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CDMP- up to 98% with NO mortgage insurance

THE CLEAR FACTS ON CDMP- Community Development Mortgage Program

What it is:

- A conventional bank portfolio loan Wells Fargo offers as part of our commitment to the Community Reinvestment Act

Customer Benefits:

- NO monthly mortgage insurance or upfront mortgage insurance premiums

- Can use gift funds or down payment assistance for down payment and or closing costs

- No pre-payment penalty

- Seller can pay up to 6% for closing costs

- Up to 98% LTV

Loan information:

- Only need one year of continuous employment- self employed included

- Minimum credit score 620

- Income limits for most counties is $60,800 for a 1-4 person household

- No reserve requirement

- Non-traditional credit allowed

Eligible transactions:

- Purchases only

Eligible products:

- 30 year fixed

Posted by STACEY KING- Colorado Mortgage Alliance, an Affiliate of Wells Fargo Home Mtg on 09/15/2009 03:48 PM

Comments (4)

CDMP- Up to 98% With NO Mortgage Insurance in the Mortgage / Finance Channel

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4 Comments on CDMP- up to 98% with NO mortgage insurance

SEP

If a person doesn't have decent credit ( much better than 620) and doesn't have enough money for a down payment (only 2 percent), should they be buying a house??? They are being set up as the next wave of forclosures. Are we doing our potential buyers to push them into a house when their financial history shows that they have trouble managing money? Its better to have them wait and save up more for a bigger down payment and to improve their credit history and raise their scores. Otherwise we're setting them up for failure.

I never said they don't have to have decent credit. Someone can have a 620, or lower, score and never have had one derogatory item on their credit. We definitely look at the credit history with focus on the last 12-24 months. A 2% down payment isn't much different from FHA at 3.5%. Or even conventional at 5% for that matter. It can help a buyer not deplete their savings so they still have money left in the bank in case something happens. Wells Fargo wouldn't be putting a loan out there to help people fail; they are by far one of the most responsible lenders out there.

I was just talking with a loan officer. I am first time home buyer. I took a home buying class in Longmont. I am working with the United Way PIE Program for assistance with my closing cost which will be available in January. As time goes by, I am getting more serious about buying a home as the prices are coming in my range. My credit score is just over 800. I can pay off my bills monthly and I am now trying to save money for a down payment. I was told that I should consider a Wells Fargo CDMP FHA Loan. I have not heard of this and was wondering where I can get info on CDMP Loans.

SEP

Hi James,

I'd be happy to see if you might qualify for down payment assistance to help with down payment and/or closing costs. The CDMP loan is a conventional loan that is a great option to consider since it has no mortgage insurance. The basic information on the loan is in this blog, but if you have other questions, I'd be happy to answer them for you. Feel free to call me at 303-796-1201.

Stacey

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