ADMINISTRATOR GUIDELINES 
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PARTICIPATING LENDERS
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| PROGRAM FUNDS |
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| RESERVATIONS |
- Reservations are OPEN M-F, between 9 am – 8 pm Central (10-9 EST) excluding Holidays; All other system functions are available 24/7
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| LOAN TIME LINE REQUIREMENTS |
- Reservation to UW Cert: 30 calendar days (Lock expires on the 30th day)
- Reservation to Loan Purchase: 70 calendar days
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| ELIGIBLE AREAS |
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| ELIGIBILITY CRITERIA |
- Borrowers and their spouses must be able to permanently reside in the US.
- The Program will NOT require Borrowers to be first time buyers. Please make sure you are following Agency (Freddie Mac) guidelines. Tax returns will no longer be required.
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| ELIGIBLE LOAN TYPES |
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| AVAILABLE DOWN PAYMENT ASSISTANCE |
- Assistance is in the form of a 0% interest, forgivable second mortgage, forgiven over 3 years – 1/36th per month with no scheduled payments.
- Assistance is based on the Final Loan Amount
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| INCOME LIMIT CRITERIA |
- Household Income is defined as the Borrower(s) income used on the 1003 Application. Please make sure when you are reserving that you are using the credit income ( monthly x 12)
- Limits are based on HH Size and County
- see guidelines
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| HOME ACQUISITION LIMITS |
- Based on Target/Non-Target Areas, and County
- 1-4 units on Government loans
- 1 unit on Freddie Mac loans
- see guidelines
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| HOME BUYER EDUCATION |
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| FICO SCORE REQUIREMENT |
- Mid score – see guidelines
- Debt-to income ratios – see guidelines
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| CO-SIGNERS |
- Follow applicable Agency
- As far as the program, they cannot have an ownership interest (cannot be on the Mortgage/Deed/Warranty Deed).
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| LENDER PARTICIPATION |
- Approval by Agency and Master Servicer
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| FORMS AND DOCUMENTATION |
- Available online, under FORMS
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| MASTER SERVICER |
- Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
- Servicer Lender Guides, Click here
- If you need assistance with the Servicer Lender Guides or to contact the US Bank Lender Help Desk, Click here.
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