An alternative financing option that allows households of modest means to qualify for mortgages using nontraditional histories, 33 percent housing-t-income and 38 percents debt-to-income rations, and the waiver of the usual two payment case reserve at closing.
An alternative financing option that allows households of modest income to qualify for mortgages using non-traditional credit histories.
An alternative financing option that allows households of modest means to qualify for mortgages using nontraditional credit histories, 33 percent housing-to-income and 38 percent debt-to-income ratios, and the waiver of the usual two payments cash reserves at closing.
An alternative financing option that allows moderate-income households to qualify for loans. It allows 33 percent housing-to-income and 38 percent debt-to-income ratios, as well as nontraditional credit histories and waiver of cash reserve requirements at closing.
Program established to find creative ways to finance home purchases for people with modest income.
A mortgage program designed to enable low to moderate income families to purchase a home. This program has income requirements based on census tract information, has more flexible guidelines, and requires the borrower to complete a homebuyer education seminar.
An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low or moderate income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education sessions.
A fixed rate loan with a low 3 to 5% down payment, no cash reserve requirement, and easier qualifying ratios. Subject to borrower meeting income limits and attendance of a 4 hour training course on home ownership.