Home At Last™ Daily Rates
Home At Last™ offices, eHousing offices, and the reservation portal will be closed on Monday, May 30 in observance of Memorial Day.
GOVERNMENT LOANS
RATES & ASSISTANCE OPTIONS (NOT LIMITED TO FIRST-TIME BUYERS!)
Assistance Options |
Loan Rates |
Loan Types |
0% | 5.000% | FHA, VA, USDA |
1% | 5.750% | FHA, VA, USDA |
2% | 6.500% | FHA, VA, USDA |
CONVENTIONAL LOANS
RATES & ASSISTANCE OPTIONS (NOT LIMITED TO FIRST-TIME BUYERS!)
Assistance Options |
Freddie Mac or Fannie Mae Rates
|
Fannie Mae Rates
|
0% | 5.250% | 6.000% |
1% | 5.750% | 6.625% |
2% | 6.000% | N/A% |
CREDIT SCORE (FICO) MINIMUMS
- PURCHASE LOANS:
640 with 45% maximum debt-to-income ratio
680 with 45.01 – 50% maximum debt-to-income ratio - REFINANCE LOANS:
640 with 45% maximum debt-to-income ratio
FHA streamline refinances are permitted
VA or USDA streamline refinances are not permitted - MANUFACTURED HOMES (all loan types):
680 with 45% maximum debt-to-income ratio
Freddie Mac conventional not permitted
INCOME LIMITS (see chart at bottom of page)
- FHA: $150,000
- VA: $150,000
- USDA Guaranteed: Refer to USDA guidelines View USDA Income Limits by County
- CONVENTIONAL/FANNIE MAE: $150,000 if borrower income is over 80% AMI. For borrowers with income at or below 80% AMI, refer to the Income Chart below or View the Fannie Mae AMI Lookup Tool by County
- CONVENTIONAL/FREDDIE MAC: View the Freddie Mac AMI Lookup Tool by County
Note: AMI refers to the Area Median Income established by Fannie Mae and Freddie Mac.
PURCHASE PRICE LIMITS
- The Home At Last™ program does not establish a purchase price limit. Lenders must comply with any applicable loan agency limits.
LOAN LIMITS
- The Home At Last™ program does not establish a maximum or minimum loan amount.
- Lenders must comply with any loan agency loan limits. The current loan limits for FHA, VA, USDA Guaranteed or Conventional loans are as follows.
- FHA: View FHA Loan Limits by County
- VA: No limit
- USDA Guaranteed: No limit
- Conventional: $647,200 (no jumbo loans)
PLEASE NOTE:
- Down Payment Assistance is calculated as a percentage of the first mortgage loan amount
- Example: A $375,000 mortgage with 2% assistance will receive $7,500 in down payment and/or closing cost assistance
- First mortgage details:
- Mortgages to purchase the home are for a term of 30-years with a fixed rate set by the Home At Last™ program
- Rates vary depending on the loan type and percentage of assistance provided
- Loan options with assistance will include a second mortgage for the amount of the assistance
- Second mortgage details:
- Second mortgages for the amount of assistance provided are for a term of 3 years with no interest and no payments
- The amount of assistance is forgivable on a pro-rata basis over the first 3 years of living in the home
- Example: $7,500 in assistance means $208.33 is forgiven each month over the first 36 months (as long as payments on the first mortgage are kept current)
- Home At Last™ may be used for the purchase or refinance of a primary residence.
- FHA loans and manufactured home loans may not be manually underwritten.
- Pair the Down Payment Assistance program with a Mortgage Credit Certificate (MCC) to maximize long-term affordability, plus the estimated tax credit can be used as additional qualifying income when purchasing the home, which means the MCC is also a great tool to lower debt-to-income ratios!
View MCC Income & Purchase Price Limits