Neighborhood Housing Services Of America

Just Price Loan Products serve borrowers with thin credit files or no credit score at all. Just Price loan products feature 30-year fixed-rate terms and NO prepayment penalties and include purchase, purchase/rehabilitation, refinance, refinance/rehabilitation, and debt consolidation. Just Price loan products are an affordable alternative to more expensive and riskier subprime lender programs.

Just Price purchase, refinance and rehabilitation loan products were designed to accept thin files and nontraditional and alternative credit sources—without high costs or rising mortgage payments.

Just Price Loan Products are available through NeighborWorks® organizations and other nonprofits acting as correspondent lenders or brokers and approved private sector correspondent lenders.

Just Price Loan Product Feature Matrix

Rehabilitation Program Feature Matrix

Application Packages for Just Price Loan Products:

JPS Correspondent Lender Application Package (for Neighborworks® organizations, acting as Correspondent Lenders

NHSA Broker Application Package (for Neighborworks® organizations, acting as brokers)

MCM loan products help to reach borrowers with conventional credit files but who need more flexible underwriting and a lower borrower contribution requirement. This affordable, 97% LTV loan features Borrower Paid Mortgage Insurance and offers many of the same features as Just Price loan products, including Purchase, Rate/Term Refinance and Limited Cash Out Refinance. MCM Loan Product Feature Matrix
Application Packages for MCM Loan Products:

JPS Correspondent Lender Application Package (for Neighborworks® organizations, acting as Correspondent Lenders)

NHSA Broker Application Package (for Neighborworks® organizations, acting as brokers)

Starting in August 2009, NHSA will facilitate approved loan correspondents to originate mortgages under the Non-Supervised Federal Housing Administration (FHA) guarantee program. The new program will include fulfillment services.

Only approved NeighborWorks organization correspondent lenders sponsored by NHSA can sell FHA loans to NHSA as an FHA Lender listed in the FHA Connection. NHSA offers its sponsorship to the FHA Title-I/Home Improvement Program and Title II Single Family Home Program.

Starting in August 2009, other policies, procedures and forms for organizations who access NHSA Non-Recourse FHA Loan Products will be found in the NHSA JPS LLC Non-Recourse Seller Guide.

FHA Loan Program Application Package

(for Neighborworks® organizations, acting as Correspondent Lenders)

The First Mortgage Non-Recourse 502-Leveraged loan program enables NeighborWorks Organizations to access the secondary market funds to place first lien position leveraged loans. These loans serve rural populations, areas and borrowers with low or very-low incomes that are without adequate housing and unable to obtain credit elsewhere, yet have reasonable credit histories.

Leveraged Loans are loans originated by a participating lender who is authorized to provide at least 20 percent of the total financing and to close the first lien position simultaneously with a USDA RD 502 Direct Loan. NeighborWorks Organizations acting as lenders fund the first lien; Rural Housing Services takes a second lien on the same property. A joint closing will be conducted and a single settlement statement provided.

Other policies, procedures and forms for organizations who access the NHSA Non-Recourse 502 - Leveraged Loan Program can be found in the NHSA JPS LLC (Non-Recourse) Seller Guide.

502 Leveraged Loan Program Application Package

(for Neighborworks® organizations, acting as Correspondent Lenders)