No Down Payment Ideal for First Time and Move Up Home Buyers |
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Home Buyer Situation |
Program Highlights |
Veteran’s Administration |
• Qualified veterans may get a loan up to $417,000
with full entitlement and including funding fee
(Higher loan amounts may be available) • No down payment required with full entitlement • Available on fixed rate loans • More flexible qualification guidelines than FHA or conventional loans • Seller can contribute up to 4% • Gift funds allowed • Owner occupants only |
Rural Housing (Non-farm property) |
• No down payment required • No mortgage insurance • Sales price + closing costs can be financed up to appraised value • Seller can contribute up to 6% • More lenient ratios • Families at 115% or below median income in rural areas • Various terms allowed • Conforming loan limits apply • Loan amount based on appraised value • Loan is not limited to first time home buyers |
Minimum Down Payment Allows borrowers the ability to obtain maximum financing without the traditional funds for down payment and closing costs. |
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Home Buyer Situation |
Program Highlights |
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Fixed-Period |
• Minimum down payment required • Lower initial rate with security of fixed payment for 3, 5, 7 or 10 years, before loan converts to an adjustable rate mortgage • Annual adjustments after fixed period • Maximum life caps 5% to 6% • Assumable during adjustable period w/ credit qualification • Interest Only option available • Reduced Doc option available |
FHA (Basic) |
• Minimum down payment of 3% required • No cash reserves on 1-2 units • No maximum income/earning limitations • Fixed rate, ARM and GPM loans available • 100% gift funds allowed • More lenient credit guidelines • Seller can contribute up to 6% • Community assistance available • Maximum loan amounts vary by county • Owner occupants only • 1-4 units eligible |
Adjustable Rate Mortgage (ARM) |
• Minimum down payment required • Lower initial rate with low monthly payment • Adjustment periods vary from monthly to annually • Maximum life caps of 5% to 6% on most programs • Periodic adjustment caps vary from 1% to 2% • Choice of Treasury, LIBOR and COFI indices • Assumable (credit qualification required) • Fixed rate conversion option on some programs |
Low Income Program |
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Home Buyer Situation |
Program Highlights |
Kentucky
Housing
Corporation |
• Minimum or No down payment required • Second Mortgage Loan to help with down payment and closing costs • Single Parent program • Elderly program |
Investment Property |
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Home Buyer Situation |
Program Highlights |
Fixed Rate,
Reduced
Documentation,
One Year ARMs and
Fixed Period ARM
Programs |
• Minimum down payment required on fixed rate loans • 1-4 unit properties • Cash out loans available • Reduced Doc loans available under Expanded Criteria |
Second Homes |
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Home Buyer Situation |
Program Highlights |
Fixed Rate,
Reduced
Documentation,
One Year ARMs and
Fixed Period ARM
Programs |
• Minimum down payment required • 1-4 unit properties • Loan amounts up to $650,000 • Rate buy down options available • Cash out to 90% LTV • No Ratio, Stated Income/Stated Asset and Reduced Doc available |
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