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Jumbo 15 and 30 Year Fixed Rate, fully amortizing mortgage loan. FULL/ALT DOC. Mortgage
Fixed FNMA Community Home Buyer |
- Mortgage Online at 425.com FNMA Community Home Buyer
3/2 Gift Program
TERM: Fifteen, twenty, twenty-five and thirty years
SUMMARY: FNMA 15, 20, 25 and 30 Year, Fixed Rate, Fully Amortizing Mortgage, for low- and
moderate-
income home buyers.
PRICING: Refer to daily rate sheet
LOAN AMOUNT: MAXIMUM: Maximum conforming single family loan limit
MINIMUM: $20,000
LTV LIMITATIONS: PURCHASES
Single Family Owner Occupied 95%
TEMPORARY BUYDOWNS: Not Allowed
GENERAL UNDERWRITING GUIDELINES:
All loans will be underwritten to FNMA and Mortgage Online at 425.com Mortgage
current applicable guidelines, unless otherwise
stated.
1. Borrower's total income may not exceed 100% of the area median income published by HUD.
Exceptions
in higher cost areas include 120% for California and the Boston MSA; 165% for the New York
City MSA;
and 170% for the state of Hawaii.
2. Single family, primary residence only. Units in approved condominiums and PUDs are
eligible.
3. The maximum TLTV 95%. Subordinate financing is not allowed.
4. Ratios to qualify are 33/38%.
5. The two month PITI cash reserve requirement is waived.
6. Borrowers with no credit history or a limited credit history can evidence a credit
History through utility
companies and landlords. (Note: Merged In-file credit reports are not acceptable for CHB
programs.)
7. Borrowers are requested to make a 5% down payment. If the borrowers do not have
sufficient funds to
cover closing costs and prepaids, seller concessions, lender premium pricing, gifts from a
family member
or a non-profit organization are acceptable. Closing costs may be funded with an unsecured
loan from a
non-profit organization or public entity. Payments must be included in monthly obligations
for calculating
ratios.
8. Borrowers are required to pay at least 3% from their own funds. The remaining 2% may be
paid in the
form of gifts, grants, or unsecured loans from a non-profit organization or public entity.
a. Gifts or grants may be used as part of the cash for closing cost including pre-paid
items and mortgage
insurance premium if donor is a relative, a non-profit organization or a public agency. In
addition to the
gift, the borrower must make a cash down payment of at least 3%.
b. The unsecured loan must be a term loan with a fixed interest rate (not to exceed 2%
above the
mortgage note rate) and level payments. The monthly payment for the loan must be
considered as
debt in the housing expense to income ratio when qualifying the borrower. The borrower may
not use
credit card financing or loans from overdraft protection an checking account to fund the
payment of
closing costs. (A credit union is not considered a non-profit organization for the purpose
of this
program.)
9. Borrower must not own any other properties.
10. Borrower required to complete Home Buyer Education booklet. A letter from the loan
officer stating the
Study Guide Workbook was completed by the borrower(s) as required and the answers have
been
reviewed must be included with the submission package.
11. Delegated Mortgage Insurance is not allowed; a full copy package must be submitted
with the original
underwriting submission.
SELLER CONCESSIONS: Max 3% if LTV is > 90%
Max 6% if LTV is > 75% & <= 90%
MORTGAGE INSURANCE: Up to and Including:
20 Yr.: 30-Yr.:
90.01 - 95.00% LTV 25% 30%
85.01 - 90.00% LTV 12% 25%
70.01 - 85.00% LTV 12% 12%
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