ADMINISTRATOR GUIDELINES 
|
| PARTICIPATING LENDERS |
| PROGRAM FUNDS |
- Reservation/Locks – AVAILABLE* from 9:00am-7:00pm Central
- * Market Business days (excluding weekends & holidays)
- Other system functions are available 24/7
|
| LOAN TIME LINE REQUIREMENTS |
- Reservation to Loan Purchase: 70 days
- loan must be certified any time prior to closing.
|
| ELIGIBLE AREAS |
- Jefferson, St. Tammany, St. Charles, St. Bernard and Plaquemines Parishes
|
| ELIGIBILITY CRITERIA |
- There is no first-time homebuyer requirement in this program.
|
| ELIGIBLE LOAN TYPES |
- FHA, VA, USDA-RD
- Freddie Mac (80% AMI and OVER 80% AMI)
- Fannie Mae (80% AMI and OVER 80% AMI)
|
| AVAILABLE DOWN PAYMENT ASSISTANCE |
- Various levels of Assistance, please reference guidelines.
|
| INCOME LIMIT CRITERIA |
- Household income = 1003 Credit Qualifying Income
- For all Family Sizes –
- Government and OVER 80% AMI = $115,080
- 80% AMI = $65,840
|
| HOME ACQUISITION LIMITS |
- May not exceed the amount permitted for FHA, VA, USDA-RHS, Fannie Mae and Freddie Mac
|
| HOME BUYER EDUCATION |
- Required for first-time homebuyers. see Guidelines
|
| FICO SCORE & CREDIT REQUIREMENT |
- please reference guidelines.
|
| CO-SIGNERS |
- please reference guidelines.
|
| FORMS AND DOCUMENTATION |
- Available online under Forms
|
| THE AGENCY |
- Creates the First Mortgage Program
- Provides the Down Payment Assistance Grant
- Sets the rate, term, points and options, Lender relationships, Markets the Program
- Agency Website Interested in participating, click here
|
| 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 accessing the Servicer Lender Guides, Click here.
|
