C- 002 Home Possible – HomeReady Very Low-Income Purchase Grant

NOTICE TO CORRESPONDENT CUSTOMERS

 

Home Possible and HomeReady Guidelines with VLIP $2,500 Grant

Effective with loans delivered to FLCBank on or after Tuesday, April 9, 2024, HomeReady and Home Possible Mortgages with the $2,500 Grant for Very-Low-Income Purchase (VLIP) are eligible for purchase. FLCBank will refund the $2,500 credit to the Correspondent Lender via an LLPA credit on the purchase advice under a line item labeled “Other” in the fee details section.

Correspondent Customers are reminded of the eligibility criteria for Borrowers to receive at closing the $2,500 Grant:

  • Select the appropriate Product Code at the time of loan registration/lock:
    • FHP30V – Home Possible Very (VLIP) Mortgage
    • FHR30V- HomeReady Very (VLIP) Mortgage
  • The AUS findings must recognize the presence of the $2,500 Grant: The grant should be listed in the URLA Asset Type Section as a Grant with the source to reflect Federal Agency and the Donor/Giver of the Grant to reflect the name of the Correspondent Lender.
  • The Final AUS Report must contain the VLIP message applicable to Product under which the loan closed i.e. Home Possible or HomeReady.

 

Click on the link for a helpful Home Possible-Home Ready Very-Low Income Purchase Tip Sheet.

 

CLICK HERE TO DOWNLOAD THE COMPLETE BULLETIN.

 

 

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