CAFA Program Highlights
CAFA Advantage
CAFA, Capital Advantage Program | At-A-Glance
| AVAILABLE PROGRAMS | CAFA Advantage |
| QUESTIONS | Questions |
| ELLIGIBLE AREA | Eligible Area |
| ELIGIBLE BORROWER(S) | No first-time buyer requirement |
| RATES | See Chart |
| DPA AVAILABLE | See Chart |
| LOAN TYPE | See Chart |
| INCOME LIMITS | Income Limits |
| PURCHASE LIMITS | No Program overlay for purchase price limits for FHA, VA, USDA-RD. $510,400 Purchase Price for Freddie Mac |
| TIMELINE REQUIREMENTS | 70 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing. |
| HOMEBUYER EDUCATION | Homebuyer Education |
| CO-SIGNORS | Co-Signers are permitted with FHA loans only. Co-signer cannot live in the property and cannot have any ownership interest. |
| PROGRAM GUIDELINES | CAFA Advantage Guidelines |
| PARTICIPATING LENDERS | Participating Lenders |
CAFA First Home
CAFA First Home | At-A-Glance
| AVAILABLE PROGRAMS | CAFA First Home |
| ELLIGIBLE AREA | Eligible Areas |
| ELIGIBLE BORROWER(S) | Buyers and their spouses (occupant and non-occupant) must be first-time buyers but must be able to permanently reside in the US. Check with Servicer for any overlays |
| RATES | See Chart |
| DPA AVAILABLE | See Chart |
| LOAN TYPE | See Chart |
| INCOME LIMITS | Income Limits |
| SALES PRICE LIMITS | Sales Price Limits |
| TIMELINE REQUIREMENTS | 60 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing. |
| HOMEBUYER EDUCATION | Homebuyer Education |
| CO-SIGNORS | Permitted to the extent allowed by applicable Agency. Treat co-signor income as directed by the Agency. A co-signor cannot have any ownership interest in the property (they cannot be on the mortgage/deed/warranty deed). A co-signor cannot live in the property. Non-occupant co-borrowers are strictly prohibited. |
| PROGRAM GUIDELINES | Program Guidelines |
| PRE-CLOSING DOCUMENTS | Notices to Buyers and Recapture Tax brochure (see attached) |
| TARGETED AREAS | Targeted Areas |
| PARTICIPATING LENDERS | Participation Lenders |
CAFA PLUS
CAFA PLUS | At-A-Glance
| AVAILABLE PROGRAMS | CAFA PLUS |
| ELLIGIBLE AREA | Eligible Area |
| ELIGIBLE BORROWER(S) | No first-time buyer requirement |
| RATES | See Chart |
| DPA AVAILABLE | See Chart |
| LOAN TYPE | See Chart |
| INCOME LIMITS | Income Limits |
| PURCHASE LIMITS | No Program overlay for purchase price limits for FHA, VA, USDA-RD, use Agency Loan Limits. For Freddie Mac the limit is $510,400 |
| TIMELINE REQUIREMENTS | 70 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing. |
| HOMEBUYER EDUCATION | Homebuyer Education |
| CO-SIGNORS | Co-signors are permitted with FHA loans only. Co-signor cannot live in the property and cannot have any ownership interest. |
| PROGRAM GUIDELINES | CAFA Advantage PLUS Guidelines |
| PARTICIPATING LENDERS | Participating Lenders |
Today’s Rates & Offerings [ Business Days 9:00am – 7:00 pm CT ]
CAFA, Capital Advantage Program | Rates & Offerings
| CAFA First Home - Bond Program | |||||
| Offering | FICO | DPA | Lock Rate | ||
| FHA, VA, USDA-RD | See Guidelines | 5% | 6.580% | ||
| CAFA Advantage - Conventional 80% AMI (w/Grant) | |||||
| Offering | FICO | DPA | Lock Rate | ||
| Freddie Mac 80% AMI | 640 | 0% | 7.125% | ||
| 3% | 8.000% | ||||
| CAFA PLUS – Government (w/second mortgage) | |||||
| Offering | FICO | DPA | Lock Rate | ||
| FHA, VA | 640 | 3% | 6.875% | ||
| 4% | 7.125% | ||||
| 5% | 7.500% | ||||
| CAFA PLUS – Conventional 80% (w/second mortgage) | |||||
| Offering | FICO | DPA | Lock Rate | ||
| Freddie Mac 80% AMI | 640 | 3% | 7.125% | ||
| 4% | 7.375% | ||||
| 5% | 7.625% | ||||
| CAFA PLUS – Conventional Over 80% (w/second mortgage) | |||||
| Offering | FICO | DPA | Lock Rate | ||
| Freddie Mac OVER 80% AMI | 640 | 3% | 7.250% | ||
| 4% | 7.500% | ||||
CAFA Advantage
CAFA, Capital Advantage Program | At-A-Glance
| AVAILABLE PROGRAMS | CAFA Advantage |
| QUESTIONS | Questions |
| ELLIGIBLE AREA | Eligible Area |
| ELIGIBLE BORROWER(S) | No first-time buyer requirement |
| RATES | See Chart |
| DPA AVAILABLE | See Chart |
| LOAN TYPE | See Chart |
| INCOME LIMITS | Income Limits |
| PURCHASE LIMITS | No Program overlay for purchase price limits for FHA, VA, USDA-RD. $510,400 Purchase Price for Freddie Mac |
| TIMELINE REQUIREMENTS | 70 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing. |
| HOMEBUYER EDUCATION | Homebuyer Education |
| CO-SIGNORS | Co-Signers are permitted with FHA loans only. Co-signer cannot live in the property and cannot have any ownership interest. |
| PROGRAM GUIDELINES | CAFA Advantage Guidelines |
| PARTICIPATING LENDERS | Participating Lenders |
CAFA First Home
CAFA First Home | At-A-Glance
| AVAILABLE PROGRAMS | CAFA First Home |
| ELLIGIBLE AREA | Eligible Areas |
| ELIGIBLE BORROWER(S) | Buyers and their spouses (occupant and non-occupant) must be first-time buyers but must be able to permanently reside in the US. Check with Servicer for any overlays |
| RATES | See Chart |
| DPA AVAILABLE | See Chart |
| LOAN TYPE | See Chart |
| INCOME LIMITS | Income Limits |
| SALES PRICE LIMITS | Sales Price Limits |
| TIMELINE REQUIREMENTS | 60 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing. |
| HOMEBUYER EDUCATION | Homebuyer Education |
| CO-SIGNORS | Permitted to the extent allowed by applicable Agency. Treat co-signor income as directed by the Agency. A co-signor cannot have any ownership interest in the property (they cannot be on the mortgage/deed/warranty deed). A co-signor cannot live in the property. Non-occupant co-borrowers are strictly prohibited. |
| PROGRAM GUIDELINES | Program Guidelines |
| PRE-CLOSING DOCUMENTS | Notices to Buyers and Recapture Tax brochure (see attached) |
| TARGETED AREAS | Targeted Areas |
| PARTICIPATING LENDERS | Participation Lenders |
CAFA PLUS
CAFA PLUS | At-A-Glance
| AVAILABLE PROGRAMS | CAFA PLUS |
| ELLIGIBLE AREA | Eligible Area |
| ELIGIBLE BORROWER(S) | No first-time buyer requirement |
| RATES | See Chart |
| DPA AVAILABLE | See Chart |
| LOAN TYPE | See Chart |
| INCOME LIMITS | Income Limits |
| PURCHASE LIMITS | No Program overlay for purchase price limits for FHA, VA, USDA-RD, use Agency Loan Limits. For Freddie Mac the limit is $510,400 |
| TIMELINE REQUIREMENTS | 70 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing. |
| HOMEBUYER EDUCATION | Homebuyer Education |
| CO-SIGNORS | Co-signors are permitted with FHA loans only. Co-signor cannot live in the property and cannot have any ownership interest. |
| PROGRAM GUIDELINES | CAFA Advantage PLUS Guidelines |
| PARTICIPATING LENDERS | Participating Lenders |