ONE+ product has the following benefits:

• Minimum 1% down payment
• 2% Grant from Lender
• No Mortgage Insurance paid by client
• No investor Loan Level Pricing Adjustments

ONE+ product has the following limitations:

• Area Median Income (AMI) Requirements 80%
• Max loan amount $350,000
• DTI ranges between 45-50%.
• Fico Score 620

Geographic Eligibility

This affordable product is not limited to specific areas

The loan must be a purchase.

• Refinance transactions are not allowed.
• Maximum LTV is 97%.
• Minimum LTV is 95.01% for non-manufactured homes.Manufactured homes must be 95% LTV exactly.
  

Qualifying Income Limits

• If the net and gross income has been obtained for one income type, the gross income must be used to qualify.
• Example: Client receives a base income and bonus income If the client qualifies with only the base income, the bonus income does not need to be included.

When all clients on the loan are First-Time Homebuyers, at least one client must participate in a homeownership education program to be eligible. One of the following is required:

• Homeownership counseling programMust be approved by HUD and the client must provide Form 1017.
  
• Participating in any Homeownership Education Program that meets the standards of the National Industry Standards for Homeownership Education and Counseling (NISHEC)Click here for the NISHEC website.
  
  The client must provide a certificate of completion for the homebuyer education program prior to the loan closing.The document does not need to be dated nor does it expire.

Example Below of $350,000 Single Family Home Purchase

ASSISTANCE TOWARDS DOWN PAYMENTBENEFITSREQUIREMENTSONE+ by Lender The client can put down as little as 1% with a 2% lender paid grant.

• 1% down payment requirement
• No Mortgage insurance paid by client
• No Investor Loan Level Pricing Adjustments

Savings

• $6,930.00 saved on down payment.
• $340.72 saved monthly on mortgage insurance

*Savings listed are an estimation assuming a standard 30-year term. Actual savings will be calculated in process.

• Max LTV: 97%
• MIN LTV: 95.01%
• Manufactured Homes: 95% exactly
• Income Limit: Total qualifying income must be less than or equal to 80% of the AMI where the subject property is located.
• Homebuyer Education Required: When all occupying homebuyers are First-Time Homebuyers, at least one client must participate in free homeownership education.
• Specific for geo-target area: None

FHA 

• Sub-620 credit allowed
• No investor Loan Level Price Adjustments
• Lowest monthly mortgage insurance payment for:LTV 90.01-96.5% and FICO less than or equal to 680
  LTV 85.01-90% and FICO less than or equal to 660
  
• Max LTV: 96.50%
• Min LTV: None
• Income Limit: None
• Homebuyer Education Required: None
• Specific for geo-target area: None
• Mortgage Insurance: Required for 11 years or life of loan based on LTV. Can be paid at closing or financed

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