Saturday 20 Jan 2018

Unlock Your Future

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You are here:
Government Loans


·         Great 30 year fixed rate loan for first home buyers

·         3.5% down payment

·         Down Payment can be 100% gift from family member or Grant Program

·         Seller can pay closing costs-Maximum 6% of purchase price

·         There is maximum mortgage amount for each county.

·         620  Minimum Credit Score

·         Fair to Marginal Credit History-FHA will look mostly at last 1-2 years of credit history. If there are some credit issues, we may be able to overcome them with sufficient explanations and supporting documents of why the derogatories occurred. The explanations must make sense such as loss of job, serious illness, etc.

·         Bankruptcy should be discharged 2 years and you should have excellent re-established credit history with revolving and installment loans. Less than 1 year out of Bankruptcy will be considered on a case by case basis for extenuating circumstances.

·         FHA does not require that collection accounts be paid off as a condition of mortgage approval. However, court-ordered judgments must be paid off before closing. Exception: An exception on a court-ordered judgment may be made if the borrower:
         • has an agreement with the creditor to make regular and timely    payments, and
         • has provided documentation indicating that payments have been made according to the agreement.

·         FHA Approved Condos-Single family home-2-4 unit properties, and PUDs are eligible. (Check Approved Condo's)

·         Get Pre-Approved quickly! Also, the file can be manually underwritten by a live person to get loan approval if you do not receive approval through automated system. 


HUD Owned Properties-Low Down Payment Initiative

·         Down Payment is $100

·         Must be HUD Owned property

·         620 minimum credit score

·         Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible


Kiddie Condo

·         Parent can co-sign for son or daughter buying their first home and not occupy property. Also, other family members such as brother or uncle can co-sign on loan and even a friend who has long-standing relationship may be eligible.

·         Son or daughter can be in college with no job   

·         Qualify for loan using combined credit, income, and assets

·         Single family-townhome-condo

·         Son or daughter does not need a job or down payment to qualify


Streamline 203k Renovation Loan

·         Must have minimum $5,000 repairs and remodeling costs and the maximum renovations are $30,000.

·         Loans can go up to 110% of the after-improved appraised value!

·         There is no 203(k) consultant involved. Repairs are usually based on contractor bids

·         Great program to fix up foreclosures. 

·         Seller can pay up to 6% of the purchase price in closing costs

·         $100 Down Payment Option available


2-1 Buydown 

·         Super Low Payment and Rate which is currently 2.50% (2.65% APR) as of 8/24/10

·         3.5% down payment which can be 100% gift

·         Condo-single family home-2-4 unit properties eligible

·         30 year fixed loan-not adjustable rate mortgage


·         0 down payment

·         Great 30 year fixed loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard.

·         Fair to marginal credit may qualify

·         Single family home-approved condo-townhome (Check Approved PUD's & Condo's)
Ready to get started? Get approved now!

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