Lender Guidelines: 3.1 Types of Loans

Lender Guideline: 3.1 Types of Loans

For Non-Bond Loans or Bond Loans: Only 30-year, fixed-rate mortgage loans are allowed. Furthermore, the only loan types allowed are:

 

FHA Loans

• Must be originated and guaranteed in accordance with FHA guidelines and Lakeview guidelines.

• 30-year fixed and limited 203(k) only.

• Temporary buydowns are not permitted.

 

VA Loans

• Must be originated and guaranteed in accordance with VA guidelines and Lakeview guidelines.

• 30-year fixed only.

• Temporary buydowns are not permitted.

 

USDA Rural Housing Service (RHS) Loans

• Must be originated and guaranteed in accordance with USDA-RHS guidelines and Lakeview guidelines.

• 30-year fixed only.

• Temporary buydowns are not permitted.

 

HFA Conventional Loans

• Must be originated and guaranteed in accordance with Lakeview guidelines and Fannie Mae for the HFA Preferred loan product or Freddie Mac for the HFA Advantage loan product.

• 30-year fixed only.

• Temporary buydowns are not permitted.

 

For MCC Only (No DPA): There are no restrictions on the mortgage financing with regard to loan type (eligible with traditional conventional loan type), term or rate. However, only fixed-rate first lien mortgages (as opposed to second mortgages) qualify. In addition, mortgage loans funded with qualified mortgage bonds or qualified veteran’s mortgage bonds are not eligible.

 

For access to the full TSAHC DPA & MCC Guidelines, please click here.

 

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