100% financing is back!
Combination financing available now to
620 credit scores!
Here are the new program details:
+ 97/3 combo is a minimum of 680 score with Automated Underwriting
Approval
+ 95/5 combo is a minimum of 620 score with Automated Underwriting
Approval
+ Max of 45% debt-to-income ratio
+ Purchase only of a primary 1-2 unit residence - not just for First Time
Home Buyers
+ Borrower cannot own any other properties at time of closing
+ Condos are not eligible but townhomes are eligible
+ Income restrictions apply
+ Reserve requirement is only one-month payment from borrower’s funds
+ 3% maximum seller contributions allowed
+ No prior bankruptcy, tax liens, judgments, short sales, repossession,
garnishments, etc.
+ Minimum of 3 lines of credit with a minimum 12-month history each
+ Must have 24 months verified employment in the same line of work
+ Monthly Mortgage Insurance required
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Rural Development Loan Program:
Make homeownership a dream come true with the Best Affordable Housing Program for Rural America.
If you are purchasing a home in the USDA Rural Development (formerly Farmer’s Home Administration) defined rural area, you may be eliible for financing with the Guaranteed Rural Housing Program (featuring 102% financing).
· Finace full purchase price PLUS closing costs up to 102% of the appraised value.
· 6% seller concessions permitted for closing cost assistance.
· 100% gifting permitted for all closing costs.
· No post-closing reserve requirements.
· 29/41% ratios (exeptions permitted with compensating factors)
· NOT limited to first time homebuyers.
· No monthly mortgage insurance-one time guarantee fee at closing which keeps monthly payments lower than FHA.
· Finance needed property improvements into total loan up to 102% of “as improved” value. Repairs may be completed after loan closing.
Contact us today for more information:
Metro Brokers Financial, Inc
5775-D Glenridge Drive, Suite 200
Atlanta, GA 30328
404.847.2525
Metro Brokers Financial is a Georgia Residential Mortgage Licensee #5892. 5775-D Glenridge Drive, Suite 200 Atlanta, GA 30328 - 404.847.2525 - www.metrobrokers.com
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