New Penn is committed to providing affordable lending solutions to help make homeownership a reality for low-income borrowers and is pleased to announce the launch of the Home Possible® Very Low Income program (VLIP).
VLIP is a Home Possible® 30-year fixed rate mortgage that provides eligible borrowers with a 2.00% pricing improvement over standard Home Possible® with LPMI.
VLIP Eligibility Requirements
In addition to meeting the requirements of the FHLMC Home Possible® program, the following VLIP requirements must be met:
- Qualifying income is </= to 50% of area median income for very low-income borrowers
- LTV must be between 80.01 – 97.00%
- 105% CLTV allowed with Affordable Seconds
- Purchase of a 1-4 unit owner-occupied property
- 30-year Fixed Rate Mortgage
- LPMI is required. Borrower paid MI is not permitted
Please refer to the Home Possible product profile for specific details.