Freddie Mac HFA Advantage
LP finding of Accept/Eligible and meet all other guidelines listed in this Program Summary. (Offering Identifier: HFA Advantage (LPA v5.0.06 or higher Home Possible Advantage for HFA’s (LPA Legacy) or Using the code 251.)
| Property Type | Maximum LTV | Maximum TLTV/CLTV | Maximum DTI | Minimum FICO | Required Reserves |
|---|---|---|---|---|---|
| 1 Unit Condos/Townhomes | 97% | 105% | 45% | 640 | As determined by LP |
| 1 Unit Condos/Townhomes | 97% | 105 | 45.01-50% | 680 | As determined by LP |
| 2 Units | 95% | 105% | 45% | 640 | As determined by LPA |
| 2 Units | 95% | 105% | 45.01-50% | 680 | As determined by LPA |
MANUAL UNDERWRITING GUIDELINES – Loans may be manually underwritten for erroneous, inaccurate, or insufficient credit.
- For Freddie Mac HFA Advantage at least one borrower must have a usable credit score, meet the minimum FICO score requirements, and adhere to Freddie Mac guidelines for HFA Advantage.
- If the HFA, GSE, or MI require more in reserves as listed in LTV / DTI / FICO tables below; the greater number of months must be documented.
| Property Type | Maximum LTV | Maximum TLTV/CLTV | Maximum DTI | Minimum FICO | Minimum Required Reserves |
|---|---|---|---|---|---|
| 1 Unit Condos/Townhomes | 97% | 105% | 45% | 660 | 2 |