American Financial Resources (AFR) DPA Advantage – No Income Limit

Property cannot be located in the state of Washington, Alaska or Hawaii. Manual Underwriting is not permitted. Must receive an Approve/Eligible or Refer/Eligible from DU or Accept or Refer from LPA. Correspondent Non-Delegated Clients can draw own closing documents, but closing cannot occur until of a minimum of 3 days after the DPA funds have been ordered and AFR has issued a final clear to close. Correspondent must provide the settlement agent’s wire instructions. Underwriters must follow AFR overlays outlined in the DPA Advantage Matrix and FHA 203(b) Program Matrix, which are subject to change without notice. Where AFR is silent UW’s should follow FHA 203(b) guidelines outlined in the FHA 4000.1Handbook. Fully disclosed submissions with all 6 points of information are required; AFR will not permit TBD submissions. ___________________________________________________________________________________ Important: Loans locked with a DPA Advantage program are being locked as best efforts delivery. Once the loan closes, the best efforts lock will be changed to a mandatory delivery and a penalty of 500 bps will be applied on non-delivered loans. _____________________________________________________________________________________ Wisconsin: ▪ Up to $700 of the appraisal fee must be credited back towards the closing costs. ▪ ▪ Retail, Broker and Table Funded transactions will have the fee credited back as a lender credit towards closing costs on the Closing Disclosure. ▪ ▪ Correspondent clients must reflect the fee as a lender credit towards closing costs on the Closing Disclosure. Note: AFR to add the amount of the appraisal fee on the purchase advice. _____________________________________________________________________________________ Eligible Borrowers are any borrower on the loan application who is: 1) Planning to become or is a current, retired, volunteer or non-paid: first responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT) or similar; educator; medical personnel (nurse, doctor, phlebotomists, health ambassador, or hospital, American Red Cross worker, or similar); civil servant in a Federal, state or local municipality; or military personnel. OR 2) A First-Time Home Buyer – has had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the application, or is an individual who is a homemaker or single parent that has no ownership interest in a principal residence (other than a joint ownership interest with a (former) spouse) during the three-year period preceding the date of the application. OR 3) The subject property is located in an underserved census tract. Check the property zip code on the Underserved Census Tract Look Up tool.