 |
 |
No Money Down
| Program
Titles |
|
NC30W,
NC15W |
|
| Program
Description |
|
No
Money Down Program |
|
|
|
| Loan
Terms |
|
30
Year and 15 Year Amortization |
|
|
|
| Eligible
Transaction |
|
Purchase
ONLY |
|
|
|
| Loan
Size Limit |
|
The
maximum base loan amount, not included financed closing
costs is $325,000 with a maximum LTV of 100%. The
maximum total loan amount, including up to 3% of closing
costs financed is $334,750 with a maximum LTV of 103%. |
|
|
|
| LTVs |
|
One
unit primary residence: 97.01% - 100%
The maximum base LTV is 100%. An LTV of 100.01 - 103% is
allowed for borrowers choosing to finance closing costs
and/or prepaid items. |
|
|
|
| Occupancy |
|
Owner
Occupied, Primary Residence |
|
|
|
| Eligible
Property Types |
|
Single
Family Detached and Attached, Condos, PUDs |
|
|
|
| Mortgage
Insurance |
|
Lender
paid mortgage insurance only. Cost is included in price.
No additional mortgage insurance needed. |
|
|
|
| Qualifying
Ratios |
|
Housing/Total
Obligations 33/38
Minimum FICO Score 700 for all borrowers. No
exceptions.
Alternative credit is not allowed.
The credit report
must show 6 trade lines with 2 years recent credit
history for at least 4 trade lines. |
|
|
|
| Income
Requirements |
|
No
maximum income requirements. |
|
|
|
| Settlement
Costs |
|
Gifts,
grants, and unsecured loans from a related person are
permitted. Loans secured by a marketable asset such as
401K, CD, or cash value of life insurance is also
allowed. |
|
|
|
| Escrow
Waiver |
|
Escrows
for taxes and insurance are mandatory. This requirement
may not be waived. |
|
|
|
| Maximum
Seller Contributions |
|
3%
of the lessor of the sales price or appraised value.
This includes closing costs and prepaids. |
|
|
|
| Secondary
Financing |
|
Not
Allowed |
|
|
|
| Lock
Periods |
|
25
and 55 day locks are available.
|
|
|
|
| Miscellaneous |
|
2
months PITI reserves
Homebuyer education required. |
|
|
|
Adjustments
Adjustments subject to change without notice.
Check daily rate sheets to verify. |
|
Low
and hige rise condo minus 1.000
AL property minus .200
KS, MO, NC, SC, TN, VA property minus .100
FL property add .100
All other states minus .200 |
|
|
 |
