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Loan Type:  Owner occupied purchase only.  Borrowers must not have owned a home for 5 years or longer. 

Loan Term:  30 Year fixed only

Maximum Loan Amount:  $417,000

Property Type:  Detached and Attached single family residences, 2 Units.  No manufactured homes

Interest Rate:  20% Down 3.75% first 2 years then 5.75% for the remaining term (5.504 apr)
                             15% Down 4.75% first 2 years then 6.25% for the remaining term (5.991 apr)

Here's how the program works:

Sales Price:    $300,000

Down Payment:  $60,000

Loan Amount: 240,000 @ 3.75% = $1,111.47 principal and interest * taxes and insurance not included
Payment year 2-28 = $1,348.76 principal and interest * taxes and insurance not included

Loan costs:  1% plus third party costs

Combine with the new $8,000 first time home buyer tax credit for additional savings.