Are co-signers allowed?
Yes. The co-signer must not occupy the property.
What are the down payment requirements?
Standard underlying investor requirements (VA, FHA, FNMA, RHS and Section 184).
Can Mortgage Booster, Payment$aver or Helping Hand be utilized with Mortgage$aver Plus or HERO?
No. Mortgage$aver Plus and HERO have a grant for down payment and closing cost assistance included.
What is the compliance review turnaround time?
Maximum of three days after the file is received.
Are manufactured homes eligible?
Yes, as long as the home is muti-wide and assessed as real property.
Are there restrictions on the area where my client can purchase?
No. However, the home must be in the state of New Mexico.
What kind of property does my client qualify for?
We do not finance duplexes or triplexes or any other type of multifamily dwelling. However, condos are acceptable as long as they are Fannie Mae or Ginnie Mae approved. The property must have only one kitchen.
What is a first time home buyer?
A first time home buyer is someone who has not owned and occupied a property as their primary residence within the last three years. Prior “Ownership Interest” by the spouse of the borrower is considered prior “Ownership Interest” of the borrower, regardless of when the borrower and spouse were married.