News: Program - Single Family
Super Targeted Mortgage Program - Round Two
NIFA is announcing the availability of $3 million in Super-Targeted Mortgage Program (STMP) funding for round two in 2003. The funding announcement and supporting documentation is located on NIFA’s website under the program Super Target Mortgage.
The entire $3 million funding pool will be allocated by NIFA through a competitive process on a first-come first-serve basis. There is a limit of $300,000 per community. Community set-aside allocations will not be made in this round.
Approved NIFA participating lenders will be required to submit a complete application package on behalf of the borrower to NIFA's office for review prior to making a 2.99% commitment.
All of the STMP borrower and property eligibility requirements remain the same as the previous round except NIFA has reduced the minimum borrower housing expense debt ratio to 15% from 20% for this round.
For questions, please call Jacki Young at (402) 434-3900.
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