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Information for Single-Family
Lending and
Real Estate Professionals
Program
Announcement
March 31, 2014
Lower Rate for HFA Preferred Without Downpayment Assistance
The Washington State Housing Finance Commission is pleased to announce an additional lower rate now available for Conventional HFA Preferred loans. The new lower rate option is for Home Advantage program borrowers who will not using any of the Commission’s downpayment assistance programs but who can still benefit from the flexible underwriting guidelines of the Conventional HFA Preferred first mortgage product.
Features of HFA Preferred:
97% LTV; 105% CLTV
Low Cost MI
$97,000 statewide income limit (allowed by Fannie Mae underwriting guidelines)
45.00% Total Debt To Income Ratio
620 Credit Score
No Loan Level Pricing Adjustments
100% of Fannie Mae’s Adverse Market Fee applies (.25%)
Special MI guidelines offered by Genworth and MGIC
Borrower Paid Monthly MI, Upfront, or Split Premium MI allowed
Gifts and Non-Commission community seconds accepted as per Fannie Mae guidelines
Please follow all guidelines in Appendix III of the Home Advantage program manual and use the special feature codes in Section 2, page 2.1 of our manual: wshfc.org/sf/00HAtableofcontents.htm
We encourage you to do the math to see why HFA Preferred product is the best option for your borrowers.
Please contact Lisa DeBrock at lisa.debrock@wshfc.org or 206-287-4461 with questions.