FHA – NHF Program
Here at Superior Mortgage Co., Inc., we’re excited to announce that we have partnered with National Homebuyers Fund, Inc. (NHF) to provide a down payment assistance program 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 the down payment or closing costs.
- Seller credit of 6% is allowed.
- Gi funds are permitted.
- Borrower(s) not required to be first-time homebuyers.
- Income limit is based on qualifying income used for a transaction, not household income.
To ensure that Program Requirements:
- 620 Minimum FICO, DTI – up to 50%.
- Income limits: 115% of Area Median Income.
- All borrowers must occupy the property as a 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
With the new administration in place, we expect more emphasis from regulators on fair lending.We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.