Texas Premier Mortgage offers several affordable Low Down Payment Home Affordable Programs designed to help borrowers achieve homeownership. These products include HomeReady®, Home Possible®, HomeOne®, and BorrowSmart℠. Below is a detailed comparison of these products, which can be used to create a comprehensive web page with a chart.
Home Affordable Products Overview
Texas Premier Mortgage provides a range of affordable home loan products to cater to different borrower needs. These products are designed to offer competitive terms and benefits, making homeownership more accessible. The key products include HomeReady®, Home Possible®, HomeOne®, and BorrowSmart℠. Each product has unique features, eligibility requirements, and benefits.
Product Comparison Chart
Detailed Descriptions
HomeReady®
HomeReady® is a Fannie Mae product that uses Desktop Underwriter (DU) for automated underwriting. It is available for both purchase and refinance transactions and supports various property types, including single-family homes, PUDs, condos, manufactured homes, and 2-4 unit properties. There are no first-time homebuyer requirements, but homebuyer education is required if all borrowers are first-time homebuyers. The minimum FICO score is 620, and the Area Median Income (AMI) must be at or below 80%. There are no Loan Level Pricing Adjustments (LLPAs), and a $2,500 VLIP First Time Homebuyer Pricing Incentive is available for borrowers at or below 50% AMI. The maximum LTV/CLTV is 97%/105%, with appraisal waivers allowed.
Home Possible®
Home Possible® is a Freddie Mac product that uses Loan Product Advisor (LPA) for automated underwriting. It is also available for both purchase and refinance transactions and supports the same property types as HomeReady®. Similar to HomeReady®, there are no first-time homebuyer requirements, but homebuyer education is required when all occupying borrowers are first-time homebuyers. The minimum FICO score is 620, and the AMI must be at or below 80%. There are no LLPAs, and a $2,500 VLIP First Time Homebuyer Pricing Incentive is available for borrowers at or below 50% AMI. The maximum LTV/CLTV is 97%/105%, with appraisal waivers allowed.
HomeOne®
HomeOne® is another Freddie Mac product that uses LPA for automated underwriting. It is available for both purchase and refinance transactions but supports fewer property types, excluding 2-4 unit properties. At least one borrower must be a first-time homebuyer, and homebuyer education is required when all borrowers are first-time homebuyers. The minimum FICO score is 620, and there are no AMI restrictions. There are no LLPAs at 100% AMI or below, but there are no specific pricing incentives or grants. The maximum LTV/CLTV is 97%/105%, with a minimum LTV/CLTV of 95.01%. Appraisal waivers are allowed.
BorrowSmart℠
BorrowSmart℠ is a Freddie Mac product that uses LPA for automated underwriting. It is available for purchase transactions only and supports single-family homes, manufactured homes (not leasehold estates), and 2-4 unit properties. There are no first-time homebuyer requirements, and no-cost counseling is completed through GreenPath. The minimum FICO score is 620, and the AMI must be greater than 50% and less than or equal to 80%. There are no LLPAs, and a $1,250 LIP Pricing Incentive is available. The maximum LTV/CLTV is 97%/105%, with appraisal waivers allowed.
Conclusion
Texas Premier Mortgage affordable home loan products offer a variety of options to meet the needs of different borrowers. By understanding the features and benefits of each product, you can help your clients choose the best option for their home financing needs. For more detailed information and to determine eligibility, fill out the “Quick Quote” form on this page.
