Purchase Money Loan

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
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 %


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.
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