TruePath Mortgage Product

• 5.75% fixed interest rate, 5.8095% APR

• 30-year term

• Affordable monthly housing payment set at no more than 30% of gross income

• No mortgage insurance

• Maximum mortgage of 96.5% of home’s value – down payment and affordability assistance available depending on income qualification and availability.

• Borrower contribution of $3,000 towards closings costs (not including owner’s title insurance if the homebuyer chooses to purchase)

Application Requirements

• Complete Twin Cities Habitat for Humanity’s Homeownership Program

• Meet our income eligibility guidelines

• Be a first-time Homebuyer (haven’t owned property in the past three years)

• Currently live in the 7-county metro area

• Purchase a primary residence

Underwriting Requirements for Approval

• Preferred credit score of 620 – Credit scores between 580-620 or invisible/no credit acceptable with alternative credit documentation

• $6,300 in savings

• Total monthly debt payments no more than 13% of gross monthly income

• No outstanding liens or judgments

• Six months at current job with two years of continuous employment history for full-time jobs. Two years at current position for part-time and self-employed workers.

• Minimum of two years since bankruptcy, with 24 months of re-established credit

• Minimum of three years since foreclosure or short sale

• Maximum of $1,000 in outstanding collections ($3,000 maximum if medical collections)