Click n’Close Smartbuy – Downpayment Assistance – 5yr Forgivable
Special Alert
Maximum Purchase Price
Inquire for Details
Contact Info:
http://www.clicknclosecorrespondent.com/ 15301 Spectrum Drive, Suite 405, Addison, TX 75001 (214) 261-3337
Limitations
Manual Underwriting is not permitted. Must be approved through AUS. Max loan amount must meet FHA/USDA guidelines. Higher loan limits in Alaska and Hawaii not allowed. No loans with outstanding repair escrows allowed. No revocable trusts. No 90 day delinquencies on the first 60 payments of the 1st loan. High balance loans restricted to 3.5% DPA and subject to LLPA of 250 basis points. _____________________________________________________________________________ Escrow Holdbacks subject to the following: Weather related items with aggregate cost not to exceed $10,000 Postponed items do not affect occupancy Must be completed and inspected within 180 days of the Note date Mortgagee to establish escrow account and final completion
Credit Score Requirements
Minimum Credit Score: 620 *Loan Level Price Adjustment (LLPA) for credit scores below 640. All borrowers must have at least one score. Manufactured: 680
Deferred Payments?
Minimum LTV: 90% Max LTV/CLTV: Per FHA/USDA guidelines.
Accepted First Mortgage Type:
FHA 203(b), FHA 234(c), USDA / RD
Homeowners Education Class:
Recommended
Is Forgivable?
This second lien has a 30 year term, but is forgiven after 5 years if there is no 90 day or greater delinquency on the first 60 payments of the underlying first lien and property remains a primary residence.
Location:
49 States Available in all states except New York (also not available in U.S. territories); New York exception effective with locks as of 04/01/23.
Income Limitations:
No
Maximum Assistance
5% of Purchase Price 3.50% or 5.00% of the home purchase price or appraised value, whichever is less. **No TPO unless related entity**
Education Requirements Info:
Not required, but recommended.
Eligible Property Types:
Single Family Detached Condo Townhome/PUD Manufactured Home
Income By Household Size:
Limited to borrower’s contribution Not to exceed borrower’s earnest money deposit.
Qualifying Ratios:
Per AUS approval. Manual UW: per agency requirements.
