Down payment assistance is in the form of a grant, equal to either 2% or 3.5% of the purchase price

No repayment required

No need for a second lien on the property

Can be used with the FHA 203(b) program or many FHA renovation programs

Seller concessions up to 6% can be applied to all borrower paid closing costs

Minimum qualifying credit score: 620

A simple one-step process with no need for you or the borrower to engage with a third party

Total borrower’s income is equal to or less than 140% of median

area income (

https://ami-lookup-tool.fanniemae.com/amilook

uptool/)

First-time home buyers

Borrowers who are current, retired, volunteer, non-paid, or plan

to become:

First-responders (police officer, firefighter, public safety

officer, paramedic, or emergency medical technician (EMT),

including volunteers, or similar),

Educators,

Medical personnel (nurse, doctor, phlebotomist, health

ambassador, or hospital, American Red Cross worker, or

similar),

Civil servant in a federal, state, or local municipality,

Military personnel

https://www.afrcorp.com/zip-code-lookup/)

If none of the above apply: At minimum, the income and credit must meet FHA total score card or manual underwriting requirement.