2009A Single Family MRB Program
| PROGRAM FUNDS | Final Purchase Date is 4/20/2012 - $15,000,000 |
| ELIGIBLE AREAS | Residences within the corporate limits of the City of Houston, Texas. |
| ELIGIBILITY CRITERIA | - First-time Homebuyers applies to all Borrower(s) & Spouses - Must be able to permanently reside in the U.S. - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – all borrower(s) & spouses |
| ELIGIBLE LOAN TYPES | US Bank will provide the types of government loans permitted. Conventional loans cannot be reserved without the approval of U S BANK. |
| AVAILABLE DOWN PAYMENT ASSISTANCE | That program currently provides $19,500 of DPA for families whose projected annual income does not exceed 120% of the area’s median income. |
| INCOME LIMITS CRITERIA | Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older. Non-Target - 1-2 persons: $66,000 - 3 or more persons: $75,000 Target - 1-2 persons: $79,200 - 3 or more persons: $92,400 |
| HOME PROPERTY LIMITS | See Program Guidelines. |
| HOME BUYER EDUCATION | All buyers (any person on the Note other than cosigners) must attend an approved on line homebuyer education course. |
| CREDIT SCORE REQUIREMENT | Mid score must be 600 or higher |
| CO-SIGNORS | Cosigners are permitted for FHA loans under very specific conditions. See Program Guidelines. |
| LOAN TIME LINE REQUIREMENTS | - Reservation to UW Cert: 45 days - Reservation to Close and Delivery: 85 days - Reservation to Loan Purchase: 110 days |
| LENDER PARTICIPATION | View participating lenders here. |
| FORMS AND DOCUMENTATION | View Forms and Documentation. |
| OTHER | For additional program information, please See Program Guidelines. |
Current Rates
- 3.39% - Low Rate
- 3.40% – With 4% Assistance
- Term: 30 Year Amortizing
DPA
- Low rate is not DPA eligible
- Assisted rate includes 5% of final loan amount
Program Updates
- Final Purchase Date is 4/20/2012
