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Program is offered through one of our approved lenders - United Wholesale Mortgage. 

• Allows you to  get into a home quicker without a down payment.
• Allows you  to use additional funds for home repairs or emergency savings.
• Program is available through FreddieMac Home Possible®  to make it easier for underserved borrowers to achieve homeownership.

PARAMETERS

• 30-year fixed primary purchases only
  • 1 Unit single-family, PUDs, condos
  • No manufactured homes
• Down payment assistance can cover up to the lesser of 3% or $15,000 of the down payment*
  • Second lien is due in full as a balloon payment upon refinance or final payment of the mortgage, or a payoff
  • No required monthly payment on the second lien
  • Second lien does not accrue interest
  • Down payment assistance cannot be used for closing costs
• All Home Possible® guidelines must be met, based on borrower eligibility
  • LPA findings must be Accept
  • Home Possible® price caps will apply
• Minimum FICO
  • 0% Down Purchase - Home Possible® = 620 FICO*
• Maximum DTI = determined by LPA findings
• Maximum LTV = 97%*
• Maximum TLTV = 100%*
• Minimum LTV =
  • 0% Down Purchase Home Possible® = 95%*
• Maximum Lock Period = 90 days
• BOLT eligible
• Temporary Rate Buydowns eligible
• Safe Check Complete eligible
• TRAC eligible
  • Not eligible for TRAC+
• Maximum loan amount = conforming loan limits (no High Balance)
• Correspondent loans must close on UWM documents
  •  For Correspondent 0% Down loans*, the Correspondent needs to sign the Assignment of Mortgage
• Not eligible for Control Your Price or LOPP pricing incentives
  •  LOPP appraisal credit eligible

BORROWER ELIGIBILITY

• For 0% Down* Purchase Home Possible®: only eligible for borrowers with income at or below 80% Area Median Income.
  • Freddie Mac Freddie Mac Home Possible® Income & Property Eligibility Tool

• No FTHB requirements for 0% Down Purchase Home Possible®

• Homeownership education required when all borrowers are first-time homebuyers

PROGRAM CHANGES

• Cannot CofC in or out of 0% Down* Purchase program once initial disclosures have been sent.
  • If the borrower requests a program change after disclosures have gone out, withdraw and resubmit the loan
    • Withdraw/resubmits receive worse case pricing
  • If the product is floated and initial disclosures have not yet been sent out, the loan can be switched into a different product type.

NOTE: Check the 1003 and the Product Selection screen in EASE to ensure that the second lien has been removed if switching out of the 0% Down* Purchase program. If it is not removed, this could result in inaccurate disclosures, understated cash to close, unnecessary conditions being added to the file in underwriting, etc.

• If initial disclosures have gone out, the loan cannot be switched into a different product type, but can switch to  the Home Possible® 0% Down* Purchase programs only

Please reach out for a rate quote.