Chase "Dreamaker" Loan (FHA alternative)

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Mortgage and Lending with Mortgage officer

CHASE Home Loans offers FHA as well as the Chase "Dreamaker"

100% with a 620 score (reduced MI) 6% seller concessions + Owner Title and Deed Stamps

97% with a 600 score (reduced MI) 6% seller concessions + Owner Title and Deed Stamps

No homebuyer course

No mortgage history or rental history required

Gifts OK

FTHB OK

No reserves required

Full Doc

Cannot own other property (FTHB ok)

*income restrictions

*no loan limits

close

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Rainer
80,816
Jason Romrell
Business Attorney and Success Advisor - Los Angeles, CA
Is the 6% seller concession with a 95%LTV?  Or are there other limits?  Sounds like a good deal.
Aug 31, 2007 11:23 AM #1
Rainer
4,477
Douglas Bailey
Mortgage officer - Brandon, FL

Hello Jason,

 The 6% seller concessions is allowed on the 100% (620 score required) or the 97% (600 score required). Its a great program, (not a bond program) so U/W is quick and therefore so are closings.

 I hope this answers your question.

Thank you

Doug

Aug 31, 2007 11:27 AM #2
Rainer
4,477
Douglas Bailey
Mortgage officer - Brandon, FL

I should clarify that the program does have income limits (median income x 1.25%), however that can be overidden if the property is in:

1. LMI census tract

2. Minority census tract

3. Fannie Neighbors census tract (https://commlend.efanniemae.com/property/geocoder/expired.aspx) to see if the subject property qualifies

 Thank you again

Doug

Aug 31, 2007 11:32 AM #3
Rainer
71,808
Larry Wright
nwRealty.Com - Tacoma, WA
Douglas ... anything new for stated income borrowers that right off everything they possibly can ... like REALTORS?
Aug 31, 2007 11:47 AM #4
Rainer
4,477
Douglas Bailey
Mortgage officer - Brandon, FL

Larry,

lol, yes you can get a loan: SISA

Purchase or no cash out refi to 90% (680 score)

Heloc to 90% (680 score) no closing costs

 I hope I answered your question.

Thank you

Doug

Aug 31, 2007 12:04 PM #5
Rainmaker
79,421
Rick Fifer
FLORIDA EXECUTIVE REALTY - Tampa, FL
REALTOR, Heights Bungalows and Vintage Homes

Hey doug- FYI

You might want to clarify LMI....while I might know that it is low to moderate income census tract the general public might not.

Welcome to AR

Aug 31, 2007 04:37 PM #6
Rainer
4,477
Douglas Bailey
Mortgage officer - Brandon, FL

Thank you Rick,

 I think you pretty much nailed it in your response, the link I supplied will help someone identify if a prospective property address would qualify.

Sep 05, 2007 09:32 AM #7
Anonymous
Otis

How does the dreamaker work with bankruptcy? And do they qualify mobile homes

Apr 12, 2015 07:38 AM #8
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