Saphire / FHA – NHF Program

Superior Mortgage Company, Inc. is excited to announce that we have partnered with National Homebuyers Fund, Inc. (NHF) to provide the down payment assistance program, NHF, through Superior Mortgage.

 

Some of the key benefits of the FHA – NHF  Program through Superior Mortgage include:

  • NHF SaGrant: 3.00% or 4.50% of the 1st mortgage total loan amount.
  • DPA Grant – no repayment required!
  • Grant can be used for down payment and/or closing costs.
  • Seller Credit of 6% is allowed.
  • Gi funds are allowed.
  • Borrower(s) not required to be First Time Homebuyers.
  • Income Limit is based on qualifying income used for transaction, not household income.

Program Requirements:

  • 620 Minimum FICO, DTI – up to 50%.
  • Income Limits: 115% of Area Median Income.
  • All borrowers must occupy property as primary residence.
  • The lesser of $417,000 or maximum loan amounts permitted by HUD.
  • At least one borrower must have Homebuyer Counseling.
  • Borrower Paid Origination Fee of 1.5% – May use Grant to Pay Origination Fee.
  • Nationwide Admin Fee = $1,145

 

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