HomeAtlanta

HomeAtlanta 4.0 Program with 5% Grant

new_ADA_logo_sm                  HomeAtlanta 4.0 with DPA as a Grant

Lender/Program Portal

Note – for details, see the Administrator’s Guidelines

PROGRAM FUNDS Continuous Funding
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY: Underwriter must Certify the loan on line 15 days after Reservation!

  • Reservation to UW Cert: 15 days
  • Reservation to Close and Delivery: 45 days
  • Reservation to Loan Purchase: 70 days

(Loan Timelines must be met: See below for Extension Options)

ELIGIBLE AREAS
ELIGIBILITY CRITERIA
  • NO First-time Homebuyer Requirement
  • Borrower(s) & Spouse(s) must occupy the property as their Primary Residence
  • Borrower(s) and Spouse(s) must be able to permanently reside in the U.S.
ELIGIBLE LOAN TYPES
  • Government – FHA, VA
  • Conventional – Fannie Mae HFA Preferred (FNMA)
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Assistance payment equal to 5% (non-repayable) of the note amount to apply toward down payment or closing costs.
  • Cash back is not allowed.
INCOME LIMIT CRITERIA 
  • Must Use Income Calculation Worksheet;
    • Income limits defined at household level
    • 1 Person $68,350, 2 Persons $78,100, 3 Persons $87,850, 4 Persons $97,600, 5 Plus Person HH $105,450
HOME ACQUISITION LIMITS
  • $358,800
HOME BUYER EDUCATION
  • Required, see eligible providers
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO – see guidelines
  • Max 45 debt-to-income (DTI) ratio
  • no manual UW
CO-SIGNERS
  • Not permitted
LENDER PARTICIPATION
  • Approval by Agency & UB Bank
FORMS AND DOCUMENTATION
  • Program forms are at the loan level. Log into eHP system and within the loan click on FORMS OR from the Menu, select FORMS
PROGRAM FEES
  • First Mortgage Fees, Lender Net, Loan Purchase Price are detailed in the Administrator’s Guidelines
EXTENSIONS
  • To request a one-time 30-day extension, click here.
  • Extensions are not granted to extend the 15 days from Reservation to UW Certification
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance getting to the Servicer Lender Guides, Click here. To contact US Bank Lender Help Desk, Click here.

 

Current Rate/Offerings – Reservation/locks – AVAILABLE from 10 am -8 pm EDT excluding weekends & holidays

Rate/Offerings FICO Lock Rate DPA Effective Date
GOVERNMENT
USDA-RD or VA 640 5.50% w/5% 12/28
FHA 660 w/5%
CONVENTIONAL – FANNIE MAE
HFA Preferred 640 5.50% w/5% 12/28
  • Assistance is automatically calculated on the Final Loan Amount (Grant)
  • Term: 30 Year Fixed Rate
  • 5% of Loan amount as Downpayment and closing assistance grant
  • manufactured homes not allowed
  • manual UW not allowed