High Balance
This loan is for a second home. A second home is generally expected to be in a resort area. The second home must be a reasonable distance away from principal residence.
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| Credit score: | 620 minimum |
| Property type: | 1 Unit, Condo, PUD |
| Occupancy: | Secondary Residence |
| Down Payment: | 10% minimum |
| Loan to Value: | 90% Max. CLTV: 90% |
| Gift Funds | Allowed. Minimum buyer contribution 5% |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 45% |
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Additional Notes:
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- Impounds are optional with 10% down
- Second home should be suitable for year-round use
- Borrower must qualify with both PITIA obligations
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
- Mortgage Insurance required when less than 20% down
- 2 months reserves are required
- Rental income not considered on second home
- Inquire if property will qualify as second residence
This page contains program highlights only. See links on right side links for further information and details.