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FHA Plus Term Sheet

Program Features:

  • Competitive fixed interest rate loans, published daily, available for purchase or refinance;
  • No points required;
  • Financing up to 96.5% for 1 & 2 family homes, condos, and PUDs. 3 & 4 family homes may also be eligible for maximum financing if they are self-supporting, per FHA guidelines;
  • Minimum 1% cash contribution from the borrower's own funds for 1-4 family homes, condos, and PUDs;
  • No requirement to be a First-Time Home Buyer;
  • Availability of down payment and/or closing cost assistance of up to 3% of the home's purchase price for purchases, or up to 3% of the LESSER OF the current mortgage balance or appraised value for refinances.

Eligible Borrowers must:

  • Meet the Program's credit underwriting standards. At minimum, applicants must have:
    • a steady job;
    • a good credit history, with a minimum 640 credit score;
    • sufficient income to make the mortgage payment and meet other debt payments; and
    • sufficient cash, savings, or other acceptable assets for down-payment and closing costs
  • Complete Pre-Purchase Homebuyer Education (required for at least one borrower). Counseling from a HUD-approved homebuyer counseling agency is preferred but web-based counseling from Genworth Mortgage Insurance is also acceptable
  • Occupy the financed home as their permanent residence

Eligible Properties must:

  • Be located in New York State;
  • Be 1- to 4-family homes (including condos, and PUDs). Cooperatives and manufactured housing are NOT eligible.

Additional Considerations:

  • Loan amounts may not exceed the FHA Approved County Loan Limits (Note: Higher interests apply for loan amounts exceeding $417,000.)
  • Condo and PUD developments must meet FHA guidelines
  • FHA Approved County Loan Limits

 

Last updated: 02/26/14