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Affordable Loan & Program Matrix – December 2020This tool is designed for housing counselors and industry professionals. If you are purchasing your first home and would liketo learn more about mortgage loans that might be right for you, contact a Homeownership Advisor in your area forunbiased, professional information. To find a local Homeownership Advisor visit www.hocmn.org or call the MinnesotaHomeownership Center at (651) 659-9336.PURPOSE: Produced by the Minnesota Homeownership Center, this tool is intended to inform homeownership advisors andindustry professionals of affordable loans and programs available to their customers. It is not designed for consumers. Loans andprograms included in the Matrix generally have flexible underwriting guidelines, allow higher LTV limits, lower buyer investmentand require homebuyer education and/or counseling.This Matrix is updated by the Center biannually. Please note loan criteria may change prior to the next scheduled update.Questions regarding programs should be directed to the lender or program contact. If you have specific questions about the Matrixor would like to add your program, please contact the Center by email: info@hocmn.orgTable of Contents1Associated Bank – CARE (Community Affordable Real Estate) Product . 2BMO Harris Bank – Neighborhood Home Loan Product (NHLP) . 3Bremer – Gateway Community Mortgage Program . 4Community Land Trusts . 5Dakota County CDA’s First Time Homebuyer Program . 8FHA – 203B, 203(k) Streamlined . 9Midwest One – First Home Now. 10Minnesota Housing - Start Up. 11Minnesota Housing – Step Up . 12Section 184 Indian Home Loan Guarantee Program . 13Sunrise Banks Open Door Program (with ITIN option) . 14TCHFH Lending, Inc. – Twin Cities Habitat for Humanity Loan Fund . 15US Bank – American Dream . 16USDA Rural Development 502 Direct . 17USDA Rural Development 502 Guaranteed Loans . 18Wells Fargo Bank – yourFirst Mortgage . 19Loan programs are compiled by the Center based on the most recent available information. Information is subject to change.1 P a g eMinnesota Homeownership CenterDecember 2020
Associated Bank – CARE (Community Affordable Real Estate) ProductGeographic areaRatiosMaximum incomeIncome not consideredRental incomeGross up non-taxable incomeAdjustment to gross incomeMaximum loan amountFirst time homebuyer onlyEligible propertiesRefinanceInterest rateDown payment and/or closing costassistance programBuyer's minimum investmentMortgage insuranceInformationCommentsAnoka, Chisago, Dakota, Hennepin, Ramsey, Scott,Washington, Olmsted, Goodhue, Pierce (WI), St. Croix (WI)Contact: Stephanie Oyen (651) 523-6312Contact: William Couch (651) 554-8748Contact: Tiffany Norton (651) 775-698737% / 47% maximumNo income limit in low to moderate income census tracts80% of Area Median Income (AMI) in all other casesBorrower(s) income on the 1003 Application must be lessthan 80% of the Area Median Income (AMI) for the countyunless the property is located in a designated Low toModerate Income (LMI) census tract. Limits are subjectto change.Yes25% of lease included on 2 unit properties.Yes, 25%No1 unit - 510,4002 unit - 650,000NoCannot own another propertySingle Family detached, Townhome, Condo, PUD attached,PUD Detached, 2-unit propertiesWarrantable Condos only. Manufactured Homes, nonwarrantable condos and 3-4 unit properties are noteligible. Must be primary residence.Available with limited cash out.Market rate 4,000 Associated Bank PATH grant available. Grant does notrequire repayment. Gift funds and Down Payment AssistancePrograms1 Unit No buyer investment required.Up to 97% LTV2-Unit Requires a min investments of 3% Up to 95% LTVContact lender for detailsMaximum CLTV 105% if using a Community SecondNo mortgage insurance required.Seller contributions allowed: 3% for LTV/CLTV 90% 6% for LTV/CLTV 75% & 90% 9% for LTV/CLTV 75%Seller contributions may include mortgage financingcosts, closing costs and/or prepaids/escrows.2 years continuous employmentSchool counts toward work historyMinimum Credit Score 640 (670 for 2-Unit Properties)Requires clean credit for previous 12 months. All delinquentcredit obligations paid prior to application.Non-traditional Credit: Must have four sources with atleast one housing related (rent, gas, electricity, water, cellphone, cable, internet).Chapter 7Discharged minimum of 4 years.Must have re-established creditChapter 13Discharged minimum of 4 years.Must have re-established creditClosing costsWork historyCredit historyShort Sales/Deed in Lieu4 years since the sale/execution with re-established credit.ForeclosureSettled for a minimum of 7 years with credit re-established.Liens & JudgmentsPaid prior to closing.Collection accountsOutstanding collections may not need to be paid for SFH.Collections more than 5k need to be paid for 2 unit propertiesEducation requirementsAmortizationCash reservesPurchase rehab optionFirst time buyers requires at least one borrower to completehomebuyer educationHome Stretch and Framework accepted.20-30 yearsPITI Reserve Requirements: Greater of 1 month or DUfindingsNot available2 P a g eMinnesota Homeownership CenterDecember 2020
BMO Harris Bank – Neighborhood Home Loan Product (NHLP)Geographic areaRatiosMaximum incomeIncome not consideredRental incomeInformationCommentsProperties located in designated counties in MinnesotaThe property must be located in a Low or ModerateIncome Census Tract or borrower income must bebelow Low Income Limit40% for FICO 680; 43% for FICO 680 NoneMust follow Freddie Mac’s guidelinesNoGross up non-taxable income-Adjustment to gross incomeMaximum loan amount-First time homebuyer onlyEligible propertiesRefinanceInterest rateDown payment and/or closing costassistance programBuyer's minimum investmentMortgage insuranceClosing costsWork historyCredit historyConformingNoHomebuyer education required for purchase transactions.Single Family, Condominium, Townhouse, PUD andManufactured Homes1‐2 Units only, Primary Residence (owner-occupied) OnlyNon‐occupant co‐borrowers are not eligible.Yes - Rate/Term Refinance onlyNote Rate /Fixed for Life of Loan for the 30 year FRMMust be borrower own funds. Minimum Borrower Contribution:Greater of 1,000 or 1% of loan amount (3% if FICO 660)Seller contributions allowed, cannot exceed 3% of the lesser ofsales price or appraised value on LTVs 90% and 6% onLTVs 90%. Seller contributions may include mortgagefinancing costs, closing costs and/or prepaids/escrows.2 years verifiable incomePurchase: 660Refinance: 680 FICOChapter 13Must follow Freddie Mac’s guidelinesLiens-Foreclosure-Judgments-Collection accounts-Cash reservesPurchase rehab optionNote: On refinance transactions, Equity can be used tomeet the minimum borrower contribution.Down payment Requirements:Purchase (1 unit): 3%, Purchase (2 unit): 5%Refinance (1‐2 unit): 5%NoMust follow Freddie Mac’s guidelinesAmortization5/1 ARM also availableApproved affordable seconds and/or Grants availableChapter 7Education requirementsBorrowers with NHLP mortgages may not have anyownership interest in any other residential properties as ofthe Note Date.Must follow Freddie Mac’s guidelinesRegardless of the credit score, borrowers need three validtrade lines but those do not have to be on the creditreport. The trade lines need to meet Freddie Mac’sguideline for non‐traditional or alternative credit (seeFreddie Mac. All Regs, Chapter 37.4 (b) for furtherdetails).Homebuyer education is required for all purchase transactions.The Purchase Counseling Advisory Letter must be signedat closing as it is required for all purchase transactions.Home Stretch and Framework are accepted.30 YearsInsurance and tax escrows are required.None requiredNo- limited repair loan.Repairs limited to those which do not affect the livability of thehome. Max amount of repairs cannot exceed 15% ( 10,000 forConv., 5,000 for FHA) of “As Completed” value.Escrow requirements: 110% for Conventional or 150% forFHA ( 500 minimum). Percentage based on estimatedcost of repairs.3 P a g eMinnesota Homeownership CenterDecember 2020
Bremer – Gateway Community Mortgage ProgramInformationGeographic areaBremer Bank lending areas of MN, ND and WIRatiosMaximum incomeIncome not consideredMaximum Loan to ValueGross up non-taxable incomeAdjustment to gross incomeMaximum loan amountFirst time homebuyer onlyEligible propertiesRefinanceInterest rateDown payment and/or closing costassistance programBuyer's minimum investmentMortgage insuranceAdditional closing costsWork historyCredit history43%No income limit Self-employed with duration less than 1 year Part-time received for less than 1 year Income if returned to workforce for less than 6 months97%Combined Loan to Value to 105% with acceptable downpayment assistance programs approved by BremerBankAvailable contact lender for detailsMust follow current portfolio guidelines-- 307,900No minimumNo Single FamilyCondominiums and townhomes (conforming to FNMA req.)Planned Unit DevelopmentsCommunity Land TrustsAcreage limited to 10 acre parcelsNoSlightly higher than Market Rate, FixedContact lender for details1% or 1000Whichever is lessNot applicableNoTwo years continuous stable income No foreclosure within the last 7 years Minimum 640 credit score All collections, judgements and liens must be paid in fullFollow FNMA GuidelinesChapter 13Follow FNMA GuidelinesForeclosureJudgmentsCollection accountsEducation requirementsAmortizationCash reservesPurchase rehab optionOnly permitted to improve Bremer Bank’s position for aloan held in our in-house portfolioAllowable from acceptable sourcesChapter 7LiensCommentsHome must be located in a low or moderate censustractCollege is acceptable as part of the two year history anddocumentedNon-traditional credit: must have 3 sources – rentreceipts, utility payments, telephone or cable bills, or othersources of credit or services for which the borrowerhas/had a regular financial obligationPaid in fullNone within the last 7 yearsExplanations requiredPaid in full with 3rd party verification required of reason fordefault (default must be beyond borrower’s control).Paid in fullYes. Sole borrower must attend. For co-borrowers, at leastone borrower must attend.www.hocmn.org to find a Home Stretch workshop orregister for the online course Framework30 years fixed, fully amortizingOne month reserves of PITIMust be accessibleNot available4 P a g eMinnesota Homeownership CenterDecember 2020
Community Land TrustsCommunity land trusts provide permanently affordable homes to our workforce and ensure the homes remain affordable over time. They accomplishthis by purchasing and retaining ownership of the land, while the homeowner owns the home. The ability to stabilize land costs keeps homesaffordable while providing homeowners the same benefits as market rate homeownership. Community land trusts use a shared equity model thatallows the land trust organization to share in the equity when the home is sold. Nonprofits that provide land trust homes are located throughoutMinnesota and the organization’s requirement and eligibility may vary. For information on land trust not included here visit www.mncltc.orgCOMMUNITY LAND TRUSTS DO NOT PROVIDE FIRST MORTGAGE FINANCINGCarver County CLT ProgramGeographic area servedCLT Contact InformationFirst time homebuyer onlyInformationCommentsCarver CountyCLT Homes are available in most communities inCarver Co.952-448-7715 x 2782705 Walnut Street NorthChaska, MN 55318www.carvercda.orgNot RequiredMaximum income limit80% of Median Income or BelowProgram RequirementsApplication, Homebuyer Education, CLT Orientation and lenderPre-approvalBuyer’s minimum investmentAdditional closing costsApproved lenders only. 1,000NoneAssistance available varies by lender and borrower incomeCity of Lakes Community Land TrustInformationGeographic area servedCLT Contact InformationCommentsCity of Minneapolis1930 Glenwood AvenueMinneapolis, MN 55405612-594-7150www.CLCLT.orgFirst time homebuyer onlyNot RequiredMaximum income limit80% Metropolitan Median IncomeProgram RequirementsApplication (including income documentation),Homebuyer Education, CLT Orientation and CLTcompatible mortgage lender pre-approvalBuyer’s minimum investmentAdditional closing costsBuyers mortgage product determines minimum investmentCurrently, all types of closing cost assistance work with CLT5 P a g eMinnesota Homeownership CenterDecember 2020
First HomesInformationGeographic area servedCLT Contact Information:CommentsRochester & 30-mile surrounding area507-287-711712 Elton Hills Drive NWRochester, MN 55901shirley@rochesterarea.orgFirst time homebuyer onlyNot RequiredMaximum income limit80% of State Median IncomeProgram RequirementsMeet income limit; Qualify for Mortgage; Home Buyer EducationBuyer’s minimum investmentAdditional closing costs1% of purchase priceNoneGap loan available if neededHomes Within ReachGeographic area servedCLT Contact InformationFirst time homebuyer onlyInformationCommentsSuburbs of Hennepin CountyBloomington, Brooklyn Park, Crystal, Deephaven, EdenPrairie, Edina, Golden Valley, Maple Grove, Minnetonka,New Hope, Plymouth Richfield, St. Louis Park andWayzata5101 Thimsen Avenue, Suite 202Minnetonka, MN 55345www.homeswithinreach.org 952-401-7071Not RequiredMaximum income limit80% of Hennepin County Housing Consortium Income Limits(HUD)Program RequirementsApplication, Homebuyer Education, CLT Orientation andlender Pre-approvalBuyer’s minimum investmentAdditional closing costs 1,000NoneOne Roof Community HousingInformationGeographic area servedCLT Contact InformationFirst time homebuyer onlyDuluth and surrounding communities.12 East 4th StreetDuluth, MN 55805www.1roofhousing.org 218-727-5372Not requiredMaximum income limit80% Area Median IncomeProgram RequirementsApplication, Homebuyer education, CLT Orientation andlender PreapprovalBuyer’s minimum investmentAdditional closing costsCommentsSome units available up to 115% AMI 1000Recording fees for ground lease and related documents.6 P a g eMinnesota Homeownership CenterDecember 2020
Rondo Community Land TrustInformationGeographic area servedCLT Contact InformationFirst time homebuyer onlyCity of St. Paul and Ramsey County Suburban CommunitiesNot Required80% of HUD median IncomeProgram RequirementsOrientation, Application and Homebuyer Education WorkshopAdditional closing costsEligible Ramsey County Cities: Arden, Blaine, FalconHeights, Gem Lake, Lauderdale, Little Canada,Maplewood, Mounds View, New Brighton, North Oaks,North St. Paul, Roseville, Shoreview , St. Anthony, St.Paul, Spring Lake Park, Vadnais Heights, White BearLake and White Bear Township.651-221-9884626 Selby AvenueSt. Paul, MN. 55104www.rondoclt.orgMaximum income limitBuyer’s minimum investmentCommentsApproved lenders Only - See Rondo CLT for list. 500 - 1000NoneAssistance varies on lender availability and borrowersincomeTwo Rivers Community Land TrustGeographic area servedCLT Contact InformationFirst time homebuyer onlyInformationCommentsWashington CountiesSome cities within the counties listed are not currentlyserved651-994-9194PO Box 25451Woodbury, MN 55125www.tworiversclt.comNot RequiredMaximum income limitMust be at 80% or less of the Area Median Income forWashington or Anoka Counties depending on where you buy.*Request updated limits by contacting Two Rivers CLTProgram RequirementsApplication, Homebuyer Education: Home Stretch, CLTOrientation and lender Pre-approvalBuyer’s minimum investmentAdditional closing costsConventional loan products only. No FHA. ApprovedLenders Only; contact Two Rivers CLT for list. 1,000Recording fees for ground lease and related documentsAssistance varies based on lender availability andborrower’s income.7 P a g eMinnesota Homeownership CenterDecember 2020
Dakota County CDA’s First Time Homebuyer Program- 1st MortgageGeographic areaRatiosMaximum incomeInformationCommentsDakota CountyFor specific Information call:Shari Larson 651-675-4472Maximum 45% DTI 100,000 1-2 person & 115,000 3 household sizeIncome not consideredPer loan product guidelines – FHA, VA, ConventionalRental incomePer loan product guidelines – FHA, VA, ConventionalGross up non-taxable incomePer loan product guidelines – FHA, VA, ConventionalAdjustment to gross incomePer loan product guidelines – FHA, VA, ConventionalMaximum loan amountFirst time homebuyer onlyEligible propertiesRefinanceInterest rateDown payment and/or closing costassistance programBuyer's minimum investmentMortgage insuranceAdditional closing costsWork historyCredit history 300,000 1-2 person & 330,100 3 household sizeYesPer loan product guidelines – FHA, VA, ConventionalPurchase program onlyVaries with marketYes, available in conjunction with 1st mortgage 1,000ConventionalFHA and VA per product guidelinesUp to 458, depending on program optionsPer loan product guidelines – FHA, VA, Conventional640 minimum credit scoreChapter 7Per loan product guidelines – FHA, VA, ConventionalChapter 13Per loan product guidelines – FHA, VA, ConventionalLiensPer loan product guidelines – FHA, VA, ConventionalForeclosurePer loan product guidelines – FHA, VA, ConventionalJudgmentsPer loan product guidelines – FHA, VA, ConventionalCollection accountsPer loan product guidelines – FHA, VA, ConventionalEducation requirementsAmortizationCash reservesPurchase rehab optionSee Web-site: ership/first-time-homebuyer-program/ 8,500 Deferred, 0% Interest Down Payment AssistanceMortgage (repayable when 1st mortgage is paid off) andMortgage Credit Certificate availableYes, All borrowers and spousesHomestretch orFramework and pre-purchase appointment30 year fixed ratePer loan product guidelines – FHA, VA, ConventionalFHA 203k available8 P a g eMinnesota Homeownership CenterDecember 2020
FHA – 203B, 203(k) StreamlinedInformationGeographic areaRatiosMaximum incomeIncome not consideredNationwide31 / 43CommentsTo find lenders visit:https://portal.hud.gov/hudportal/HUD?src /program offices/housing/sfh/lender/lenderlistMust demonstrate compensating factors to exceedpercentages.NoneFood StampsRental incomeYesGross up non-taxable incomeAdjustment to gross incomeYesNoneWith proper documentationMetro Area Effective 1/1/16 326,000 (1 Family)Effective 1/1/14: Cook County 282,900 (1 Family)All other 271,050 (1 Family)NoBorrower cannot own other property as primaryresidence.Eligible properties1-4 units, condos, townhomes, manufactured housingMust meet FHA appraisal standardsRefinanceYes. Special ref. program for underwater FHA to FHAborrowers. See ML 2012-04Streamline and cash-out refinance (85% limit)Maximum loan amountFirst time homebuyer onlyInterest rateDown payment and/or closing costassistance programBuyer's minimum investmentMortgage insuranceClosing costsWork historyCredit historyChapter 7Chapter 13Liens and JudgmentsForeclosureCollection accountsEducation requirementsAmortizationCash reservesPurchase rehab optionMarket RatePre-approved programs are allowed; must have HUD approvalletter.Gifts OK per guidelines. Funds from instrumentality ofGovernments per HB 4155.Credit Score at or above 580 requires minimum 3.5%Credit Score between 500-579 required minimum 10%See handbook 4155.1 Rev-5 & Mortgagee Letter 201029YesUpfront payment 1.75% of base loan amountEffective 1/1/15 Annual Mortgage Insurance Premium (MIP) is80-85 bpsSee Mortgagee Letter 2015-1, Appendix 1.0Annual Mortgage Insurance Premiumduration: Effective 4/1/2013 (Mortgagee Letter 201304):Loan To Value at origination: 90% LTV – 11 years -90% but 95% LTV – Mortgage Term 90 – Mortgage TermThe seller may contribute up to 6% of the property's salesprice toward closing costs and pre-paid.2 years verifiable incomeMinimum 500 credit scoreNon-traditional accepted see mortgagee letter 2008-11*minimum credit score depends on lender’s overlaySalaries and wage income must be verifiable and stableover the past 2 years.Non-traditional credit: must have 3 sources: rentreceipts, utility payments, telephone or cable bills, orother sources of credit or services for which theborrower has/had a regular financial obligation.At least 2 full years since dischargedRe-establish good credit 12-month history.At least 1 full year into established repayment plan.Re-establish good credit 12-month history.Paid in fullNo exceptions. Satisfied prior to endorsement.36 months from date claim was paid.Extenuating circumstances can grant exception. SeeBack to Work Mortgage Letter 2013-26Explanation of collection account requiredNoEncouraged15 to 30 year fixed rateMax. term is 30 years; shorter loan terms are available.1-2 units: 0. 3-4 units: 3 months PITIYes. 203(k) Streamlined allows up to 35,000 added to theloan balance, placed in escrow. Acquisition plus rehabcannot exceed 110% expected market value.To be used for repairs outline in Mortgagee Letter 200550. Rehab more than 15k must be inspected by lenderprior to draw.9 P a g eMinnesota Homeownership CenterDecember 2020
MidWestOne Bank – First Home NowGeographic areaRatiosInformationCommentsAnoka, Chisago, Dakota, Hennepin, Ramsey, Scott,Sherburne, Washington, WrightContact any MidWestOne Bank Mortgage Banker forassistance. www.MidWestOne.bank45%100% of 2020 FFIEC Est. MSA Income if in Low/Mod CensusTractMaximum income80% of 2020 FFIEC Est. MSA Income if in Middle/HighCensus TractIncome not considered-All Applicant(s) income that is stable and likely to continuefor program eligibility and qualificationRental income-All Applicant(s) income that is stable and likely to continuefor program eligibility and qualificationGross up non-taxable income25%Adjustment to gross incomeNoMaximum loan amountFirst time homebuyer onlyEligible propertiesRefinanceInterest rateDown payment and/or closing costassistance programBuyer's minimum investmentMortgage insuranceAdditional closing costsWork historyCredit historyYesSingle FamilyTownhomeCondoPUDManufactured Homes attached to a permanent foundationNAGift funds and/or Down Payment Assistance programs allowedMortgage Insurance not requiredStandard closing costs apply620 - No late housing related payments in last 12 months(includes rent or mortgage)Discharged after 4 yearsLiensPaid prior to or at closingPaid prior to or at closingCollection accountsPaid prior to or at closingPurchase rehab optionNon-traditional credit is allowed – Minimum of threemonthly obligationsSettled for 7 years with credit re-establishedJudgmentsCash reservesSeller contributions are allowed2 years of employmentChapter 13AmortizationDPA up to 5% of purchase price 1000Discharged after 4 yearsEducation requirementsPurchase onlyMarket RateChapter 7ForeclosureOne applicant must be a first-time homebuyerOne Borrower must complete HUD approved homebuyereducationMGIC - test30 years30 Year Fixed and 10/1 ARM optionPITIA – One monthGift funds allowed, 401K, IRA, Annuities, Stocks/Bonds,Mutual Funds (70% of vested balance less any .org/getstarted/homebuyer-educationNA10 P a g eMinnesota Homeownership CenterDecember 2020
Minnesota Housing - Start UpGeographic areaRatiosMaximum incomeInformationCommentsStatewideProgram works with industry-standard loan products. Minnesota Housingprovides an affordable, fixed interest rate and access to down payment andclosing loans for eligible borrowers.Defer to underlying loan product guidelines (FHA, RD, VA,Fannie Mae or Freddie Mac)1-2 person3 person11 Co. Metro 103,400 118,900Dodge & Olmstead 101,200 116,300All Other Counties 91,800 105,500Refer to the Credit and DTI MatrixEach loan file contains both Minnesota Housing’s Eligibility Income calculationand credit underwriting qualifying income. Lenders will calculate this income tocheck eligibility. Refer to the Eligibility Income WorksheetIncome not consideredRefer to the Eligibility Income WorksheetProgram Eligibility IncomeRental incomeRefer to the Eligibility Income WorksheetProgram Eligibility IncomeGross up non-taxable incomeRefer to the Eligibility Income WorksheetProgram Eligibility IncomeAdjustment to gross incomeRefer to the Eligibility Income Worksheet11 County Metro - 340,000Balance of State - 294,600Program Eligibility IncomeMaximum House PriceFirst-time homebuyer onlyEligible propertiesRefinanceInterest rateDown payment and closing cost loanoptionsBuyer's minimum investmentYesSingle-family, detached, Duplex, Townhouse, A unit within aPUD, Community Land Trust (CLT), Manufactured home taxedas real property, Modular Home, Condos (see All regs forservicer requirements)NoClosing CostsWork historyCredit historyChapter 7 & 13Liens, Foreclosure, JudgmentsCollection accountsEducation requirementsAmortizationCash reservesPurchase/rehab optionCommunity Land Trusts: Only eligible with Fannie Mae HFA Preferred Manufactured Homes: Must be taxed as real property Only eligible with FHA, RD, or VARefer to Loan Pricing Monthly Payment Loan Deferred Payment Loan (DPL):Deferred Payment Loan PlusLesser of 1,000 or 1% of the purchase price if receiving aMinnesota Housing down payment and closing cost loan Mortgage insuranceRefer to the combined mortgage programs description sheet Defer to underlying loan product guidelines (FHA,RD, VA, Conventional)Minnesota Housing HFA Conventional mortgageproducts layered with Start Up with lower or No MIoptions and no loan level pricing adjustments up to97% LTV.Origination Fee Options: 1% fee or 0% fee with a slightly higherinterest rate. 175 Servicing Fee (one-time fee paid at closing)and 58 Tax Service Fee to U.S. Bank Home Mortgage-HFADivision.Defer to underlying loan product guidelines (FHA, RD, VA,Conventional)Defer to underlying loan product guidelines (FHA, RD, VA,Conventional)Defer to underlying loan product guidelines (FHA, RD, VA,Conventional)Defer to underlying loan product guidelines (FHA, RD, VA,Conventional)Defer to underlying loan product guidelines (FHA, RD, VA,Conventional)Homebuyer Education must be completed prior to closing if allborrowers are first-time homebuyers regardless of the producttype or if they are getting a down payment and closing costloan.15 or 30 yearsDefer to underlying loan product guidelines (FHA, RD, VA,Conventional)A purchase repair option (FHA 203(k) Streamlined) is available.Down payment and Closing Cost Comparison SheetOther Community Seconds are also eligible.Refer to the Down payment and Closing Cost Loan Comparison Chart.Minnesota Housing offers conventional loans that save borrowers money onmortgage insurance. Conventionalno-MIproduct:Fannie Mae Product Description TM: Conventionalreduced-MIproducts:Fannie Mae Product Description TM and Freddie Mac Product Description Upfront Paid Mortgage Insurance:In exchange for a slightly higher interest rate, the lender pays the MI upfront,eliminating the need for monthly MI payments. Minimum credit score of 740 isrecommended to access lower MI rates.Refer to the Lock, Fee and Service Release Premium (SRP) Guide.Minimum of 640 Credit Score for Conventional. Minimum of 650 Credit Scorefor FHA. Refer to the Credit and DTI MatrixThe Homebuyer Education requirement is satisfied when at least one borrowerper household provides a certificate of completion from an approved course.Defer to underlying loan product guidelines (FHA, RD, VA, Conventional)Deferred Payment Loan and Deferred Payment Loan Plus down payment andclosing cost assistance has a maximum cash reserve
Maximum Loan to Value . 97% . Combined Loan to Value to 105% with acceptable down payment assistance programs approved by Bremer Bank . Gross up non-taxable income . Available contact lender for details Must follow current portfolio guidelines. Adjustment to gross income - Maximum loan amount . 307,900 No minimum. First time homebuyer only .
