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At a Glance
Minimum Down Payment
20% - for seasoned investors
30% - for new investors
Minimum Down Payment to avoid PMI
N/A
PMI (Private Mortgage Insurance)
None
Minimum mid-credit score
620 - Max 70% LTV
660 - Max 80 LTV
Min/ Max Loan Amount
$100,000 - $3MM
Loan Repayment Terms
30 years
Amortization
30 Year Fixed Rate
Prepayment Penalties
Optional, equal to 6 months interest on 80% of the original principal balance.
3 Years, 2 Years, 1 Year, or None
(see Loan Originator for Details)
Recent Housing Events
Minimum 36 months waiting period must elapse for prior Bankruptcy 7, Foreclosure, Short Sale or Deed-in-Lieu of Foreclosure
(See Loan Originator for details)
Max Seller Contributions
2% for Investment Homes
Escrows
Escrows for Property Taxes and Home Insurance required
Occupancy
Primary Residence / Second/Vacation Home / Investment
Acceptable Property Types
Single Family, Townhome/ Villa/ 2-4 Unit Multi-Family/ Condominium/ Condotel or Non-Warrantable Condominium
UNACCEPTABLE Property Types
Manufactured Homes, Modular Homes, Mobile Homes, Raw Land, Condotels, Log Homes, Dome Homes, Tiny Homes, Commercial Mixed-Use
HAVE A QUESTION?
This is not a commitment to lend. Not all borrowers will qualify for the loan programs listed. All program terms and conditions are subject to change and may be discontinued without prior notice. Contact loan originator for program questions and scenarios.