FHA Standard & DPA

Government Execution with Down Payment Assistance

The Corva FHA Wholesale program combines the accessible qualifying parameters of FHA 203(b) government financing with the Corva Down Payment Assistance (DPA) suite. Designed to empower originators serving first-time buyers and community heroes, this program offers both repayable second mortgages and 100% forgivable grant assistance.

Specifications & Credit Thresholds

• Maximum LTV: 96.5% standard first-lien LTV (combined CLTV up to 100% with FHA DPA).
• Minimum FICO: 580 for standard FHA financing; 620 for FHA DPA second-lien programs.
• Loan Limits: Current FHA county loan limits applicable to the subject jurisdiction.
• Manual Underwriting: HUD 4000.1 compliant manual underwriting permitted down to 580 FICO with compensating factors.

Corva FHA DPA Suite

Option A: 10-Year Repayable Second Lien

Provides 3.5% or 5.0% of the purchase price as an amortizing second mortgage with a 10-year term, fully financing the required borrower down payment and closing costs.

Option B: 100% Forgivable Grant Option

Provides a 3.5% assistance grant that is 100% forgiven after the borrower makes 36 consecutive monthly on-time payments on the first mortgage. No repayment required if the borrower retains the home.

Fast FHA Case Transfers

Corva processes inbound FHA case number transfers within 4 hours using our streamlined institutional transfer procedure. Sponsoring Lender ID: 7099000002.