1st Time Buyer Fact Sheet

Purchased Home must be primary residence
Family Income must be less than $ 123,625.00 Any Family Size
No Down Payment
Austin Round Rock MSA Loan Limits same as FHA 362,452.00 Before MIP
Monthly Mortgage Insurance only .4% annually ( Saves $ 85.00 to $ 150.00 monthly) versus an FHA Loan
0% funding fee added to mortgage
Seller allowed to contribute up to 6.0% of sales price for closing costs
Limited to geographic area Manor, Del Valle, Leander, Liberty Hill, Kyle, Jarrell
Minimum FICO score is 640 or higher.
Must owner occupy the home purchased
May be combined with MCC ( Mortgage Credit Certificate) Programs
Income limits to 29.0% of gross annual income allocated for house payment
Income limits to 44.5% of gross annual income allocated for house payment plus monthly debts
May not Exceed ratios
No late payments allowed in the last 2 years
Bankruptcy allowed after 2 years from discharge date with reestablished credit
Non purchasing Spouse is allowed
Married couples will be scored on the lower of the spouses Mid Fico score
Foreclosure allowed after 3 years from disposition date
Will Not allow Non Occupant cosigner

Buyer must contribute 3.5% of their own funds
5% contribution may come from Down Payment Assistance programs
5% contribution may come a blood relative gift
No limits on family income
Austin Round Rock MSA Loan limits are $ 362,452.00 not including MIP Roll-in
FHA charges upfront MIP( mortgage Insurance Premium)
MIP is 1.75% of amount borrowed may be added back to loan.
MIP is also charged monthly .85% of the amount borrowed annually.
Seller may contribute up to 6.0% of buyers closing costs
If using Bond Down payment assistance seller can still contribute 6.0%
Minimum FICO score is 580 but most lenders all requiring 620 or higher
All credit Scores between 580 and 660 subject to a .25% discount point premium and 90% LTV
Must owner occupy the home purchased
May be combined with MCC( Mortgage Credit Certificate) Programs
May be combined with 1^st time buyer Bond Programs
Income limits to 35% of gross annual income allocated for house payment
Income limits of 45% allocated for house payment plus all monthly debts
May exceed ratios with compensating factors 401K, job longevity, no payment shock
May use Non Purchasing Spouse
Married couples will be scored on the lower of the spouses Mid Fico Score
Bankruptcy allowed after 2 years from discharge date and reestablished credit
Foreclosure allowed after 3years from disposition date
Will allow Non Occupant Cosigner

Must be a 1^st time Home Buyer ( Can not have owned a home in the last 3 years)
40% of annual mortgage interest is an up front tax credit
Tax Credit is limited to lesser of 40% of annual interest or $ 2,000.00 which is $ 167.00 monthly
Buyers receive a Certificate to take to their employers to adjust with holding in their pay checks
Buyer will not owe this back and still gets other itemized tax deductions
$ 500.00 application fee
May be used with FHA, USDA, or Conventional Loans
Must Make under $ 98,900.00 annually 1-2 Persons
Must Make Under $ 113,735.00 Annually 3 or more persons.
Buyer still gets to itemize and deduct the remaining 60.0% of annual mortgage interest on tax return ( Double Dip the IRS)
Funds Limited 1^st come 1^st serve

No longer requires being a 1^st time buyer
5% Down Payment assistance in the form of a 2^nd lien interest free, must be repaid UPON SALE OF HOME
Interest rate fixed for 30 years 4.25% subject to change daily.
May use with the MCC Program
May be used with FHA , Conventional and VA
Must have a 620 or higher credit score
Family Income cannot exceed $ 98,900.00 annually 1-2 Persons
Family Income cannot exceed $ 113,7350.00 annually for 3 or more persons
FHA loan limits
Ratios may exceed 45% up to as high as 57% underwriters discression.
If Credit Score is under 640 cannot exceed ratios

100% Financing Zero Down Payment Loan
Maximum Sales Price $ 250,000.00
No Mortgage Insurance upfront or monthly
Only a 600 Mid FICO score to qualify
No Origination Fees or Mortgage Fees
Moderate Income Limits 1 Person Under $ 57,000.00 annually
- 2 People under $65,100.00 annually. 3 People under $ 73,250.00
- Annually, 4 People Under $ 81,400.00 Annually
3 months taxes and insurance for escrows
Typical loan closing costs and escrows will run about $ 4,500.00
May use an ITIN Persons income with a Spouse having Citizenship or green card.

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