Parameters Program Requirements Maximum LTV/CLTV One Unit: 97%/105% Minimum Borrower Contribution $500; borrowers own funds Community Seconds only Subordinate Financing MFA Products: First Down Single Family Dwelling Planned Unit Development (PUD) Eligible Property Types Approved Condominiums Manufactured Housing (95%/95% LTV/CLTV) Ineligible Property Types Co-Ops Minimum Credit Score Per DU/LP or 660 manual underwrite by using DU only Income Limits First Home Income limits or Next Home Income Limits First Home Acquisition Cost Limits or Next Home Acquisition Cost Limits Purchase Price Limits 18% for 95% and <= 97% LTV’s > 16% for 90% and <= 95% LTV’s > Mortgage Insurance Requirements 12% for 85% and <= 90% LTV’s > 06% for 80% and <= 85% LTV’s > Acceptable Alternative Credit See Fannie Mae guidelines Reserves None Required Per DU or max debt-to-income (DTI) ratio of 45% with Qualifying Ratios manual underwriting 3% Maximum for CLTV > 90% Interested Party Contributions 6% Maximum for CLTV <= to 90% eHome America (available through MFA website) or Homebuyer Education MFA approved face-to-face SFC 358 should be used to identify all HFA Preferred Special Feature Code (SFC) loans
Parameters Program Requirements Maximum LTV/CLTV One Unit: 97%/105% Minimum Borrower Contribution $500; borrowers own funds Subordinate Financing Community Seconds only MFA Products: First Down Eligible Property Types Single Family Dwelling Planned Unit Development (PUD) Approved Condominiums Manufactured Housing (95%/95% LTV/CLTV) Ineligible Property Types Co-Ops Minimum Credit Score Per DU/LP or 660 manual underwrite by using DU only Income Limits First Home Income limits or Next Home Income Limits Acquisition Cost Limits First Home Acquisition Cost Limits or Next Home Purchase Price Limits Mortgage Insurance Requirements 18% for LTV’s > 95% and <= 97% 16% for LTV’s > 90% and <= 95% 12% for LTV’s > 85% and <= 90% 06% for LTV’s > 80% and <= 85% Alternative Credit Acceptable See Fannie Mae guidelines Reserves None Required Qualifying Ratios Per DU or max debt-to-income (DTI) ratio of 45% with manual underwriting Interested Party Contributions 3% Maximum for CLTV > 90% 6% Maximum for CLTV <= to 90% Homebuyer Education eHome America (available through MFA website) or MFA approved face-to-face Special Feature Code (SFC) SFC 358 should be used to identify all HFA Preferred loans
HFA_Preferred_Term_Sheet_rev10-2015.docx