Home Is Possible (HIP) Lender FAQ
See the list of providers on our website at http://www.homeispossiblenv.org/page/buyers-education
MGIC, Genworth, Essent, United Guaranty, Radian, Arch, and National Mortgage Insurance Co.
No exceptions are allowed on the debt-to-income ratio.
HIP does not have overlays. However U.S. Bank and the loan agencies may (i.e. FHA, VA, RD, Fannie). See agency and U.S. Bank guidelines for more details.
New and existing attached and detached homes, condos, townhomes and manufactured housing are eligible for financing. (Some restrictions apply. See HIP Administrator guidelines.)
The HFA-Preferred conventional product now allows homebuyers to own other residential properties at the time of purchase (other program guidelines apply).
There are no restrictions. The program is allowed statewide.
Contact U.S. Bank’s Lender Management at (800) 562-5165 or email@example.com and apply to become a participating lender. Once approved, you’ll need to complete a Webex training session by U.S. Bank and/or eHousing Plus. Then sign the NHD HIP agreement and provide a copy of your U.S. Bank approval letter.
Income is based on the final 1003 as determined your company’s underwriting guidelines.