Common Contracts
1 similar Metrodpa Conventional Program contracts
metroDPA Conventional ProgramMetrodpa Conventional Program • October 14th, 2022
Loan Product Eligible Products/Terms • First Mortgage 30 Year Fixed Rate Only metroDPA - No DPAFannie Mae HFA Preferred or Freddie Mac HFA Advantage First Mortgage product codes CDN 400 – 30 year No DPA qualifying income ≤80% AMI *** Must meet all applicable Social Equity Program (SEP) guidelines Income Limits • metroDPA: Refer to the metroDPA program guidelines for income limits • Lender must attempt to verify all income listed on the Uniform Residential Loan Application, any discrepancies, including underreported income, must be corrected and submitted to DU or LPA as applicable.• All reported income that is verified and meets the criteria for stable monthly income must be used to qualify the borrower.• All stable and verifiable income used for underwriting qualification as reported in the Fannie Mae / Freddie Mac Underwriting and Transmittal Summary must be applied against the Program Income Limits. Household income does not apply. Ineligible Product Types • Homestyle Renovation
