Transcription of HOME ADVANTAGE MANUAL - WSHFC
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HOME ADVANTAGE MANUAL Updated 9/1/2021 HOME ADVANTAGE MANUAL TABLE OF CONTENTS Click below to jump to a section or page. To search for specific terms, press CTRL+F. 1 - 1 Washington State Housing Finance Commission .. 1 Benefits of the Home ADVANTAGE Program .. 1 Purpose and Scope .. 2 Process Overview .. 2 MANUAL Updates & Revisions .. 4 Contacts for Questions .. 4 Eligible Lenders .. 7 Eligible Loan Originators .. 7 2 - TERMS AND CONDITIONS .. 8 Loan Types .. 8 Loan Underwriting .. 9 Loan Term for First Mortgage .. 12 Loan Term for Second Mortgage .. 12 New Financing .. 12 Total Debt to income (DTI) Ratio Restriction .. 13 Credit Score .. 13 Credit Report .. 14 Tax Liens .. 14 Document Verification .. 14 IRS Form 4506-C .. 14 income /Employment 14 Tax Transcripts .. 14 Interest Rate .. 15 Buydowns (Temporary).
The Home Advantage program is designed for low and moderate-income households. Advantages include: • Program advantages for Borrower: – Qualifies for a larger mortgage. – Flexible underwriting criteria. – Upfront Mortgage Insurance program available. – Up to 97% LTV on Fannie Mae HFA Preferred or Freddie Mac HFA Advantage
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