Extended Guidelines
This loan requires a 10% Down Payment in exchange for extended credit guidelines. Buyer must be able to afford the mortgage and be responsible with rent. Credit issues should source from past issues and recent improvement of credit repayment pattern.
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| Credit score: | 500 minimum |
| Property type: | 1-4 units, Condo, PUD |
| Occupancy: | Primary residence |
| Down Payment: | 10% minimum |
| Loan to Value: | 90% CLTV: 90% |
| Gift Funds | Allowed. No minimum buyer contribution required. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 41% with compensating factors 46/50% |
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Additional Notes:
- Must complete Homebuyer Education
- Must provide evidence of strengths to offset their deficiencies
- No negative credit reporting within last 12 months
- Should pay collections within 24 mos. or over $5,000
- VOR from property management or 12 mos. cancelled checks
- Condos must be FHA approved
- Non-occupying borrowers permitted on SFR
- Unpermitted additions will not be given value
- Bankruptcy 2yrs, Foreclosure 3yrs, Short Sale 3 yrs
- First time buyer not required. Must be primary residence.
This page contains program highlights only. See sidebar links for further information and details.