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HFA Preferred with No Mortgage Insurance (MI)

  • Conventional mortgage loan financing, without mortgage insurance

  • Interest rates on this program are slightly higher than the HFA Preferred with MI Program. However, since this conventional mortgage loan program does not require private mortgage insurance, the total payment is lower than the HFA Preferred with MI.

  • Maximum LTV = 97% or as approved by DU or LP*

  • Maximum DTI (Debt-to-Income) = 45%

  • No first time homebuyer requirement

  • May not currently own a residence

  • Your total annual family income must be at or below the WCDA income limits for this product

  • No purchase price limit

  • You must be purchasing a home on six (6) acres or less

  • Minimum of 620 FICO, or per DU/LP

  • WCDA Down Payment loan available on purchases

  • Maximum 30 year term

  • Maximum loan amount: $417,000

  • Eligible for limited cash out refinancing

*DU (Desktop Underwriter) and LP (Loan Prospector) are automated underwriting systems used by Fannie Mae and Freddie Mac and may require higher credit scores or higher down payment than the minimum depending on each individual borrower's situation.

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2016 Annual Allocation Plan DRAFT

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