These are just some of the Programs that I have to offer my customers:
Most of our buyers today know about the conventional loans, which are not as popular in todays market as they were a few years back. I am going to give you some bullet points on the most popular products that I am seeing in today's market.
$8000.00 Tax Credit:
A person is considered a first time buyer if they have not owned a home in the past three years.
Any Home purchased for $80,000 or more, qualifies for the full $8000.00 tax credit as long as their Modified Gross Income is below 125,000 for single and 225,000 for joint filers.
A true tax-credit- not a repayable loan
Must purchase a principal residence before 04/30/2010 and fund no later than 6/30/10
Property purchaesd must be owner occupied
Certain income restrictions do apply
FHA HUD $100.00 Down:
You must purchase a HUD qualified REO home, and use FHA Financing
Non-Occupant Co-Borrowers are allowed
The property that you purchase must be your primary home
If you currently own a residence, you must have a reason why you are purchasing this as your primary home. Ex. larger home, closer to work.....
Credit scores must be 620 or above to qualify
HomePath Financing:
Fannie Mae has homes as a discounted price, that are for some reason unable to be financed through the normal channels. Fannie Mae created their own product, which is available only for the homes that are listed on the HomePath website. HomePath.com
No Appraisal required
Expanded LTV's of up to 97% with no Mortgage Insurance for a primary or secondary home
Up to 6% seller contributions allowed for primary or secondary homes
For investment properties, borrowers may own up to 10 financed properties (max LTV of 75%)
Minimum credit scores are required
FHA Financing:
FHA Loans are popular because they contintue to keep up with our continuously changing economy.
Credit score flexibility
Only 3.5% down payment on loans up to $625,000 in certain high cost areas
Higher debt-to-income ratios (on DU or LP approvals)
Purchase on a 2, 3, or 4 -unit home as long as FHA loan limit is not exceeded
Mortgage Insurance can be added to your loan balance instead of paid out-of-pocket
No payment penalty
Streamlined documentation on refinances
Fewer required repairs
Bankruptcy? 2-3 years from the date of your bankruptcy discharge, you can obtain an FHA Loan, provided you have sinced maintained good credit.
Foreclosure? 3 years after the final date of foreclosure, you can obtain an FHA loan, provided you have since maintained good credit.
USDA Rural Development- Rural Home Loan
Guarenteed Program
Conventional Lender Used
Moderate income limit: Adjusted Income Limits- Yavapai County
Household size 1-4, Moderate Income Max $73,600.00
Household size 5-8, Moderate Income Max $97,150.00
No Down Payment, PMI or MIP
Finance 102% of Market Value
Loan can include repairs, improvements, closing costs and fees
2% Guarentee fee applies
No restrictions on dwelling size or amenities. Must meet RD thermal standards, be in good condition, and inspected by qualified individual.
Eligable applicant must:
Have steady & dependable income (generally 2 yr. employment history)
Be able to obtain conventional credit to meet housing needs
Meet lender's underwriting guidelines
Cannot own a suitable home
No loan limit
Terms: 30yr. amortization
Rates: Conventional Rates
Ratios: 29%PITI 41% Total Debt
203K Renovation Loan
Mortgage based on after-improved value
One closing and then repairs begin (sellers avoid having to make repairs themselves)
Perfect solution to older home problems
Enables borrowers to buy a foreclosure property without having cash to do the needed repairs
Eligible Repairs include:
Roofing, gutters and downspouts
Interior/Exterior painting
Room addition or garage
Remodel kitchen and bath(s)
Update appliances
Flooring, tile and carpet
Major landscaping, decks and fences
Structural alterations and additions
Modernizing plumbing, heating, AC and electrical systems
Install or repair well or septic system
Energy conservation improvements
Improvements for accessibility
