New Program “Home Possible Advantage Plus”
WesLend Financial is pleased to announce the addition of “Home Possible Advantage Plus” to our program offering. This is an extension of the Home Possible Advantage program, offering either a 1% or 2% grant towards the borrower’s overall down payment. Help your clients by using this program to ease the down payment burden, one of the largest hurdles to homeownership.
Home Possible Advantage Plus (LP only)
- 1026-00 30 year fixed Home Possible Advantage Plus 1% Grant
- 1027-00 30 year fixed Home Possible Advantage Plus 2% Grant
- Flexible source of funds
- Up to 2% Grant can be provided by Lender
- 1% borrower down payment can be a gift
- 30 year fixed rate only
- No Reserves Required
- 1-unit Primary Residence, SFR’s, Condo’s and PUD’s allowed
- Purchase Transactions Only
- Minimum credit score of 700
- All borrowers must occupy the property
- 100% Medium Income Limits apply
- Higher AMI limits in High Cost Areas
- Lifted in underserved Areas
- Reduced Mortgage Insurance
- Home Buyer Education required with 1st time homebuyer
Once a loan is CTC, there will be a 72 hour (3 business days) waiting period prior to drawing docs. At CTC, Underwriting will request the funds from Accounting. Grant funds will be wired from WesLend Fiancial to escrow at the time of closing. Please accomodate this waiting period in your lock term estimates.
These new grant options will be available on the daily rate sheet and in our pricing engine- Broker Connection beginning Tuesday, February 28th, 2017.
Please contact your Account Executive with any questions.