Carrington Wholesale Lending

Bulletin W13-042 – FHA $100 Down Payment Program

May 10, 2013Bulletins

Topic included in Bulletin W13-042:

  • New program available Monday, May 13, 2013; FHA $100 Down Payment Program
  • Standard FHA guidelines apply to this program in addition to the following:
    • Must be HUD REO
    • Sales Agent must be HUD approved and sales contract must confirm transaction is $100 Down Payment Program
    • Property must be appraised “as-is” with no repairs
    • Eligible only for CMS approved states under the jurisdiction of the Atlanta HOC: Florida, Georgia, Kentucky, Illinois, Indiana, North Carolina, South Carolina and Tennessee
    • Uses HUD appraisal; appraisal is valid for 120 days.  After 120 days, a new appraisal will be required at Borrower’s expense.
    • Minimum 600 credit score and Borrower must have sufficient credit regardless of AUS findings
    • Not eligible on CMS 203(k) program
  • New program codes have been created and are in the pricing engine
  • Program matrix available on the Intranet

Download: Bulletin – W13-042 (PDF)

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