Home At Last™ Daily Rates

Assistance Options	Freddie Mac or Fannie Mae Rates Income Limit: ≤ 80% AMI View AMI Lookup Tool	Fannie Mae Rates > 80% AMI Income Limit: $150,000
0%	5.375%	6.125%
1%	5.875%	6.625%
2%	6.500%	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!