Plaza Supports Affordable Housing!

We’ve seen many changes in the market to help make affordable housing more achievable. 

Here are various affordable housing options that are available with Plaza Home Mortgage®:

  • Plaza waives Fannie Mae® and Freddie Mac LLPAs on eligible first-time homebuyer loans based on AMI
  • Conventional LLPA’s are waived for borrowers under the 100% Area Median Income limits on all of the following duty to serve loans:
    • First Time Home Buyers (also goes up to 120% in High-Cost Areas)
    • Manufactured Homes
    • Freddie Mac CHOICERenovation®
  • This does not apply to the loan amount or state adjustments
  • Try it in BREEZE! Enter the income on Quick Pricer, and if it’s under the AMI limit for that county, the LLPA’s will be automatically waived!
  • Plaza allows Down Payment Assistance from most Government and Non-Profit entities
  • Affordable Seconds up to 105% CLTV on Conventional loans
  • Many DPA’s have no maximum CLTV on FHA loans
  • Plaza accepts manufactured homes with the following:
    • Credit scores of 550 and up on FHA and VA, 600 on USDA, and Per DU and LPA on agency
    • Purchase or rate/term refinance
    • Standard conforming balance loan amounts
    • A home classified as Real Property
    • Single or multi-wide
  • Borrowers can get homeownership assistance through federal tax credits granted by the state or municipality based on the size of mortgage interest paid on the loan taken.
    1. Must be first-time homebuyers to be eligible
    2. Can be used as qualifying income (MCC amount divided by 12 months)
    3. It is typically a credit worth 20% of interest paid, up to $2000/year.

      Here is a sample MCC calculation:
      $150,000 (mortgage amount) x 4 percent (mortgage interest rate) x 20 percent (MCC percentage) = $1,200 (eligible credit amount)
HomeReady and Home Possible Program Benefits:
  • No first-time homebuyer requirement
  • Offers borrowers a mortgage option with only a 3% down payment
  • Super Conforming loan amounts available 
  • Works for borrowers who need different down payment options, or require flexibility with their income sources
  • Reduced Ml compared to standard programs for LTVs > 90%

We are here to help you with the tools and resources to help scale your business effectively and, most of all, help your borrowers get the home financing option that suit their needs.

Get with your Account Executive or email hereforyou@plazahomemortgage.com to learn more about how Plaza can help support your borrowers with affordable housing.