Men and Women in Uniform Program
This Program is FIRST COME, FIRST SERVED
Applicant must be "Pre-Qualified" by lender, to apply for funds
Applicant to receive up to $3,500 to be used for closing costs, rate buydown or down payment
Funds are a Grant and no repayment is necessary
Seller/Buyer Agent must be a PWR REALTOR® Member
Program Available Only in Los Angeles County, Orange County, Riverside County, & San Bernardino County
- Military, Active Duty & Veterans meeting service requirements
- First Time Buyer – May not have owned a property in the past 3 years.
- Owner Occupied – No non-occupant Co-borrowers – Spouse or dual Veteran Combo Only
MAXIMUM LOAN AMOUNT
- Current Limits for Orange & LA County are $765,000. Current limits for Riverside & San Bernardino County are $560,000
- 1 UNIT and PUDS
- Maximum Income Limits- Current Limits for Orange County are $131,160 (1-2 persons) and $153,020 (3+persons) and for Los Angeles County $116,280 (1-2 persons) and $135,660 for (3+persons). Current limits for Riverside & San Bernardino Counties are $93,000 (1-2 persons) and $108,500 for (3+ person)
MAXIMUM DEBT RATIO
- 41%- 43%
- May exceed ratio if run through Loan Prospector (LP) and receives an Accept or Desktop Underwriter (DU) automated systems and receives an Approve/Eligible
- Minimum credit score of 600
- 2 years on Bankruptcy and 3 on Foreclosure, Short Sale. One year into Chapter 13 Plan
- No minimum reserve requirement
- Gift Funds ok
- Non-traditional credit is okay
VA No-No Allowed – Veteran may not receive cash back – Lender Must Approve the Grant Program.
PWR Underwriters reserve the right to apply Conventional, Fha or VA published guidelines to the Underwriting of the loan package.
The PWR grant program and the estimated Loan Estimate/ Closing Disclosure showing the amount of grant must be disclosed and approved by the 1st mortgage lender and at the time the loan is submitted to the 1st mortgage underwriter. Also, the PWR grant must be disclosed on the Loan Estimate/ Closing Disclosure as "PWR Grant" in which the underwriter must know beforehand that the borrower is receiving a grant and has to approve the estimated Loan Estimate/ Closing Disclosure prior to final closing documents. Just let the agent know if the borrower wants to submit an application for the grant, that they need to be aware there could be possible delays in closing and restructuring of the loan because loan has to be resubmitted back to underwriting for approval of the grant funds from the 1st mortgage lender.
PWR must pre-approve the grant funds eligibility first before loan is restructured or resubmitted to the 1st mortgage lender.
If you have questions regarding this program, please email Educationevents@pwr.net