Men and Women in Uniform Program
This Program is FIRST COME, FIRST SERVED
Applicant must be "Pre-Qualified" by lender, to apply for funds
Applicant to receive up to $3,000 to be used for closing costs, rate buydown or down payment
Funds are a Grant and no repayment is necessary
Seller/Buyer Agent must be a PWR REALTOR® Member
Program Available Only in Los Angeles County, Orange County and Riverside County
ELIGIBLE BORROWERS
- Military, Active Duty & Veterans meeting service requirements
- First Time Buyer – May not have owned a primary residence in the past 3 years
OCCUPANCY REQUIREMENTS
- Owner Occupied – No non-occupant Co-borrowers – Spouse or dual Veteran Combo Only
MAXIMUM ENTITLEMENT
- $36,000 for purchase price $144,000 and below
- $104,250 for purchase price and Refinance greater than $144,000
AVAILABLE PROGRAMS
MAXIMUM LOAN AMOUNT
- $550,000 (with funding fee included)
ELIGIBLE PROPERTIES
- 1 UNIT and PUDS
- Condominiums
INCOME LIMITS
- See Calhfa Income limits by County for the Chdap program
MAXIMUM DEBT RATIO
- 41%- 43%
- May exceed ratio if run through Loan Prospector (LP) and receives an Accept or Desktop Underwriter (DU) automated systems and receives an Approve/Eligible
CREDIT INFORMATION
- Minimum credit score of 600
- 2 years on Bankruptcy and 3 on Foreclosure, Short Sale. One year into Chapter 13 Plan
- No minimum reserve requirement
- Gift Funds ok
Non-traditional credit is okay
VA No-No Allowed – Veteran may not receive cash back – Lender Must Approve DAP Program
PWR Underwriters reserve the right to apply Conventional, Fha or VA published guidelines to the Underwriting of the loan package.
The PWR grant program and the estimated HUD 1 showing the amount of grant must be disclosed and approved by the 1st mortgage lender and at the time the loan is submitted to the 1st mortgage underwriter. Also, the PWR grant must be disclosed on the HUD 1 as "PWR Grant" in which the underwriter must know beforehand that the borrower is receiving a grant and has to approve the estimated HUD 1 prior to final closing documents. Just let the agent know if the borrower wants to submit an application for the grant, that they need to be aware there could be possible delays in closing and restructuring of the loan because loan has to be resubmitted back to underwriting for approval of the grant funds from the 1st mortgage lender.
PWR must pre-approve the grant funds eligibility first before loan is restructured or resubmitted to the 1st mortgage lender.
If you have questions regarding this program, please email
charity@pwr.net