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Community Hero Loan

Program Overview:

  1. Down Payment Assistance: The program provides a completely forgivable grant equal to 2% or 3.5% of the purchase price of the home.
  2. Seller Concessions: It can be combined with up to 6% seller concession for closing costs.
  3. No Resale Restrictions: There are no restrictions on reselling the property.
  4. Credit Score Requirements: A minimum qualifying credit score of 620 is required.
  5. Underwriting and Approvals: The program uses TOTAL Scorecard and Desktop Underwriter (DU) for underwriting. It requires "Approve/Eligible" recommendations from DU, and manual underwrites are not permitted.
  6. Eligible Loan Terms: The program is available for 30-year fixed-rate mortgages.
  7. Transaction Types: It is applicable only for purchase transactions, and borrower paid compensation is allowed.
  8. Loan-to-Value (LTV) Limits: The maximum LTV limit is 96.50%.
  9. Debt-to-Income (DTI) Ratio: The maximum DTI allowed is 48.99%.
  10. Property Types: Eligible property types include 1-2 unit primary residences, manufactured housing, approved condos, and Planned Unit Developments (PUDs).
  11. Geographic Availability: The program is available in most states except Washington.
  12. Borrower Eligibility: To be eligible, the borrower must meet one of the following criteria: First-Time Home Buyer, Current/Retired Employment or Volunteer/Non-Paid Member (e.g., military, first responders, educators, medical personnel, civil servants), income equal to or less than 140% of the state or county median income, or if the property is in an Underserved Census Tract.
  13. Appraisal Fee Credit: In Wisconsin, up to $700.00 of the appraisal fee must be credited back to the borrower towards closing costs.
  14. Homebuyer Counseling: Borrowers are required to complete a HUD-approved Homebuyer Education Workshop or Pre-purchase Counseling.
  15. Additional Disclosures: There are specific disclosures required for this program, including the DPA Assistance Application, DPA Grant Letter, and Program/Consumer Disclosure.
  16. Non-Occupant Co-Borrowers: The program allows non-occupant co-borrowers.
  • State/County Median Income Tool: HERE
  • Underserved Census Tract Look up: HERE



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"Excellent and thought provoking presentation! Valuable and I highly recommend!"

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