- Loan amounts up to $417,000.00
- Maximum income limits: 97% financing - $66,500.00, 100% financing - $53,200.00 household income. No income limits in HUD designated underserved areas. HUD designated underserved areas can be
- Ratios: 33% housing, 41% total debt. Can go up to 45% with 720 credit score and no other debt
- Term: 30 year fixed only
- Home buyer Education: Required
- Can use approved down payment assistance program or qualified gift
- Property: Single family residence, townhouse or condo
- Minimum buyer contribution: $500.00
- Reserves: 97% financing - one month PITI, 100% financing - two months PITI
- No 30 day delinquencies within the past 12 months. Derogatory credit must be explained. Collections may not have to be paid, but judgments must be paid off.
- Student loan payments will not be counted in debt as long as payment will be deferred at least 36 months from loan closing.
- For 100% financing, minimum credit score must be 680.
- Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months. Minimum number is three sources of non-traditional credit.
Senior Loan Officer