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Overall Eligibility
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All judgements/liens against the property must be included in the
refinance
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The property must be the borrower’s primary residence.
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Mortgage(s) may not be more than two months past due at the time of application
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Income Limits
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Click here for:
Income limits |
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Maximum Appraised Value
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Click here for:
Appraisal limits. Current appraised value of the home must not exceed
the “Maximum Appraised Value” limits
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Maximum Loan-to-Value (LTV) and Combined Loan-to-Value (CLTV)
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LTV: 105% (MHF’s 2.75% upfront mortgage insurance premium may be financed in
the mortgage)
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CLTV: 110% (with all second mortgages, including forgivable grants)
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Minimum Credit Score
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580
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Maximum Debt-to-Income (DTI) Ratio
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Not to exceed 50%.
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Co-Signers
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Permitted
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Mortgage Products Offered
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30- and 40- year amortizing loans only
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Points
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may be rolled into the principal amount of the refinancing
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Current Interest Rates
(subject to change)
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2 Points |
0 Points |
30-Year Amortizing |
7.250% (7.565% APR) |
7.500% (7.609% APR) |
40-Year Amortizing |
7.375% (7.652% APR) |
7.625% (7.722% APR) |
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Downpayment/Closing Cost Assistance
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Not available
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Closing Costs
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All closing costs, including pre-payment penalties and CDA’s points, may be
rolled into the principal amount of the refinancing.
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Mortgage Insurance
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Maryland Housing Fund (MHF) only. |
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Asset Test
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Must be performed for borrowers whose liquid assets equal or exceed 20% of the
current appraised value.
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Processing
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Loans are processed through an MHF-approved Lender. Manual underwriting is
required.
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Counseling
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Required for all borrowers
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Home Inspection
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Not required.
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Cash Out Option
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Not available; any excess funds to be applied as a principal curtailment.
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Future Subordinations
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Not permitted
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MHF Approved Lenders
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Click here for the
MHF Approved Lenders approved to originate Homesaver
Refinance Program mortgages.
revised 7/3/08 |