Springboard FM 95 and under LTV

This program does not require a borrower to be a first time home buyer.

  • Zero Down/NO minimum borrower out of pocket required
  • 30-year down payment term on down payment assistance, interest rate equal to 1st mortgage rate
  • Assistance(DPA) is up to 4% of the lesser of appraised value or purchase price 
    • No dollar cap
  • No purchase price limits, must be a conventional loan
  • No first time home buyer requirements
  • Fannie Mae Product
  • 30 Year Fixed Conventional Mortgage
  • High Balance Loans are allowed
  • Minimum FICO: 660
  • NO Mortgage Insurance
  • Max DTI
    • Upto 50% and Automated Underwriting System approval
  • Homebuyer education required for all borrowers
    • Use FNMA(Fannie Mae) Framework
    • HBE(Home Buyer Education) certificates valid for 6 months
  • Income limits apply
    • Borrower qualifying income versus household income
    • Disclosed Income reviewed and considered
    • Max income: 140% of AMI(search Area Medium Income)
      •  If using the Home Ready product, and the Home Ready income limit is lower, that lower income limit will apply
      •  Use the FNMA Lookup Tool to determine income limit, then calculate 140% of AMI LINK
      • Program qualification based on borrower income only, not household
  • 1-unit properties only
    • Manufactured homes, duplexes and coops not eligible
  • High balance loans permitted
    • Max LTV/CLTV of 95/105% (loan to value/combined loan to value)
  • Conventional 1st liens only no FHA, VA or RD
  • Non-occupant co-borrower/co-signer income not permitted
  • Tax transcripts are required when utilizing 1040 income, working for family, or using WVOE(Written Verification of Employment) as stand-alone income verification.
  • Currently available in the following states: Alabama, Alaska, Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Vermont, Virginia, and Wisconsin
    • Will not be available in California, Delaware, Texas, and Washington state

Example Programs by Credit Score

(click program name for details)

580-850

FHA 100 Down

Good Neighbor Next Door

620-850

DPA Edge

640-850

Rate Advantage

HR 97

Standard 97

HFA Preferred Startup

HFA Preferred Stepup

HFA Advantage Startup

HFA Advantage Stepup

650-850

FHA Startup 650

FHA Stepup 650

660-850

Springboard FMHR

Springboard FM over95-97

Springboard FM under-95 LTV

FAHE FMHR

FAHE FM over95-97

FAHE FM under-95 LTV

DPA Edge DTI-over-50-percent

FHA Startup 660

FHA Stepup 660

 

680-850

HFA Preferred Risk Sharing

 

This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice
and may not be available in all states. All products are subject to credit & property approval. DownPayment.cool and DownPayment.mobi is not affiliated with any government agency.