|
Benefits
Up
to 90% financing (secondary financing may be accepted)
Prev. occupied and 2nd homes
By-fors and co-signers accepted
Older homes w/usefull llife exceeding the loan
Recent
bankruptcy or foreclosure
T.I.N. (in lieu of S.S. number) acceptable with alternative payment history
Terms
2nd homes/buy for's
20% down
Stated
income
25% down
No
credit
30% down
Minimum down
payment 20%,
with a minimum credit score of 700
Minimum down
payment 25%,
with a minimum credit score of 620
Minimum down
payment 30%,
with a minimum credit score of 600
Maximum D.T.I.
45%
(all debt, except for stated income)
Maximum C. L.T.V. s
75% @ 20% down / 70% @ 15% down / 65% @ 10% down
C.L.T.V.
example:
20% down with a 670
score = 65% C.L.T.V.
Rates & terms
12% - 15% varies
with amort. (qualify 13.5% @ 72 months)
Amortization
12-120 months (no call) or
180 months with a 60 month call
Funded Costs
Origination: 5 points, maximum
Lender: 5
discount points or $1,000 minimum
Processing
and closing fees : $450 (3rd party)
Required documentation from
orginator:
Application
(initial submission)
Credit report
(initial submission)
Appraisal
(buyer pays)
Community lease
and lender agreement
Bill of sale or
Purchase Agreement
Insurance
declaration
Tax
returns for stated income buyers
Verification
of paid up taxes (if applicable)
Verification
of rent (if applicable)
Verification
of down payment
Verification of income or
employment & assets
|
