For loan amounts up to $417,000
Not subject to declining markets
Buyer only needs 3% into transaction
Gift funds are allowed
No minimum FICO score
Non-traditional credit is allowed
FHA home inspections have been eliminated
Same appraisal as conventional loan
No additional paperwork
Non-occupant co-borrowers are allowed – “kiddie condos”
Seller no longer required to pay closing costs
Up to 6% seller contribution for prepaids/closing costs
Deferred student loans are not counted
Assumable
For loan amounts $417,001 to $729,750*
Buyers only needs 3% with a 620 credit score
Buyers only need 5% with 600 credit score
That is Why!
*loan maximum for DC metro area, may be lower elsewhere
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