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FHA GRANT LOAN PROGRAM

February 16, 2012

  • FHA Grant for 3% of 1st lien loan amount (including MIP)
  • Income Limit 120% of HUD AMI
  • ​Qualifying Income Only, NOT household income
  • ​Non-occupant co-signers NOT allowed
  • Must meet HUD 4155 + FMC Overlays
  • SFR, Condo, PUD, 2-unit
  • Max Loan Amount 417,000
  • Min FICO 620
  • Max DTI 50% with DU Approve (46% Manual UW)
  • 4506T Required on ALL loans
  • Seller contributions up to 6%
  • Gift funds OK from family members
  • Origination 1.5% (1% to Originator, .5% to FMC)
  • Interest Rate currently at 4%
    • ​Loan registered AFTER underwriting has approved
    • Reservations last for 60 days
    • $400 cancellation fee & 30 day waiting period to re-register


    MORE INFO – Go to 
    http://www.pmcmortgageloans.com

  • FOR PRE-APPROVAL :

    http://pmcmortgageloans.com/mortgage_application.php

    First, Complete out a loan application on our website -Go tohttp://www.pmcmortgageloans.com
    -Click on Apply Now at the top
    -Scroll to the middle of the page and Click on 3. Full Application

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