This is a new and exciting loan program that is designed for all creditworthy borrowers with low to moderate income and an expanded eligibility for financing a home. These include non-occupant co-borrowers, boarder income, rental income as well as non-borrower household income. The advantages include:
- A 3% down payment with no minimum borrower contribution.
- Reduced private mortgage insurance (PMI) costs.
- Borrowers can use income from a non-borrowing household member to help them qualify.
- A roommates income can also help borrowers qualify.
- Borrowers can also use income from non-occupant co-borrowers in order to qualify.
- Gifts, cash on hand and payment assistance programs can be used as down payment sources.
- Mother-in-law units or even basement apartments can be used as rental income.