This is the standard minimum down payment for 3-4 units. No mortgage insurance is required which allows more guideline flexibility with credit, income, and funds.
[table]
| Credit score: | 620 minimum |
| Property type: | 3-4 units |
| Occupancy: | Primary residence |
| Down Payment: | 25% minimum |
| Loan to Value: | 75% Max. CLTV: 75% |
| Gift Funds | Allowed. No minimum buyer contribution required |
| Closing cost: | Seller and/or lender can pay up to 9% |
| Debt Ratio: | 45% with compensating factors up to 50% |
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Additional Notes:
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- 2 Units with 15% Down
- Unpermitted additions will not be given any value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
- First time buyer not required. Must be primary residence
- 100% closing gift funds allowed
- Mortgage reserves may be required
- 75% market rents may be used to qualify
- Flips usually one appraisal. No home inspection required
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