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
620-850
640-850
650-850
660-850
680-850