This loan is ideal for well qualified buyers. The funds, credit, and income requirement are stricter than government loans. This is also a great alternative to an FHA loan with a slightly higher down.
|Credit score:||620 minimum|
|Property type:||SFR, Condo, PUD|
|Down Payment:||3% minimum|
|Loan to Value:||97% Max. CLTV: 97%|
|Gift Funds||Allowed 3%|
|Closing cost:||Seller and/or lender can pay up to 3%|
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- Impounds optional with more than 10% Down
- Unpermitted additions/conversation on case by case basis
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
- One of borrowers must be a first time buyer. Must be primary residence. First time buyer not required.
- Less than 20% down requires mortgage insurance
- Mortgage reserves may be required based on AUS findings
- No Mortgage Insurance program available
- Flips usually one appraisal. No home inspection required.
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