FIRST TIME HOME BUYER LOAN PRODUCTS AND INCENTIVES

July 29, 2009 at 9:26 am 2 comments

FIRST TIME HOME BUYER LOAN PRODUCTS AND INCENTIVES

Fannie Mae HOMEPATH Loan

– Minimum 660 minimum middle FICO score required
– Appraisals are NOT required
– Great for first time homeowners AND Investors
– 97% LTV Primary Residence – 90% LTV Investor
– No monthly Mortgage Insurance payments
– Owner Occupied AND Investment Property
– Down payment can be 100% gifted
– Property must be listed for sale with the Fannie Mae HOMEPATH program
– NO declining market restrictions


Federal Housing Administration Loans – OK to 580 scores

– Minimum 580 minimum middle FICO score required
– Great for first time homeowners
– 30 Year Fixed Rates Only
– Low, government sponsored, monthly Mortgage Insurance payments
– Owner Occupied Only
– 12 months verified rent history required
– Down payment MUST come from borrowers own funds
– Gifts allowed for all closing costs
– Compensating factors required for 580 scores
– NO declining market restrictions

Federal Housing Administration Loans – 100% Gifts Allowed for Down Payment

– Minimum 620 FICO score required
– Great for first time homeowners
– 3.5% Down Payment can be a gift from relatives, employer, city grant
– VERY LOW 30 Year Fixed Rates
– Low, government sponsored, monthly Mortgage Insurance payments
– 1 Day out of Chapter 13 OK with re-establish credit (2 years with Chapter 7)
– Owner Occupied 1-4 unit only
– NO declining market restrictions

USDA Loans – 100% No Money Down for Qualified Properties

– Minimum 620 FICO Score – buyer(s) must have “reasonable” credit history
– Great for low to moderate income and first time homeowners
– Household Area Median Income Limits Apply
– LOW 30 Year Fixed Rates
– No monthly Mortgage Insurance payments
– Owner Occupied Only
– Property must be located in a USDA defined market

Veterans Administration Loans – 100% No Money Down for Active and Veteran Military

– Minimum 620 FICO score required – buyer must demonstrate ability to pay
– True No Money Down Financing for qualified buyers
– Low 30 Year Fixed Rates
– NO Monthly Mortgage Insurance payments
– No Income Limitations
– Loan Amounts from $75,000 to over $417,000
– Owner Occupied Only
– No declining market restrictions

Conventional Loans (Fannie Mae and Freddie Mac) – 100% Gifts Allowed for Down Payment

– Minimum 680 FICO Required
– Great for the established buyer looking to leverage through financing
– 3% Down Payment can be a gift from relatives, employer or city grant
– LOW 30 Year Fixed Rates
– Median income limits apply (only income from borrower on loan used to qualify)
– Loan amounts up to $417,000
– Owner Occupied Only
– Monthly Mortgage Insurance payments required
– Declining market restrictions apply

* $8,000 tax credit if home is purchased by November 30, 2009.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: .

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2 Comments Add your own

  • 1. cheat baseball heroes  |  July 24, 2013 at 2:28 am

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    Reply
    • 2. arizonabargainhomes  |  July 24, 2013 at 8:56 am

      Thank you. Stay tuned for more interesting news and opinions.

      Reply

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