On May 6, 2020, NIFA announced a change to the maximum second mortgage loan amount for Homebuyer Assistance ("HBA") Program loans. The maximum second mortgage loan amount calculation will include an upper ceiling of $10,000.
NIFA has revised the Notice to Borrower ("Form F") that is signed by all borrowers and non-purchasing spouses at the time of loan application. Participating Lenders are required to use the revised Form F dated 05/2020 on HBA loans that are reserved in Lender Online on and after Monday, May 11, 2020.
Attached to the Program Update is a revised HBA Program Summary for your reference. All other program information including marketing materials will be updated next week.
Please contact our office with any questions. Thank you!