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BENEFITS OF DOWN PAYMENT ASSISTANCE (DPA)
WITH ORION...
✔ 100% Financing
✔ No Income Limits
✔ Credit Scores Down to 580
✔ First Time Buyer Not Required
✔ Underwritten Entirely In-House
✔ No Borrower Down Payment Required
✔ Industry Leading STAR Portal Technology for Seamless Upload and Processing
✔ Unlike Other Lenders - Orion's DPA's Allow for MANUAL UNDERWRITING
✔ Orion Lending has Helped Thousands of Borrowers Achieve the Dream of Homeownership
ELEVATE FHA & CONV DPA GRANT
- No 2nd Lien or Repayment Required*
- FNMA, FHLMC – Up to 3% DPA Grant (1.0%, 2.0%, or 3.0% Available)
- FTHB Allowed But Not Required
- FNMA/FHLMC MIN FICO – 620 (Average Credit Score Allowed)
- FHA MIN FICO – 620
- 30 Year Fixed
- 1-4 Unit Primary Residence
- Conforming Balance Only
- FHLMC and Home Possible - Multiwide Allowed
- HomeReady - Multiwide Allowed
BOOST DOWN PAYMENT ASSISTANCE OVERVIEW
- Available for FHA and USDA
- No Payment Shock (w A/E Findings
- Borrower and Lender Paid Comp Available
- 30 Year Fixed - 0% Interest Rate - No Payments Due
- Forgiven After 60 Consecutive, On-Time Payments on the 1st
- Proceeds May Be Used for Down Payment and/or Closing Costs
- 580 MIN FICO
- Manual UW Allowed
- No Income Limits (FHA Only)
- Available for FHA
- Proceeds May Be Used for Down Payment and/or Closing Costs
- 580 MIN FICO
- 1-4 Units Now Allowed for FHA
- Eligible in All States Except WA
- No Payment Shock (w A/E Findings)
- DTI Per AUS 600+ FICO
- Manual UW Allowed Down to 640 FICO
- Borrower and Lender Paid Comp Available
- Home Counseling Required for FICO < 620
- 2nd is Now 15 Year Fixed with Buydown Option to Match Rate with 1st
- Underwritten In-House by Orion and No Secondary Approval Required
- 30 Year Fixed
- 1/0 and 2/1 Buydown
- Conforming Balance Only
- Available for FHA and USDA
- All Property Types Allowed including Manufactured & 1-4 Units
- Forgivable or Repayable Seconds
AURORA DPA OVERVIEW
- 600 MIN FICO
- DTI Per AUS
- 1 - 2 Units
- 3.5% DPA
- N/O Co-Borrowers Allowed
- Manual UW or DU/LP Allowed
- Forgivable 2nd - 30 Year Term Fixed @ 0%
- Doublewide Manufactured Allowed
- Forgiven After 36 Consecutive Payments
- Qualifying Income Must Be ≤ 160% of Area Median Income
- 600 MIN FICO
- DTI Per AUS
- 1 - 2 Units
- 3.5% or 5.0% DPA w/ 1.50% Towards CC
- N/O Co-Borrowers Allowed
- Manual UW or DU/LP Allowed
- Repayable 2nd - Amortized 10 Year @ 2% Higher than the 1st
- Doublewide Manufactured Allowed
- No Income Limits
TRAINING
HyperTrack is an educational forum for approved and prospective Broker Partners who are looking to stay current on Orion Products, Technology and Federal Regulations. Orion's courses are dedicated to promoting Broker success nationwide. HyperTrack is a trusted resource for developing your potential and helping you thrive. Below you will find the next training that talks more about Down Payment Assistance.
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