Loan Characteristics:
TYPE: Conventional, conforming, fixed rate for the term of the loan
TERM: 10, 15, 20, 25, 30 years
RATES POSTED DAILY
ASSUMPTION: Not assumable.
Underwriting Guideline Synopsis:
MAXIMUM LOAN AMOUNT:
FNMA maximum loan amount (currently $333,700). For larger purchases contact us for more information on our JUMBO LOANS.
MAXIMUM LOAN TO VALUE:
Owner occupied purchase - 95% (includes second homes)
Non-owner occupied - 80%
DOWNPAYMENT AND PMI (mortgage insurance) :
Loans over 80% LTV (loan to value) will be insured with PMI.
95% LTV - 5% Down - Has to be borrower's funds - no gift funds - must have funds for 3 months or proof of where it came from - can have gift for closing cost or seller can pay no more than 3% of buyers cost - PMI .72 (Must have 2 months house payments in reserve)
90% LTV - 10% Down - 5% can be buyer's own funds & 5% can be gift from a blood relative - PMI .52 (Must have 2 months house payments in reserve)
80% LTV - No PMI required - can pay own taxes and insurance
PROPERTY:
Single family dwellings, PUDS/CONDOS (FNMA approved or warrantable). House needs to be in good condition & a permanent source of heat in every room.
DEBT TO INCOME RATIOS:
29% and 38% for all LTV's owner occupied and non-owner occupied (with some exceptions)
CREDIT REPORT:
Credit scores have to be 620 from 3 different agencies. A bankruptcy must have been fully discharged for 4 years and the borrower must have re-established good credit.
PREPAYMENT PENALTY:
There is no prepayment penalty.
ITEMS NEEDED FOR LOAN APPLICATION
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