The HFA Preferred Risk Sharing™ and HFA Preferred™ loans require a minimum 3% down payment. The only difference between the two loans is that the HFA Preferred™ requires mortgage insurance for a down payment of less than 20%.
There is no first time home buyer requirement, however, the borrower may not have an ownership interest in any other residential dwelling at the time of loan closing and must meet HFA income limits.pdf
Eligible Properties include:
- One unit properties only (i.e. single family home)
- No duplexes
- PUDs (Planned urban developments) are acceptable, provided the subject development meets Fannie Mae guidelines
- No manufactured housing (i.e. mobile homes)
- No condos
- Property must be the primary residence
