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More Financing Options Available! Additional Products available-less strict guidelines

By
Real Estate Agent with Real Estate Worcester County MA 9052279

Great News! Additional products and less strict guidelines have rolled out the past few weeks and below are some highlights.


LOWER CREDIT SCORES ELIGIBLE! We can now finance down to the following credit scores for FHA, VA and USDA:


 *   FHA - 500 - 10% down (500 - 599 credit) to 20% down (2 -4 units). Back down to 600 at minimum 3.5% down!
 *   VA - 580 - 10% down (580 - 599). Back down to 600 at 0% down!
 *   USDA - 580 - 0% down.
 *   Financing limitations apply (higher down payment requirements, stricter debt to income ratios, etc.)


PAYING OFF/DOWN DEBT TO QUALIFY!

         *        We can now payoff revolving debt & pay down installment debt to qualify clients for financing.
*      Previously this was not allowable, so it is nice to see one more way we can get your Buyers pre-approved.


LOW DOWN PAYMENT OPTIONS! (assuming primary residence, owner occupied Condo or Single Family)


 *   FHA - 3.5% Down, can be fully gifted!
 *   VA - 0% Down, NO Mortgage Insurance
 *   USDA - 0% Down, NO Mortgage Insurance!
 *   Conventional - 3% Down - now MORE flexible debt to income ratios ALLOWED!
 *   Fannie Mae Home Path - 3% Down
 *   & More!
 *   Each client is reviewed for all of these programs to determine which will best fit their needs and goals.

FOR MORE FINANCING INFO CONTACT:
Sean Fleming, Mortgage Advisor
Direct: 401.714.5903 401.714.5903     sean.fleming@mortgagefamily.com