15% Down with 620 score 2 Unit

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.
[table]

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%

[/table]

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.