100% mortgage financing with no PMI!!!

By
Mortgage and Lending

100% financing with no PMI!!! 

 

What is the Key Community Mortgage??

 

100% Financing Allowed

No Private Mortgage Insurance

30 Year Fixed Rate, no prepayment penalties

 

 

What does it take for your client to Qualify??

 

Property located in Low or Moderate Income census tract OR

Borrower’s household income is below $68,480 for King or Snohomish Counties

42% Maximum Debt-to-Income Ratio

Client must be able to document a satisfactory 12 month rental history

Cannot own another home at the time of closing

620 minimum credit score

No outstanding medical collections over $1,000

No outstanding consumer collections over $250

Bankruptcies must be discharged over 48 months with re-established credit

$500 minimum investment from Buyer

Client must be able to document 1 Month PITI reserves in savings at time of closing

Gift funds are allowable

Borrower must complete Home Buyer Education prior to closing

Borrowers with student loans in deferral and no payment listed on credit report will have an assumed monthly payment equal to 3% of the total outstanding balance

 

 

What you need to know:

 

Sellers can contribute no more that 3% of the purchase price for closing costs and prepaids

Client cannot receive any cash back at closing

Limit the earnest money deposit to $500

No seasoning requirement for flip properties

Rehab component available for physically distressed properties….please call for more details

Warrantable and Non-Warrantable Condominiums are eligible for financing

24-48 Hours needed to provide a PreApproval Letter…we must submit a complete application package with credit, income and asset documents for manual underwriting

 

 

 

All buyers and properties are unique. Please call or e-mail me with any questions or concerns to determine if this program is best suited for your potential listing or potential buyer.

 

 

 

Underwriting and/or income limits are subject to change without notice.

 

 

 

KeyBank Bellevue team

 

Mark Wang (Relationship Manager)

 

Tel: 425-709-4138

 

Mark_Wang@keybank.com

 

601 108th Ave NE BellevueWA98004

Comments (1)

Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

I am not premoting anything but I just did a video on how to get collections off your credit report for free...  check it out here http://www.thecreditguy.tv/how-to-remove-collections-from-a-credit-report-for-free/

Mar 05, 2012 09:29 PM