This program is ideal for borrower(s) with large down payments. No mortgage insurance guidelines which allows more flexibility with credit, income, and funds. Two unit properties are eligible.
|Credit score:||620 minimum|
|Property type:||1 Unit, Condo, PUD|
|Down Payment:||15% minimum|
|Loan to Value:||85% Max. CLTV: 80%|
|Gift Funds||Not allowed|
|Closing cost:||Seller and/or lender can pay up to 6%|
|Debt Ratio:||45% with compensating factors up to 50%|
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- Impounds are optional
- Unpermitted additions will not be given any value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
- Mortgage reserves may be required
- Flips usually one appraisal. No home inspection required
This page contains program highlights only. See sidebar links for further information and details.