FHA 100 Requirements - HMAC-FHA 100 Matrix

Sep 16, 2026

Uploaded by Mary Man

HMAC FHA 100 matrix summarizes FHA 100 program requirements for down payment assistance, first mortgage terms, credit and income underwriting, and closing prerequisites. It defines repayable and forgivable DPA structures for 3.5% and 5% assistance, including 10-year repayable and 30-year forgivable options with forgiveness after consecutive on-time first-mortgage payments. It specifies property, occupancy, FICO/LTV/CLTV guidelines, homebuyer education course requirements, AUS/DU or manual underwriting overlays, and key documentation expectations such as URLA completion and rent verification.

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FHA 100 Matrix

Down Payment Assistance Amount

First Lien Requirements

Homeownership Education Requirements Prior to Closing

FHA 100 Requirements

Chenoa Specifications

Credit

Income

FHA 100 Matrix | Down Payment Assistance Amount | Structure, Term and Rate | | --- | --- | | 3.5% | Repayable:
• DPA is a 10 year term
• Interest rate 1% higher than the Interest rate on the First Mortgage | | | Forgivable:
• DPA 30 year term, No payments due
• Interest rate at 0%
• Loan will be forgiven after 36 months of on-time consecutive 1st lien payments | | Down Payment Assistance Amount | Structure, Term and Rate | | --- | --- | | 5% | Repayable:
• DPA is a 10 year term
• Interest rate 1% higher than the Interest rate on the First Mortgage | | | Forgivable:
• DPA 30 year term, No payments due
• Interest rate at 0%
• Loan will be forgiven after 36 months of on-time consecutive 1st lien payments | | First Lien Requirements | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Property Type | Occupancy | Purpose | Minimum Loan
Amount | Loan Amount | Min FICO | Max LTV | Max CLTV | Product 1st Lien | Term | | 1-2 Units | Primary | Purchase | $100,000 | FHA County Limit up to max $1,249,125 | 600 | 96.50% | 100% | 30 yr. Fixed FHA | 360 | | Homeownership Education Requirements Prior to Closing | | | | | | --- | --- | --- | --- | --- | | Homebuyer Education | FICO | | | Approved Counselling Courses | | | AUS Approved 600-619 | Required | Must be through Money Management International. | Money Management International | | | Manual
Underwrite 600-
639 | Required | Must be through Money Management International. | Money Management International | | | AUS Approved
620-639 | Required | Must be through any HUD-approved education course. | Any HUD Approved Counseling | | | | | | Framework | | | | | | HomeView | | | AUS Approved
640+ | Not Required | N/A | N/A | | | Manual
Underwite
640+ | Required | Must be through any HUD-approved education course. | Any HUD Approved Counseling | | | | | | Framework | | | | | | HomeView | HMAC is an Equal Housing Lender. NMLS\# 1165808. The information in this document is intended for use by licensed mortgage bankers and mortgage loans officers, and may not to be viewed, used, or relied upon by consumers. The information disclosed in this document is subject to change without notice. Not available in all states. FHA 100 Requirements | Chenoa Specifications | | | | | --- | --- | --- | --- | | General Eligibility | | | | | AUS | • | DU Approve/Eligible Required or Manual Underwrite. See Manual Underwrite Below. | | | DPA Amount | • | 3. 5% or 5% | | | DPA Term and Rate | • | DPA Repayable: 10 year term, interest rate matching the first mortgage
DPA Forgivable: 30 year term, interest rate at 0% . Forgiveness is based on DPA. | | | | • | 3.5% & 5% Forgivable after 36 consecutive, on-time payments on the first mortgage. | | | Fees | • | Max Fee 1. 5% | | | First Mortgage | • | 30-year term, fixed rate, full amortization. Must be sold to CBC. | | | | • | Maximum 1st Lien loan amount per FHA County Limits. | | | | • | High Balance allowed | | | | | • | Repayable – allowed for 3.5% and 5% assistance | | | | • | Forgivable – allowed for 3.5% assistance only | | LTV/CLTV | LTV: Must be 90%-96 . 5% . | | | | | CLTV: No overlay. | | | | Manual
Underwriting | Must follow FHA Agency Guidelines and the following overlay requirements: | | | | | • | Minimum FICO of 600 | | | | • | Maximum ratios of 37%/47% | | | | • | Must take Home Buyer Education course regardless of credit score | | | | | • | Credit Score 600-639 must be from Money Management International | | | | • | Credit Score 640 and above may be from any HUD approved course | | | • | VA Residual income worksheet as needed to meet FHA compensating factors | | | | • | Verification of Rent verifying satisfactory payments for a minimum of the previous 12 months housing history or | | | | • | LOE for living rent free signed and dated by borrower(s) AND the property owner verifyi

FAQs

What are the DPA options for FHA 100 and how do they differ between repayable and forgivable?

For 3.5% or 5% assistance, the DPA can be repayable as a 10-year term with an interest rate 1% higher than the first mortgage. It can also be forgivable as a 30-year term with 0% interest, with the loan forgiven after 36 months of consecutive, on-time first-lien payments.

What first mortgage structure and terms are required under FHA 100?

The first mortgage is a 30-year fixed rate, full amortization loan, and it must be sold to CBC. The matrix also references FHA county limits for the maximum first lien loan amount and allows high balance with program conditions.

What homebuyer education requirements apply before closing?

Homebuyer education is required for many scenarios and includes course approval rules tied to credit score bands. AUS-approved 600–619 and manual-underwrite 600–639 cases require education through Money Management International, while higher-credit scenarios may use any HUD-approved course; AUS-approved 640+ may be not required.

Sep 16, 2026

Uploaded by Mary Man