down) of the lower of the purchase price or appraised value
    • Structured as a 10-year repayable 2nd at 8% interest
    • A monthly payment is required
  • No concurrent homeownership 
  • Minimum FICO: 640
  • Max DTI: 50%
  • 1 unit only
  • Homeownership counseling not required