The program has a reduced down payment requirement in comparison to the standard 25% requirement on 2-4 units. Borrower must have previous landlord experience.
|Credit score:||720 minimum|
|Property type:||1-2 units, Condo, PUD|
|Loan to Value:||85% Max. CLTV:|
|Gift Funds||Allowed. No minimum buyer contribution required|
|Closing cost:||Seller and/or lender can pay up to %|
|Debt Ratio:||45% with compensating factors up to %|
- Condos must be USBHRI approved project
- Lender paid closing cost available
- Max of 2 borrowers is allowed
- Bankruptcy 7 yrs, Foreclosure 7 yrs, Short Sale 7 yrs.
- Max Line of Credit 350,000, Min. Line 15,000
- Full or partial disbursement is acceptable but funds may only be used for down payment.
- Line or credit term includes a draw period, up to 10 years, followed by 20 years repayment period.