Financing Facts & Information Provided by Johnny Previlus FHA • What is the minimum score for FHA?........ 640/ Minimum down payment 3.5% of Purchase Price • How long does a job history need to be? 2 YEARS REQUIRED*, EXCEPTIONS GRANTED WITH SIX MONTHS • Recent college grads allowed with ONE PAYSTUB. • 100% down payment and closing costs can be gifted from family member • How long after a Short Sale Foreclosure can I apply for an FHA mortgage? …. 3 years. • How long after Chapter 7? 2 years. • How long after a Chapter 13? 1 year. • Non-Occupying Co-Borrowers are allowable for qualifying (Co-signers dont have to live there FHA appraisals attach to a property for 6 Months. Seller concessions up to 6% VA • What is minimum credit score for VA? 640 with 100% financing available! • Seller concessions up to 4%! No Monthly mortgage insurance premium! • Higher debt to income ratio allowed.. up to 60% on the back end! • TERMITE INSPECTION IS ONLY INSPECTION REQUIRED • We are online with the VA PORTAL & can process these loans quickly & efficiently! • How long after Ch 7- 2 years, How long after CH 13- 1 year, Foreclosure- 2 years CONVENTIONAL • How long after a short sale? 2 years., 80 % LTV Chapter 13? 2 years Chapter 7? 4 years • With PMI we can go a higher Loan to Value (97% in some cases!) • 90-95 % Loan to Value need 680 credit score or above to obtain PMI, UPFRONT MI ALSO PROVIDED TO LOWER DEBT RATIO • Avoid the PMI insurance by putting down 20% of the purchase price • Fannie Mae Home Path available-no appraisal required for that product. Need 680 credit score. • Fannie Mae Home Path Renovation available as well . Need 680 credit score. General Points of Interest You May Not Know • Two years worth of income always required, no matter the score, unless prior education is involved • We provide free credit analysis for all potential buyers, all borrowers have to be qualified • If a borrower has credit issues, we will do a free diagnostic & credit analysis if they can forward us a copy of their report. • Identity theft has become a problem for many. If a borrower has had identity theft, we need a copy of the police report of the incident, IRS affidavit, and we can CLOSE! REFINANCE CAPABILITIES • Re-Fis available without appraisals FOR HARP, FHA, VA, AND USDA REFINANCES • VA AND FHA STREAMLINES-no appraisal and no income!! • VA-IRRL (Interest Rate Reduction Loan) No income just clean 12 month pay history • Conventional Mortgages- FNMA AND FREDDIE MAC HARP PROGRAMS OFFERED. Income requirements less stringent, one paystub allowed or LARGE AMOUNT OF ASSETS in lieu of income Important Condo Financing Conditions • Condos must be FHA approved to obtain 96.5% Financing • Conventional Loans have the ability to obtain 80% Financing if they are FNMA approved or approvable • Limited Review of Condo is offered (meaning lack of reserves or higher investor concentration is permissible) at 75% financing for primary residence and 70% for second home . • The association payment is factored into the debt ratio to qualify. We can research Condos easily to determine what percentage down is needed to qualify. Call anytime with questions! ITEMS NEEDED FOR PRE-APPROVAL • Last 2 Years Tax Returns/W-2s-All schedules and pages. • Last 2 Paystubs • Last 2 months bank statements showing assets for down payment. • Current Drivers License
Posted on: Tue, 29 Oct 2013 15:10:08 +0000
Trending Topics
Recently Viewed Topics
© 2015