|
|
|
|
 |
|
Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
|
|
 |
1st Time Homebuyers
Community Homebuyers Programs
|
|
 |
These are conventional 3% down programs. These listed here are the three major programs, however there
are others. Please call to find out what program best fits your and your needs.
First: Fannie
Mae's original program requires a minimum credit score of 620 and the
3% down has to be of your own funds.
There are income caps per the county you reside in and you have
to show one month of payment (which can be a gift) in reserves. The seller
can pay up to 3% concessions towards your closing costs. First Time Homebuyer
education is required.
Second: Fannie Mae's Flex Program. This program requires a minimum credit
score of 660 (real good credit). There are no maximum income limits. The seller can pay up to 3% concessions
towards your closing costs. The 3% down can come from an unsecured loan from a relative, non-profit organization
or your employer, a gift from a relative or a non-profit organization. Thus you can accomplish 100% financing.
Two months of payments are recommended for reserves, however the actual amount is determined by automated
underwriting. Homebuyer education is not required.
Third: Freddie Mac Gold Alt 97. This program
requires a credit score of 680. Income caps are in effect for the county you live in except if you buy
within a city limit, there is none. Seller can pay up to 3% of your closing costs and the down payment
can come from a gift or unsecured loan from a relative, grant or unsecured loan from a municipality,
non-profit organization, or an employer-assisted housing program. Thus, again, you can accomplish 100%
financing. Homebuyer education is required.
All of these programs will be automated underwritten
and you have to be approved by automated underwriting. These loans cannot even be considered with a bankruptcy
that is less than 4-5 years old and you have to have at least four trade lines reestablished for a minimum
of two years. Ratios vary on different programs from 28-33% for housing ratio to 38% for total bill
ratio.
Terms available:
15, 20, or 30 year fixed rates
|
|
|
|
