This program is for well qualified buyers. The loan amounts are higher than standard limits. The funds, credit, and income requirements become stricter due to increased risk with higher loan amounts.
|Credit score:||620 minimum|
|Property type:||2-4 units|
|Down Payment:||25% minimum|
|Loan to Value:||75% Max. CLTV: 75%|
|Gift Funds||Allowed. No minimum buyer contribution required|
|Closing cost:||Seller and/or lender can pay up to 9%|
- Lender-Paid closing cost available
- Impounds are optional
- Unpermitted additions will not be given value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- First time buyer not required. Must be primary residence
- 100% gift for closing funds allowed
- Mortgage reserves may be required
- 75% market rent may be used to qualify
- Flips usually one appraisal. No home inspection required.
This page contains program highlights only. See sidebar links for further information and details.