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
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)
601 108th Ave NE BellevueWA98004