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.
[table]
| Credit score: | 720 minimum |
| Property type: | 1-2 units, Condo, PUD |
| Occupancy: | Primary residence |
| Down Payment: | N/A |
| 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 % |
[/table]
Additional Notes:
- 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.