Available Products and Parameters - Maximum loan amount up to Conforming Loan Limits
Borrower Eligibility
- Income can not exceed 80% of HUD median income, unless located in LMI Census Tracts
- Homebuyer education course required (free/online available)
- Must not own any other residential property at time of closing
Loan-to-Value
- Maximum 97% LTV
- Minimum 3% down
Borrower Contribution - 3% (can be gift)
Mortgage Insurance - None
Occupancy - Owner-occupied
Seller Contribution - Maximum 6%
Reserves - Not required (for DTIs up to 33/41)
Subordinate Financing - permitted through a Regions-approved down payment assistance program (DPA)
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