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Fairway Independent Mortgage Corporation 200 High St 5th Floor, Boston MA 02110 www.FairwayBoston.

com P: 617-456-1700 F: 617-456-1701

Down Payment Options for MA Buyers Purchasing with less than 20% Down Payment
Mass Housing
% Down Credit Score 3% min 680 min, 4 credit lines open for at lesat 12 month

FHA
3.5% min 640 min

Conventional
5% min 620 min

My Community
3% min 660 min

Debt to Income Ratio Assets Mortgage Insurance

41% max

43% max

45% max

45% max

Per Desktop Underwriting

Per Desktop Underwriting Upfront MI payment financed in the loan amount & a monthly MI payment None

Per Desktop Underwriting

Per Desktop Underwriting Monthly MI payment w/MGIC

None

Monthly MI payment

Classes

Required for 1st time homebuyers and landlords Allowed from family member or co-borrower

None

None Pesonal Gifts, and grants permissable (only if putting exactly 3% down) Must meet Fannie Mae Eligibility

Gift

Allowed from family member

5% must be borrowers own funds

Condo Requirement Notes

Minimum of 600 sq ft Above is based on a 1 unit property. Some income limits apply. 417k max loan amount. Higher rate than conventional

Condo building must be FHA approved

Must meet Fannie Mae Eligibility

417k max loan amount, monthly MI higher rate than conventional MI rate

417k max loan amount

417k max loan amount

Please contact a licensed Fairway Loan Officer to obtain the latest changes to any of these programs.

Fairway Independent Mortgage Corporation NMLS #2289 EQUAL HOUSING LENDER