Conventional 3% Down Payment Loan. FHA 3%Convetntional FICO 620 680 UP Front MIP 1.75% 0 Monthly PMI 1.35% .68 Can use Down Payment Yes Yes Programs The above are some of the quirks the program has to offer. The Home Opportunities SM program was developed to address many of the key consumer barriers to homeownership. Some of the key features include: • Forgiving credit standards for customers who had problems in the past but have recently shown financial responsibility. • Expanding qualifying ratios to address the growing reality that homeowners need to spend a greater percentage of their income on housing. This program has built-in flexibility to address many of the needs of customers; therefore, the guidelines must be strictly adhered to. Some of the benefits of this program include: • Minimal down payment with a minimum credit score. • Non-traditional credit profiles for those borrowers with limited credit usage. • Flexibility on the source of closing costs (such as gifts) approved • Down payment assistance programs (DAPs). • Transaction options for both purchases and rate-term refinances. • The intent of this program is to provide homeownership for low-to moderate income borrowers.
Posted on: Sun, 04 Aug 2013 02:29:00 +0000
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