****New Mortgage Program Alert for low credit scores**** -Must have a minimum FICO score of 600 -Maximum loan Amount: 417,000 -Income limitation: 115% of HUD AMI -Homebuyer Education Required -Borrowers with No Credit scores allowed with alternative credit -2nd Mortgage of up to three percent (3%) of either the lower of the sales price or appraised value -Fully amortized 15 year second Mortgage -Borrowers minimum contribution of .5% may be a Gift (from family members) -Seller Contribution allowed up to 6% -Eligible Properties: • SFRs PUDs, FHA Approved Condos • 2 unit properties with a minimum credit score of 640 Ineligible Properties: • Manufactured homes
Posted on: Tue, 12 Aug 2014 01:10:03 +0000
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