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Home Possible Very Low Income Program (VLIP) Launch

New Penn is committed to providing affordable lending solutions to help make homeownership a reality for low-income borrowers and is pleased to announce the launch of the Home Possible® Very Low Income program (VLIP).

VLIP is a Home Possible® 30-year fixed rate mortgage that provides eligible borrowers with a 2.00% pricing improvement over standard Home Possible® with LPMI.

VLIP Eligibility Requirements

In addition to meeting the requirements of the FHLMC Home Possible® program, the following VLIP requirements must be met:

  • Qualifying income is </= to 50% of area median income for very low-income borrowers
  • LTV must be between 80.01 – 97.00%
  • 105% CLTV allowed with Affordable Seconds
  • Purchase of a 1-4 unit owner-occupied property
  • 30-year Fixed Rate Mortgage
  • LPMI is required. Borrower paid MI is not permitted

 

Please refer to the Home Possible product profile for specific details.