| |
Great
Rate |
Great Advantage |
Stimulus Loan |
| Maximum
Household Income |
Varies
by County (see Acqusition Cost & Income
Limits) |
Varies by County (see Acqusition Cost & Income
Limits) |
Varies
by County (see Acqusition Cost & Income
Limits) |
Maximum
Acquisition Cost
(Including all incidentals) |
Varies
by County (see Acqusition Cost & Income
Limits) |
Varies by County (see Acqusition Cost & Income
Limits) |
Varies
by County (see Acqusition Cost & Income
Limits) |
| Interest
Rate |
5.00% fixed rate, subject to change |
5.30% fixed rate, subject to change |
Fixed rate at 1% above the 1st mortgage rate |
| Loan
Term |
30
years (1st mortgage) |
30 years (1st mortgage) |
30
years (1st mortgage) |
| Loan
Types |
FHA, VA, USDA/RD,
Conventional |
FHA, VA, USDA/RD,
Conventional |
FHA |
| Mortgage
Insurance or Guarantee |
As
required by loan type |
As required by loan type |
As
required by loan type |
| Buydowns |
Not
allowed |
Not allowed |
Not
allowed |
| Assumable |
Subject
to qualifying |
Subject to qualifying |
Subject
to qualifying |
| Pre-Payment
Penalty |
No
penalty |
No penalty |
No
penalty |
| Subject
to Recapture |
Yes |
Yes |
N/A |
| Required
Reserve |
As
required by loan type |
As required by loan type |
As
required by loan type |
| Minimum
Investment |
As
required by loan type |
As required by loan type |
As
required by loan type |
| Closing
Costs |
May
come from Borrower, Seller, a gift, or as required by loan type |
2% of loan amount available to borrower(s) as assistance with down payment and closing costs. The entire 2% assistance grant must be used. |
Second mortgage up to 3.5% of the property's purchase price, used in conjunction with Great Rate or Great Advantage. |
| Down
Payment |
As
required by loan type |
| Homebuyer
Education |
Not
required |
Required |
Required |
| Origination
Fee |
Maximum 1% on 1st mortgage |
Maximum 1% on 1st mortgage |
Normal and customary |
| Discount Point |
Maximum ¼% on 1st mortgage |
Maximum ¼% on 1st mortgage |
Not permitted |
