This loan is ideal for well qualified buyers. The funds, credit, and income requirement are stricter than government loans. This is also a good alternative for condos that are not FHA approved.
|Credit score:||620 minimum|
|Property type:||SFR, Condo, PUD|
|Down Payment:||5% minimum|
|Loan to Value:||95% Max. CLTV: 95%|
|Gift Funds||Allowed. Minimum buyer contribution 5%|
|Closing cost:||Seller and/or lender can pay up to 3%|
- Condos must be Fannie Mae approved
- Lender-paid closing cost available
- Impounds optional with 10% Down or more
- Unpermitted additions/conversation on case by case basis
- 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
- No mortgage insurance program required
- Flips usually one appraisal. No home inspection required.
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