This program is for well qualified buyers. The funds, credit, and income requirement are stricter than government loans. With this 10% down the maximum loan amounts are increased above standard limits.
[table]
| Credit score: | 620 minimum |
| Property type: | SFR, Condo, PUD |
| Occupancy: | Primary residence |
| Down Payment: | 10% minimum |
| Loan to Value: | 90% Max. CLTV: 90% |
| Gift Funds | Allowed |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 45% with compensating factors up to 50% |
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Additional Notes:
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- Impounds optional with 10% Down
- Unpermitted additions will not be given any value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
- First time buyer not required. Must be primary residence
- Less than 20% requires mortgage insurance
- Mortgage reserves may be required
- Lender-paid mortgage insurance available
- Flips usually one appraisal. No home inspection required
This page contains program highlights only. See sidebar links for further information and details.