|
Product Name​ |
My Community Mortgage | HomeStyle Renovation with Community Lending Features | HomeStyle Construction to Permanent |
|---|---|---|---|
| Lender or Sponsor Name | Fannie Mae | Fannie Mae | Fannie Mae |
| Eligible Property Types? | Owner-occupied, one-unit primary residence, including condos, co-ops and PUD's;no manufactured housing, Owner-occupied 2-4 unit (no 2-4 unit condos, co-ops, or manufactured housing). | Limited to 1 and 2 unit property unless otherwise approved. | 1 and 2 units;no manufactured housing;approved condos |
| Renovations or Repairs Allowed? | With Community Home Choice (for persons with disabilities) and Energy Efficient options. | Yes (combines home purchase or refinance with home improvement financing in one loan with one closing) | New construction (finances the purchase of lot or land, construction of a new home, and a permanent mortgage at one time in single loan). |
| New Construction? | Yes | No | Yes |
| Loan Types? | Purchase or limited cash out refinance. | Purchase or limited cash out refinance. | Purchase or refinance. |
| Loan Term? | Up to 40 years (40-year term as 8/06) | 15 to 30 years | 15 to 30 years |
| Borrower or Household Income Restrictions? | 100% of AMI with exceptions for certain areas. | No | No |
| Geographic Restrictions? | None | None | None |
| Down Payment or Minimum Investment? | Minimum 5%, eligible for 3/2 options. | 5%, eligible for 3/2 option. | 5% to 20%, depending on number of units, investor properties and DU findings. |
| Other Program Features or General Information | Pre-purchase counseling required for some buyers | Nonprofits are not eligible to use any community lending features. | N/A |
| To Find Out More | Check with participating lender. | Check with participating lender. | Check with participating lender. |
| Product Name | Home Possible | FHA 203(b) | FHA 203(k) |
|---|---|---|---|
| Eligible Property Types? | 1 to 4-unit primary residences, including condos and PODS units;manufactured homes | 1-4 , PUD's, condos's | 1 to 4 units. Can also be used to convert or add to the number of units, Limited commercial space is also allowed with exceptions. Condos are limited to 4 units per building. |
| Renovations or Repairs Allowed? | No | Yes, with Energy Efficient Mortgage (EEM) | Borrowers can finance the purchase or the rehab or refinance of an existing home, through a single mortgage. |
| New Construction? | Yes | Yes | No. Property must be at least 1 year old. |
| Loan Types? | Purchase and no-cash out refinance | Purchase or refinance | Purchase or refinance with renovation. Can also be used for relocation of home |
| Loan Term? | 15,20 and 30-year fixed rate | 15 or 30 years | 15 or 30 years |
| Borrower or Household Income Restrictions? | Borrowers must meet area median income limits unless in an underserved area. Loan prospector will indicate home eligibility. | None | None |
| Geographic Restrictions? | None | None | None |
| Down Payment or Minimum Investment? | No minimum down payment amount required. | Minimum 3.5%, but can be a gift. | Minimum 3.5%, but can be a gift. |
| Other Program Features or General Information | Neighborhood Solution and Affordable Seconds. | N/A | N/A |
| To Find Out More | Check with participating lender | Check with participating lender | Check with participating lender. |
| Product Name | FHA Streamlined 203(k) | Title 1 |
|---|---|---|
| Lender or Sponsor Name | HUD | HUD |
| Eligible Property types? | 1 to 4 units. Can also be used to convert or add to the number of units. Limited commercial space is also allowed with exceptions. Condos are limited to 4 units per building. | 1 to 4 units. |
| Renovations or Repairs Allowed? | Allows homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. | Designed for small repair or home improvement loans up to $25,000 for a single-family home. |
| New Construction? | No. Property must be at least 1 year old. | No. Property must be at lest 1 year old. |
| Loan Types? | Purchase or refinance with renovation. | Home improvement loan. |
| Loan Term? | 15 or 30 years | Up to 20 years |
| Borrower or Household Income Restrictions? | None | None |
| Geographic Restrictions? | None | None |
| Down Payment or Minimum Investment? | Minimum 3.5%, but can be a gift. | Not applicable. |
| Other Program Features or General Information | N/A | ---- |
| To Find Out More | Check with participating lender. | Check with participating lender. |
| Product Name​ | FHA 203(h) | Hurricane Disaster Loan |
|---|---|---|
| Lender or Sponsor Name | HUD | Small Business Administration |
| Eligible Property Types? | Single-family homes. | Single-family homes |
| Renovations or Repairs Allowed? | Yes | Yes |
| New Construction? | Yes | Yes |
| Loan Types? |
Purchase or reconstruction of a one-family home
|
Repair and renovation. Refinances and relocation allowed in some instances. |
| Loan Term? | 15 or 30 years | 30 years |
| Borrower or Household Income Restrictions? | None | None |
| Geographic Restrictions? | Borrower must have lived in a Presidentially-declared disaster area but the new property can be located anywhere in the US. | Must be Presidentially declared disaster area. |
| Down Payment or Minimum Investment? | No down payment is required. | Not applicable. |
| Other Program Features or General Information | --- | --- |
| To Find Out More | Check with participating Lender. | Check with local SBA office. |
| Product Name | Homeownership Direct Loan Program (Section 502) | Guaranteed Rural Housing Loan Program (Section 502) | Very Low Income Housing Repair Program (Section 504) |
|---|---|---|---|
| Lender or Sponsor Name | Rural Development | Rural Development | Rural Development |
| Eligible Property Types? | Single-family, condominiums, mutual self-help housing and FHA-approved manufactured housing. | Single-family, condominiums and FHA-approved manufactured housing | Single-family, condominiums and FHA-approved manufactured housing. |
| Renovations or Repairs Allowed? | For purchase, and to build, repair, renovate, or relocate homes, or to purchase and prepare sites. May be used to refinance debts when necessary to avoid losing a home or to make rehab affordable. | Yes | Loans and grants to very-low-income homeowners to repair, improve or modernize their dwellings or to remove health and safety hazards. Grants are for elderly homeowners only. |
| New Construction? | Yes | Yes | No |
| Loan Types | Purchase and cash-out refinances. | Purchase only. | Home repair and improvement only. |
| Loan Term | 30 years (manufactured homes); 33 years (other single-family homes), except 38 years for borrowers with income <60% of area median. | 30 years | 20 years |
| Borrower or Household Income Restrictions | Yes, Limited to 80% AMI or less. | Yes. Maximum 115% of AMI. | Yes. At or below 50% AMI. |
| Geographic Restrictions? | Rural areas. | Rural areas. | Rural areas. |
| Down? Payment or Minimum Investment | Can be 0%. Set by state and local offices. | Can be 0% down payment. Determined by first-mortgage. | Not applicable. |
| Other Program Features or General Information | Check with state Housing Finance Agencies partnerships with Rural Development. | See first-mortgage program. | Grant is subject to repayment if property is sold within 3 years of receiving assistance. |
| To Find Out More | Check with local Rural Development office. | Check with local Rural Development office. | Check with local Rural Development office. |