FHA 203b & 203k–Easier qualifying, up to 96.5% financing available& Rehab Loans
CONVENTIONAL & MY COMMUNITY – Up to 97% financing available & Rehab Loans
VA – Veterans 100% financing available
USDA – Rural areas 102% financing available
JUMBO – Over 453,100 – Typically 90% financing available
NON PRIME – Up to 90%, no income, stated income, bank statements BK & Foreclosure OK
The 203b loans allow financing up to 96.5%, lower credit scores, higher debt to income ratios & gift funds for down payment & closing costs. The 203(b) is the most common mortgage loan product insured by the FHA.
- Only a 3.5% down payment is required W 580 score, 500 credit score up to 90%
- More flexible underwriting criteria than conventional loans
- Down payment & Closing costs may be all gift
- Allows for Non Occupying Co-borrower & Debt ratios up to 56%
- For additional info contact us or go to; http://portal.hud.gov/hudportal/HUD?src=/federal_housing_administration
FHA 203(k) mortgages are intended for homes needing significant rehabilitation. This program allows you to finance the purchase of a house—(or refinance your current mortgage)—and include the cost of the repairs through a single mortgage. An FHA 203(k) mortgage is disbursed in several stages, including the amount needed to purchase the home and then additional distributions as repairs are certified as complete.
My Community program allows up to 97% financing for qualified first-time home buyers with a minimum credit score of 600. FNMA also offers financing for primary residences, investment & vacation homes, and multifamily up to 4 units. FNMA Home Style is a renovation/ Rehab loans which allows up to $453,100 loan limits.
- Debt ratios up to 50% & Non occupant Co-Borrowers w FHLMC
- Fixed & Adjustable rates
- Primary residence’s, 2nd Homes & Investment properties
VA loans are available to most current or prior Veterans. VA Purchase Loans allow up to 100% financing up to $453,100 (in most counties) with just a small down payment for loan amounts over $453,100 to over $1M.
- 580 credit scores
- Typically lower interest rates than Conventional & No private mortgage insurance requirement
- 100% Financing up to $453,100, with small down payment for loans up to 1M
- For additional info contact us or go to; http://www.benefits.va.gov/homeloans
USDA loans offer 102% financing, with a credit score as low as 620. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by the USDA.
- Typically lower interest rates than Conventional
- 102% Financing available
- Closing costs may be financed
- For additional info contact us or go to; http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
Jumbo loans are for loan amounts over $453,100 in “most” areas in Florida
- 90% Financing over $453,100 Up to $3.0M
- Fixed, Adjustable rates available
- Asset based programs
Non-Prime loans are for borrowers who may not be able to verify income thru tax returns, or are credit challenged by recent Bankruptcy, Foreclosure, and Short sale.
- No Income / Stated income / Bank Statements for Income
- 1 day out of Foreclosure / Bankruptcy
- Up to 90% Loan to value
- Interest Only