I'm excited to announce the rollout of a new 100% Conventional loan program! Homewood Mortgage will originate both the first and second mortgage, and there are many different ways this loan can be structured.
- Little or no money down.
- Financing up to a maximum 100% CLTV, we originate both the first and second liens.
- Not limited to first-time homebuyers!
QUALIFICATIONS:
- Borrower's must have at least a 620 MINIMUM CREDIT SCORE and the scenario must be approved through automated underwriting. There are no manual underwrites on this program, and borrowers with no credit score are not eligible at this time.
- First time homebuyers AND previous homeowners are both eligible, however a borrower who currently owns a home must sell the property before closing. Simultaneous closings are allowed, but borrwers can not keep their current home even if they make enough money to qualify with both payments.
- Borrower's income MUST BE at or below the HUD median income level (currently $64,800 in Dallas county). Spouse income does not have to be considered in this calculation as long as their income is not needed to qualify for the loan.
- Standard full doc loan requirements. Stated income not available. 2 years employment history, along with W-2's and tax returns, 2 months bank statements, 30 days pay stubs, photo I.D., verification of valid social security number and other requirements may apply. Borrower must be a U.S. citizen or permanent resident alien.
LOAN DETAILS:
- Loan is structured as a first and second lien, and the maximum CLTV is 100%.
- Mortgage insurance is required, but can be paid monthly or as a single premium. The single premium can be paid with leftover seller concessions or in cash by the borrower. Borrower's with credit scores in the 620-680 range will pay higher PMI rates in some cases.
- First lien max LTV is 97% and max second lien is 8%, but can never exceed 100% total.
- Second lien rate is 8% and the loan term is max 20 years.
SELLER CONCESSIONS:
- 3% if the first lien is 90.01-97% LTV.
- 6% if the first lien is 90.00 LTV or less. MAX SECOND LIEN is 8%. Buyers may choose to structure the loan as a 90% first lien with a 8% second lien if they need 6% seller concessions.
PLEASE CALL, EMAIL ME DIRECTLY OR LEAVE A COMMENT IF YOU HAVE A QUESTION.
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