WISH Program The Workforce Initiative Subsidy for Homeownership (WISH) Program is a down payment and closing cost assistance program which provides matching funds to eligible first-time homebuyers. WISH Program Features: • 4-to-1 Matching Grant; up to $22,000 maximum 1 • No payback of grant if homebuyer stays in home for 5 years 2 • Must be a first-time homebuyer • Must be at or below 80% of the HUD area median income limits Here’s an example of how the 4-to-1 matching grant works: Amount borrower contributes to down payment: $ 5,500 Amount of money that WISH contributes to down payment: $ 22,000 Total amount available for home purchase: $ 27,500 Program Availability: Available on the following mortgage programs: • Conforming 30-year Fixed-Rate loans 3 • Federal Housing Administration (FHA) 4 • HomeReady ® Mortgage 5 • VA loans 6 Contact your WISH Program Mortgage Consultant to apply today. See reverse for additional important information Are you a first-time homebuyer looking for down payment assistance?
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WISH Program
The Workforce Initiative Subsidy for Homeownership (WISH) Program is a down payment and closing cost assistance program which provides matching funds to eligible first-time homebuyers.
WISH Program Features:
• 4-to-1 Matching Grant; up to $22,000 maximum1
• No payback of grant if homebuyer stays in home for 5 years2
• Must be a first-time homebuyer• Must be at or below 80% of the HUD area median income limits
Here’s an example of how the 4-to-1 matching grant works:
Amount borrower contributes to down payment: $ 5,500 Amount of money that WISH contributes to down payment: $ 22,000 Total amount available for home purchase: $ 27,500
Program Availability:
Available on the following mortgage programs:• Conforming 30-year Fixed-Rate loans3
• Federal Housing Administration (FHA)4
• HomeReady® Mortgage5
• VA loans6
Contact your WISH Program Mortgage Consultant to apply today.
See reverse for additional important information
Are you a first-time homebuyer looking for down payment assistance?
Loans subject to credit and collateral approval. Not all loan programs are available in all states for all loan amounts. Restrictions may apply. Terms and conditions subject to change.1 Enrollment in the WISH Program is not a guarantee to the homebuyer of receipt of funds. The grant recipients must sign a Promissory Note, Deed
of Trust and Rider to the Deed of Trust and there will be a lien placed against the subject property for the amount of the grant that will remain on the property for five years.
2 The amount owed will decrease by 20% for each year the borrower retains homeownership of the property as their primary residence. No payments toward the grant are due as long as the homebuyer resides in the property and abides by the terms of the grant. After five (5) years, the grant is forgiven and the lien is released from the property.
IMPORTANT INFORMATION ABOUT THE CONFORMING FIXED-RATE LOAN:3 This is a fixed-rate loan with fixed monthly principal and interest payments for the life of the loan. Loan amounts available up to $510,400 on 1-unit
properties. Mortgage insurance is required for loans exceeding 80% LTV. Minimum credit score and reserve requirements apply and may impact the amount that can be borrowed and the interest rate/APR for which you are eligible. A non-refundable $550 application fee is required. Dis-played rates were effective as of 04/14/2020 , are for informational purposes only, and are subject to change without notice. For mortgage loans, the APR may include the interest rate plus other charges or fees (such as discount points, mortgage insurance, and origination fees). The interest rate in this payment example is based on a variety of assumptions and conditions, including a consumer credit score which may be higher or lower than your individual credit score. Additional loan-level pricing adjustments may apply to your transaction. The following payment example is for illustrative purposes only and assumes a purchase of an owner-occupied single-family residence. The rate/APR is based on a variety of assumptions and conditions and is subject to change. Your rate/APR will be determined by your transaction’s specific characteristics.
Example: For a $285,000 30-year Conforming Fixed-Rate mortgage loan at 3.875% / 4.330% APR (effective 04/14/2020 ), the monthly principal and interest payment for 360 months would be $1,340.18. Payment amount does not include homeowners insurance or property taxes, which must be paid in addition to the monthly payment.
IMPORTANT INFORMATION ABOUT THE FHA FIXED-RATE LOAN:4 This is a fixed-rate loan with fixed monthly principal and interest payments for the life of the loan. Your property must be owner occupied. Loans
available for purchase of a primary residence. Maximum loan amounts are set by the FHA by county, and for a single-family residence range from $331,760 up to $765,600 for High-Cost CA and WA counties. Minimum credit score and reserve requirements apply and may impact the amount that can be borrowed and the interest rate/APR for which you are eligible. A non-refundable $550 application fee is required. Eligible property types include SFRs, PUDs, attached condominiums (must be an FHA-approved project per FHA Connection), detached condominiums, 2- to 4-unit properties and manufactured homes. This loan program requires mortgage insurance including a one-time up-front Mortgage Insurance Premium (MIP) that can be financed into the loan, as well as monthly mortgage insurance that is payable with your monthly loan payment. Monthly mortgage insurance is required for 11 years for loans up to 90% LTV, and for the life of the loan for loans greater than 90% LTV. Ask your Mortgage Consultant for further details.
IMPORTANT INFORMATION ABOUT HomeReady®: 5 This is a fixed-rate loan with fixed monthly principal and interest payments for the life of the loan. You may be eligible for a HomeReady loan if you meet certain income limits for the census tract in which the subject property is located. Loan amounts on 1-unit properties range from $510,400 up to $765,600 for High-Cost CA and WA counties. HomeReady loans are available only for purchase transactions and limited cash-out refinances that will be secured by the subject property. For SFRs, PUDs and condominiums, 97% financing is available on purchase transac-tions and 97% financing is available on limited cash-out refinances. 80% financing is available on purchase transactions and limited cash-out refinances on manufactured homes. 85% financing is available on 2-unit properties and 75% financing is available on 3-4 unit properties. Mini-mum credit score and reserve requirements may apply and may impact the amount that can be borrowed and the interest rate/APR for which you are eligible. A non-refundable $550 application fee is required. Mortgage insurance is required for loans exceeding 80% LTV. Mortgage insurance is required for loans exceeding 80% LTV. Funds required to close may be gift funds from an eligible donor or from an approved down payment assistance (DAP) program. If these requirements are not met, a contribution of up to 3% from the borrower’s own funds will be required. No minimum borrower contribution applies only to 1-unit properties. Income from non-borrowing household members may be considered. Non-borrower must provide documentation of income, and sign a statement of their intent to reside with the borrower(s) for a mini-mum of 12 months. Non-borrower income must be at least 30% of the qualifying income and may only be utilized on loans with an automated underwriting approval. Non-borrower income is not part of the qualifying income and is not subject to applicable income limits. Additional requirements apply. Non-occupying co-borrower income is included when calculating the income limitations and allowed on purchase and limited cash-out refinance transactions on loans with an LTV <95.
IMPORTANT INFORMATION ABOUT THE VA LOAN: 6 The VA home loan is an entitlement for qualified veterans and spouses. For eligibility and entitlement amount, please speak with a Mortgage Consultant or go to http://www.benefits.va.gov/homeloans/purchaseco_certificate.asp. We offer fixed-rate loans with fixed monthly principal and interest payments for the life of the loan and adjustable rate-loans in which the interest rate can increase after consummation and your payments will increase accordingly. VA county loan limits apply. A higher loan amount is available if the veteran makes a down payment. The maximum loan limit for VA is $1,500,000. Please check the VA loan limits web-site at http://www.military.com/money/va-loans/home-purchase/va-loan-limits-for-high-cost-counties.html. The property must be owner-occupied. Eligible property types include SFRs, PUDs, attached or detached condominiums, and 2- to 4-unit properties. No manufactured homes. Minimum credit score, reserve requirements, and other restrictions may apply.
This loan program requires a one-time VA Funding Fee (VAFF) at closing which can financed into the loan. A veteran may be exempt from paying the VA funding fee if they are disabled due to a service-related injury. Ask your Mortgage Consultant for further details. Maximum LTV/CLTV is 100% on VA purchase loans with a CLTV of 105% with an approved government down payment assistance program (DAP). Cash out refinances are max LTV/CLTV of 90%. Mortgage insurance is not required.
Contact your Union Bank Mortgage Consultant for current rate information (including personalized rate quotes), and questions about loan terms & conditions or rate locks.
