Home At Last™ Daily Rates
The NEW 4% Advantage option has arrived!
Rates Effective August 11, 2022 – Click to View Rate Sheet
GOVERNMENT LOANS
| Assistance Options | Loan Rates | Loan Types |
| 0% | 5.125% | FHA, VA, USDA |
| 1% | 6.125% | FHA, VA, USDA |
| 2% | 6.750% | FHA, VA, USDA |
| 3% | 7.125% | FHA, VA, USDA |
| 4% Advantage – NEW! | 6.875% | FHA, VA, USDA |
CONVENTIONAL LOANS
| 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% | 5.250% | 6.125% |
| 1% | 5.875% | 7.125% |
| 2% | 6.875% | N/A |
| 4% Advantage – NEW! | 7.000% | N/A |
All RATES & ASSISTANCE OPTIONS ARE NOT LIMITED TO FIRST-TIME BUYERS!
CREDIT SCORE (FICO) REQUIREMENTS
- 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
INCOME LIMITS (scroll down to 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)
THINGS TO KNOW
- 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 for loans that come with 1% or 2% assistance:
- 3-year term with no interest and no payments
- Assistance is forgiven on a pro-rata basis over the first 3 years of living in the home
- Example: A borrower who receives $7,500 in assistance will have $208.33 forgiven each month over the first 36 months
- Second mortgage details for loans with the 4% Advantage option:
- 30-year term with no interest and no payments
- Assistance is only forgiven at the end of the 30-year term (not prorated)
- Example: A borrower who receives $7,500 in assistance will repay the entire amount if the home is sold or refinanced prior to the end of the 30-year term
- 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
Income limits for the loan and down payment assistance program are shown below. Conventional loans for borrowers earning at or below 80% of the area median income will receive lower mortgage insurance premiums and a lower interest rate. If pairing the MCC with down payment assistance, check the income limits for both programs – the lowest limit will apply when determining eligibility.
