Purchase Advantage with New USDA & VA Options
Purchase Advantage by CAFA Now Available with New USDA & VA + Additional Options
Eligible borrowers can now receive an assistance amount between 1% and 4% on FHA, Conventional, USDA and VA loans. The assistance may be used for down payment, closing costs or prepaids. For USDA loans, the benefit is applied towards closing cost.
- 58 authorized Louisiana parishes are eligible for the Purchase Advantage home ownership grant program*
- Income limits to determine eligibility vary by parish and scenario
- Available for Purchase when income is <80% AMI
- Minimum FICO of 640 US/ 680 Manual
- Max DTI 45% AUS and 43% Manual
- Eligible for first time homebuyer or repeat buyer
- 1% to 4% Down Payment Assistance
- More parishes added – expanded to 58 parishes
- Lower MI cost on Conventional programs
- Options to use assistance towards down payment, closing costs, etc.
*The percent of down payment assistance offered is dependent on the interest rate selected by the borrower. Approved parishes and income limits are established by CAFA and subject to change. For FHA, Freddie and VA use the CAFA qualifying income calculation and AMI limits per the Purchase Advantage Selling Guide. For USDA, use the standard USDA guidelines for income calculation and eligibility.