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no money down financing: 100 Percent Purchase Money Alive & Well - 10/21/08 04:06 PM
Realtors - Check out these guidelines to see if your clients qualify:
Underwriting
Fico - 620 minimum
Ratios - 31/45% DTI max
Credit - No Non Traditional Credit, Mortgage 1x 30 in last 12 months
No Bankruptcy or Foreclosure in last 2-7 years depending on circumstances.
All judgments, collections, and tax liens must be paid.
Income limits - 140% of Median Income (Chicago $71,600 - $100,200 (140%)
Applies only to qualifying income not household income
First time buyer - Available for 1st time buyers and move up buyers
Occupancy - Owner occupied only
Down Payment - $500 minimum borrower investment
Payment Shock … (1 comments)
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no money down financing: What's the advantage of VA over FHA loans? - 08/04/08 03:28 PM
The VA Loan began in 1944 through the GI Bill of Rights. You must be an honerably discharged vetran or the spouse to qualify. FHA has no military service eligability requirement.
Gurantee vs. Insure Privately funded mortgage loans
VA will guarantee a maximum of 25 percent of a home loan amount up to $104,250, which limits the maximum loan amount to the conforming loan limit of $417,000. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. FHA loans insure up to 20% of the home loan amount to lenders. … (6 comments)
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no money down financing: FHA vs. VA Loans. - 06/03/08 08:23 AM
Members of the armed services and their veterans may wish to compare these loan types before making a finance decision.
VA loans are only open to qualified veterans. To qualify you must be an eligible veteran who has an available loan entitlement; you must move into and live in the home for a reasonable period of time after closing; you must have a reasonable debt to income ratio; and you must have good credit. Even though there are some limitations on who can qualify for a VA loan, they are not severely restricted to people who served in the military. For instance, after … (5 comments)
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Illinois Financial Advisor Greg Zaccagni
Wheaton,
IL
More about me…
Farmers Insurance
Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189
Cell Phone: (630) 853-8555
Email Me
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