HFA Preferred Loan Program Special Housing Finance Agency Conventional Loan Product (Updated October 2015) Parameters Program Requirements Loan Level Pricing Adjustment (LLPA) 0.00% Adverse Market Delivery Charge Pricing Terms 0.00% for loans reserved with MFA on or after July 15, 2015 Eligible Products 30 year, fixed rate, fully amortizing First Home Program-First time homebuyers only Eligible Borrowers Next Home Program- Not required to be a first time homebuyer The property must be owner-occupied and the borrower may not have an ownership interest in any other Eligible Occupancy residential dwelling at the time of loan closing For HFA Preferred loans, an ownership interest is defined as a borrower whose name appears on the deed to any residential property. Residential dwellings include single family detached, townhomes, Property Ownership condominiums, manufactured homes, investment properties and vacation homes. Co-Signers Not permitted Eligible Purpose Purchase transaction HFA Preferred is available through DU using the “Additional Data” screen; select “HFA Preferred”. Approve/Eligible and EA-1/ Eligible required Desktop Underwriter (DU) Qualifying ratios, reserves and income requirements are determined by DU Allowed Manual Underwriting (DU) See Fannie Mae Eligibility Matrix for guidelines Maximum CLTV is 95% Maximum DTI is 45% (Must show on screen as 44.99% Loan Prospector rounds up) Use of other Automated Underwriting Systems Required Credit Score of 700 Prospector” “Loan For LTV/CLTV greater than 80% No Manual Underwriting No Manufactured Homes
HFA Preferred Loan Program Special Housing Finance Agency Conventional Loan Product (Updated October 2015) Parameters Program Requirements Pricing Terms Loan Level Pricing Adjustment (LLPA) 0.00% Adverse Market Delivery Charge 0.00% for loans reserved with MFA on or after July 15, 2015 Eligible Products 30 year, fixed rate, fully amortizing Eligible Borrowers First Home Program-First time homebuyers only Next Home Program- Not required to be a first time homebuyer Eligible Occupancy The property must be owner-occupied and the borrower may not have an ownership interest in any other residential dwelling at the time of loan closing Property Ownership For HFA Preferred loans, an ownership interest is defined as a borrower whose name appears on the deed to any residential property. Residential dwellings include single family detached, townhomes, condominiums, manufactured homes, investment properties and vacation homes. Co-Signers Not permitted Eligible Purpose Purchase transaction Desktop Underwriter (DU) HFA Preferred is available through DU using the “Additional Data” screen; select “HFA Preferred”. Approve/Eligible and EA-1/ Eligible required Qualifying ratios, reserves and income requirements are determined by DU Manual Underwriting (DU) Allowed See Fannie Mae Eligibility Matrix for guidelines Use of other Automated Underwriting Systems “Loan Prospector” Maximum CLTV is 95% Maximum DTI is 45% (Must show on screen as 44.99% Loan Prospector rounds up) Required Credit Score of 700 For LTV/CLTV greater than 80% No Manual Underwriting No Manufactured Homes
HFA_Preferred_Term_Sheet_rev10-2015.docx