National Homebuyers Fund, Inc. (NHF) – Diamond with Down Payment Assistance (DPA) Program
Special Alert
Property must be located within the state of: AZ, FL, GA, IA, KS, NE, OR, UT or WY
Maximum Purchase Price
Inquire for Details
Contact Info:
http://www.nhfloan.org/programs.html 1215 K Street, Suite 1650, Sacramento, CA 95814 866-643-4968
Limitations
Retail, Correspondent
Credit Score Requirements
Minimum Credit Score: 620 FHA/VA: 620 USDA (RD): 640 Each borrower must have at least one credit score. For Government loans with FICO 45% use product code: LLADJ Manual Underwriting is permitted if FHA/VA credit scores are 620 or higher; 640 for USDA.
Deferred Payments?
Yes, for 30 years
Accepted First Mortgage Type:
FHA 203(b), FHA 203(k), FHA 234(c), VA, USDA / RD
Homeowners Education Class:
Required for FTHB
Is Forgivable?
Location:
626 Counties Property must be located within the state of: AZ, FL, GA, IA, KS, NE, OR, UT or WY
Income Limitations:
Yes, based on Qualifying (1003) Income Qualifying Income: Greater of 160% State Median Income (SMI) or Area Median Income (AMI). Follow agency guidelines to ensure income has been met.
Maximum Assistance
6.5% of Total Loan Amount 2% is a 30 year deferred, 0% second mortgage lien. The remaining DPA is a gift that doesn’t have to be repaid.
Education Requirements Info:
Required if ALL borrowers are first-time homebuyers, defined as a borrower who has not had ownership interest in a residential property in the last three years from closing date. . At least one borrower must take homebuyer education course . May select from any homebuyer education course
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1-8 $193,300 *Income limits as of 05/24/2023
Qualifying Ratios:
Housing Ratio: — Total DTI: Up To 55% 55% with AUS approval. For DTI >45% with AUS approval, Lenders must use the pricing grid on the rate sheet labeled “GOVERNMENT NHF Diamond – LLADJ” (not cumulative). Manual Underwrite: FHA – 43% w/compensating factors per FHA VA – 41% w/compensating factors per VA USDA (RD) – 41% w/compensating factors per USDA
