Program Highlights for the Empowered forgivable grant downpayment assistance program
- First Mortgage must be FHA
- Provides a gift of either 2% or 3.5%
- This is a GIFT! (no gimmicks, no second mortgage)
- Instant Equity
- May be combined with up to 6% seller concessions
- May be combined with additional gift funds
- Many ways to qualify
- No Second Agency Approval Required
- NOT A BOND PROGRAM-won’t run out of money
Program Qualifications for the Empowered forgivable grant downpayment assistance program
- DU Approve Eligible Findings
- 620 FICO
- Max DTI 48.99%
- Non-Occupant Co-borrowers allowed
- Standard FHA guidelines apply
- Max Loan- Lower of County Loan Limit or $766,550
- (on case numbers issued after 1.1.24 -High Balance, Not Allowed)
- Complete HUD Approved Counseling Course (before closing)
- Available in all states except WA
- No exceptions
- Max Seler Contributions: 6%
Borrower Eligibility for the Empowered forgivable grant downpayment assistance program
Any ONE borrower on the loan is:
- First Time Home Buyer (has not owned a home in past 36 months)
OR
- Current or Retired Civil Servant (local, state or Federal)
OR
- Current or Retired Medical Profession (doctors, nurses, receptionists, etc)
OR
- Served as an Unpaid Volunteer (sports coach, church, PTA etc.)
Eligible Collateral for the Empowered forgivable grant downpayment assistance program
- 1-2 Unit Primary Residence
- Manufactured Housing: • Singlewide, • Multiwide, • MH Condo Projects - EPM accepts Manufactured Homes permanently affixed to the foundation, built on or after June 15, 1976, and meet all HUD requirements. Manufactured Homes with acceptable alterations or additions must have marketability, “like” comparables, gross living area (GLA) of addition must be smaller than the original home and structural engineer’s certificate required. A manufactured home with an additional Manufactured Home of the property is permitted when the second manufactured home is used as a storage building, the kitchen is rendered inoperable, and the utilities are disconnected. An engineer’s certification is always required to verify the foundation complies with the Permanent Foundations Guide for Manufactured Housing (PFGMH). The engineer certificate must also address additions/modifications when additions/modifications are present. Follow HUD requirements. The Manufactured Home and site must be converted to real estate prior to closing. Proof of the conversion must be documented. Refer to the EPM FHA Underwriting Guidelines for additional details regarding Manufactured Housing.
- FHA HRAP Approved Condos- Must be current FHA-approved condominium complex and meet all HUD requirements (51% occupancy, 15%
delinquencies). All condos and attached PUD's require 100% 'walls-in' HO6 coverage. Stick-built site condos do not
require FHA HRAP/DELRAP approval.
Manufactured condos must have FHA HRAP approval. - PUDs
Ineligible Collateral for the Empowered forgivable grant downpayment assistance program
- 3-4 Unit
- Mobile homes, co-ops, FHA secondary residences, houseboats, commercial or industrial zoned properties, mixed-use with residential building use less than 51%, properties encumbered with Property Assessed Clean Energy (PACE) or Home Energy Renovation Opportunity (HERO) obligations, State-approved medical marijuana producing properties, working farms, ranches, or orchards, construction to permanent, properties located in the area of Wrightwood, CA, properties containing more than one manufactured home unless specifically classified as an Accessory Dwelling Unit by the appraiser, properties located within designated Coastal Barrier Resource System (BRS) areas, properties located on Tribal Lands which include section 248, Hawaiian properties in Lava Zones 1 and 2, Native Hawaiian Housing Loan Guarantee Program (Section 184A), properties with sink holes, properties with a wastewater stabilization pond/lagoon (aka sewage lagoon), properties with individual water purification systems required to make the water safe for human consumption (does not include systems installed to improve the taste or softness of the water), properties with deed restrictions, shared lots (including condominiums) with undivided interests, time shares, unimproved land, unique properties such as barndominiums, log cabins, dwellings with less than 400 square feet of livable space, and/or any other ineligible properties as defined by HUD Handbook 4000.1.Mobile homes, co-ops, FHA secondary residences, houseboats, commercial or industrial zoned properties, mixed-use with residential building use less than 51%, properties encumbered with Property Assessed Clean Energy (PACE) or Home Energy Renovation Opportunity (HERO) obligations, State-approved medical marijuana producing properties, working farms, ranches, or orchards, construction to permanent, properties located in the area of Wrightwood, CA, properties containing more than one manufactured home unless specifically classified as an Accessory Dwelling Unit by the appraiser, properties located within designated Coastal Barrier Resource System (BRS) areas, properties located on Tribal Lands which include section 248, Hawaiian properties in Lava Zones 1 and 2, Native Hawaiian Housing Loan Guarantee Program (Section 184A), properties with sink holes, properties with a wastewater stabilization pond/lagoon (aka sewage lagoon), properties with individual water purification systems required to make the water safe for human consumption (does not include systems installed to improve the taste or softness of the water), properties with deed restrictions, shared lots (including condominiums) with undivided interests, time shares, unimproved land, unique properties such as barndominiums, log cabins, dwellings with less than 400 square feet of livable space, and/or any other ineligible properties as defined by HUD Handbook 4000.1.
Eligible Programs for the Empowered forgivable grant downpayment assistance program
- FHA 203(b)
- FHA Limited 203(k)
- FHA Standard 203(k)
- FHA Repair Escrow
Homeownership Education for the Empowered forgivable grant downpayment assistance program
At least one Borrower must take either the Framework Homeownership course or any HUD approved Homebuyer Counseling Course
Christopher Gibson
NMLS #1910430 | C2 Financial Corp NMLS #135622
Call me: 720-449-6622
Email me: C@ChrisRayGibson.com
