Current Loan programs as of 8/5/09
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-FHA LOANS WITH NO MINIMUM FICO REQUIREMENT
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-FULL DOC 90% FINANCING PRODUCT-NON FHA
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-STATED INCOME PROGRAM HAS MAJOR CHANGES
FULL DOC TO 90% W/ MI, NON FHA PRODUCT
CONVENTIONAL QUICK AND EASY–ONLY 3 DAYS IN UNDERWRITING, VERY LOW RATES!!
- GREAT FOR BORROWERS THAT NEED/WANT TO AVOID FHA OR PROPERTY IS NOT FHA APPROVED
- 10%+ DOWN
- CONDOS OK
- 720 FICO REQUIREMENT
- 41% DTI
- RATES CLOSE TO 5%
- NO MORTGAGE INSURANCE REQUIRED W/ MINIMUM 20% DOWN PAYMENT
WE ARE FHA/VA APPROVED!!!!
- NO MINIMUM FICO SCORE REQUIREMENT ON FHA–HUGE NICHE PROGRAM!!!!
- 5 DAYS FROM SUBMISSION TO LOAN APPROVAL
- ONLY 3.5% DOWN ON FHA– VA OFFERS 102% FINANCING
- WE ARE FHA APPROVED SO THERE IS NO THIRD PARTY DELAYS–WE ARE FHA SPECIALISTS!! DONT WASTE TIME ON OTHERS!
- DOWN PAYMENT ASSISTANCE PROGRAM NOW AVAILABLE!! buyer may qualify for zero down,zero cost loan!! call or email for more details
LOAN AMOUNTS UP TO $1.5 MILLION
- FULL DOC INCOME AT 45% DTI
- RATE/TERM, CASH OUT, PURCHASE
- QUALIFYING LTV GOES HIGHER AS LOAN AMOUNT GOES DOWN
- INTEREST ONLY OPTION AVAILABLE AND RATES START AT 4.85% ON A 5 YEAR FIXED
- ONLY A 680 FICO REQUIREMENT
STATED INCOME LOAN
- WAGE EARNERS ONLY-NO SELF EMPLOYED
- W-2 AND PAYSTUB REQUIRED TO PROVE EMPLOYMENT
- ONLY 20% VARIANCE INCOME ALLOWED FROM WHATS STATED ON W-2–4506T IS EXECUTED TO VERIFY ACTUAL INCOME(email for further details)
- LOAN AMOUNTS UP TO $625K
- 80% LTV WITH A MINIMUM OF 700 FICO SCORE
- UNDERWRITING AT 10+ BUSINESS DAYS
- VERY SMALL WINDOW FOR THOSE THAT QUALIFY
VOE ONLY PROGRAM
- WAGE EARNERS ONLY- NO SELF EMPLOYED
- LOAN AMOUNTS UP TO $417K
- INCOME VERIFIED THROUGH EMPLOYER WITH WRITTEN VOE
- CURRENTLY HAS 24 HOUR UNDERWRITING
- OWNER OCCUPIED ONLY
- MAX LTV AT 80%
- 620 MINIMUM FICO REQUIREMENT ON PURCHASE OR RATE/TERM
- DOWN PAYMENT GIFTS OK
PROGRAM HIGHLIGHTS FOR FHA DOWN PAYMENT ASSISTANCE
- Roll out date. August 1st, 2009.
- Down Payment and/or closing cost assistance in the form of a 2nd up to 3% of sales price.
- CLTV up to 99.5%
- 2nd loan is amortized over 15 years at a fixed interest rate of 8.25%.
- FHA financing with LTV’s up to 96.5%.
- NO first time home-buyer restrictions.
- Conforming and Jumbo loan amounts.
- Seller can pay all closing costs.
- CA properties only.
- FICO scores below 620, even NO fico score permitted for qualified buyers!
Income restrictions:
Can make no more than 120% of HUD AMI (based on qualifying income). To find out what the county’s medium income is: visit www.huduser.org/datasets/il.html .. Click- 2009 Income limits, Access Individual Income Limits, click state and county. Use the medium income number and multiply by 120%. Or Just give us a call and we will do it for you based on your situation.
By Eddie Stokes California Mortgage 714-681-8209
Call Brett Dalbeth