UA-89189440-1
6626 E. 75th Street #110  Indianapolis, IN 46250  NMLS#134866


Financing Program Guideline Quick Reference Guide 

Guideline 

FHA 

USDA 

VA 

Conventional 

HomeReady Conventional 

Within Reach FHA 

Within Reach Conventional 

Credit Score 

500/No Score 

620/No Score 

500 

620 

620 

620 

620 

Max Loan Amount 

$322,00 

N/A 

$453,100 

$453,100 

$453,100 

$322,000 

$453,100 

Down Payment 

3.5% 

$0 

$0 

3% Min. 

3% 

3.5% +1% toward closing costs and pre-paids 

3.5% +1% toward closing costs and pre-paids 

Mortgage Insurance 

1.75% upfront; .85% monthly 

1.0upfront; .35% monthly 

2.15% 1st time use; 3.3% subsequent use (can be lower w/ down payment or zero w/ VA Disability) 

Varies by credit score *MI buyout option* 

Varies by credit score *MI buyout option* 

 

1.75% upfront; .85% monthly 

 

Varies by credit score *MI buyout option* 

 

Max Seller Concessions 

6% 

6% 

4% (Can be higher) 

3% 

 

3% 

 

6% 

 

3% 

Income Limits 

No 

By county 

No 

No 

By county 

By county 

By county 

Must be 1st Time Homebuyer 

No 

No 

 

No 

 

No 

 

No 

 

No 

 

No 

 

Additional Fee 

No 

No 

No 

No 

No 

1% + $500 Proc 

No 

Foreclosure/ Short Sale Eligibility 

3 Years (From sheriff's sale date) 

3 Years 

Years 

Yrs. Foreclosure 

4 Yrs. SS 

Yrs. Foreclosure 

4 Yrs. SS 

3 Years 

Yrs. Foreclosure 

4 Yrs. SS 

Bankruptcy Eligibility 

Ch7=2 yrs; Ch13=1yr of pymts and trustee approval 

Ch7=3 yrs; Ch13=1yr of pymts and trustee approval 

Ch7=2 yrs; Ch13=1yr of pymts and trustee approval 

Ch7=4 yrs  

Ch13=2 yrs 

Ch7=2 yrs; Ch13=1yr of payments and trustee approval 

Ch7=2 yrs; Ch13=1yr of pymts and trustee approval 

Ch7=4 yrs  

Ch13=2 yrs 

 

Gift Funds 

Acceptable 

Acceptable 

Acceptable 

Acceptable 

Acceptable 

Acceptable 

Acceptable 

Collections 

Follow DU 

Follow GS 

Follow DU 

Follow DU 

Follow DU 

Follow DU 

Follow DU 

Deferred Student Loans 

Must include in DTI/1% of balance 

Must include in DTI/1% of balance 

Can exclude payment if "deferred" longer than 12 months past closing 

Must include in DTI 

Must include in DTI 

Must include in DTI 

Must include in DTI 

*Program Guidelines are subject to change 

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