Conventional 20% Down 2-4 Units

The program has a reduced down payment requirement in comparison to the standard 25% requirement on 2-4 units. Borrower must have previous landlord experience.
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Credit score: 620 minimum
Property type: 2-4 units, Condo, PUD
Occupancy: Primary residence
Down Payment: 20% minimum
Loan to Value: 80%     Max. CLTV: 80%
Gift Funds Allowed. No minimum buyer contribution required
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 Freddie Mac approved
  • Lender paid closing cost available
  • Unpermitted additions will not be given any value
  • Impounds are optional
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs.
  • First time buyer not required. Must be primary residence.
  • 100% gift for closing funds allowed
  • Mortgage reserves may be required
  • 75% market may be used to qualify
  • Borrower must have 2 year history managing rentals

This page contains program highlights only. See sidebar links for more information and details.