This program is ideal for borrower(s) with large down payments. No mortgage insurance guidelines which allows more flexibility with credit, income, and funds. Two unit properties are eligible.
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| Credit score: | 620 minimum |
| Property type: | 2 Units |
| Occupancy: | Investment |
| Down Payment: | 15% minimum |
| Loan to Value: | 85% Max. CLTV: 75% |
| Gift Funds | Not 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 are optional
- Unpermitted additions will not be given any value
- Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs
- Mortgage reserves may be required
- Flips usually one appraisal. No home inspection required
This page contains program highlights only. See sidebar links for further information and details.