I've had some great success with this program, wanted to let everyone know to know it does exist!!!
What is a Key Community Mortgage?
- 100% Financing Allowed
- No Mortgage Insurance
- 30 Year Fixed, no prepayment penalties
What Does It take to Qualify?
- Property located in Low or Moderate Census tract OR
- Borrower's Household Income below County limit (example: $57,440 for Benton County)
- 42% Maximum Debt to Income Ratio
- Must be able to document a satisfactory 12 month rental history
- Cannot own another home at time of closing
- 620 Minimum credit score
- No outstanding medical collections over $1000
- No outstanding consumer collections over $250
- Bankruptcies must be discharged for 48 months with reestablished credit
- $500 Minimum investment from Buyer
- Client must be able to document 1 month PITI payment is in savings at time of closing
- Gift funds ARE allowable
- Borrower must complete Homebuyer Counseling Prior to Closing
- Borrower's with student loans in deferral and no payment listed on credit report will have an assumed monthly payment of 3% of the total balance
Do you qualify? Is now the time to buy your first home?
This is a terrific program offered through KeyBank Mortgage. For more information on this or other Homebuyer programs please contact me!
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