560 FICO Program

Industry Observer with Alaskan Success,inc

Pre-approval Requirements – completed 1003, 3-file merged Credit Report with all three risk scores and previous 2 years tax returns.

Approved ALL 50 States

> 560 Credit score minimum (all three scores) - must have three scores
> 95% LTV Financing
> 5% Downpayment (sourced and seasoned minimum 30 days)
> Mortgage Insurance applies (if LTV is over 80%)
> FULL DOC only
> 50% DTI
> 2 Years continuous employment (change in industry OK)
> 2 Active Trade Line Requirement (0 x 30)
> NO prepayment penalties
> 30-year fixed financing
> Rates start at 7.4%
> No seasoning on flip properties with OFI contracts (title holder/seller must have title 90 days minimum)
> Gift Letter same as assets (not verified or transferred)
> MI applies and is tax deductible

Owner /Occupied Only
Single Family Only – Duplex’s at 90%
Job time – continuous 2 years, change in industry OK. (Less than 2 years – case by case)
Value range – 75k to 417K (above on a case by case basis)

Collections, Liens and Judgements – not over total aggregate of 5K (if exceeds, can be paid down to qualify level)
BK and Foreclosure – 24 months minimum
Mortgage – 0 x 24
Seller closing concessions not to exceed 3% below 600 score – above 600 up to 6%

When trying to determine monthly payment with the principle, interest, mortgage insurance, taxes and hazard insurance - multiply the loan amount x 1.3% for an approximate figure.
Ex. 100K X 1.3 = $1300 approx. (includes mortgage insurance, taxes, principle and hazard insurance)

Property Taxes and Hazard Insurance are escrowed

Posted by

Robert Skulka  Alaskan Success Inc

8144 Ammons way



Robert Skulka
Alaskan Success,inc - Copperas Cove, TX
Marketing\ consulting


pm me.. meaning click on my email me. tab...

see you there, if you can find it....

Jan 25, 2010 02:54 PM