Below is a list of frequently asked questions regarding MPF Xtra 3D. Click here for a printable PDF version of the FAQs.

MPF Xtra 3D FAQs

What is MPF Xtra 3D?
What are the terms of the down payment assistance?
If the borrower refinances the first mortgage or sells the home, will the borrower be required to repay a portion of the down payment assistance back to the Federal Home Loan Bank of Chicago?
How is the MPF Xtra 3D down payment assistance funded?
Is HomeReady eligible under this option?
Is it acceptable to also have a Down Payment Assistance Grant attached to this option?
How can my borrower qualify for this down payment assistance option?
How do I determine AMI eligibility?
Is there a tolerance for the Borrower Income when qualifying the borrower(s)?
Is Credit Counseling required?
Is underwriting and eligibility preapproval required for MPF Xtra 3D?
When using Desktop Underwriter, what feedback will I receive?
How is MPF Xtra 3D priced?
Are there special delivery requirements?
What if Private Mortgage Insurance (“PMI”) is accidentally placed on the loan at closing? Can it be removed?
What is my repurchase obligation?
Is there Risk Based Capital (“RBC”) on this option?
Could MPF Xtra 3D loans be considered higher-priced mortgage loans?