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Derogatory Credit Reference Guide

13.04.2017
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Buying a home after a short sale, foreclosure, or bankruptcy?

In today’s environment, more and more potential customers are looking to buy a home after a short sale, foreclosure, bankruptcy, or other derogatory credit event. While the lending process can be challenging, understanding what today’s requirements are can help you assist your customers […]

Conventional 97% LTV Purchase and Refinance Loan Program

3.04.2017
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The HomePossible program is Freddie Mac’s community lending product that offers additional flexibility and options to meet a variety of borrowers’ home financing needs.

-Up to 97% loan to value

-Boarder Income allowed

-Available for owner occupied, 1 to 4-unit properties

-Loan Amounts up to $424,100

-Up to 50% debt to income ratio

-Credit scores as low as 620

-Homeownership education course is required Income limits apply. Check HUD Area Median Income Limits for income eligibility.

-Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply […]

Conventional 5% Down Payment Purchase Loan Program

20.03.2017
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The Fannie Mae HomeReady program gives low-to moderate-income borrowers more opportunities to own their first home, including flexible credit terms and a low down payment.

-As little as 5% down payment

-Boarder Income and Non-borrower Household Income allowed

-Available for owner occupied, 1 to 4-unit properties

-Loan Amounts up to $636,150

-Up to 50% debt to income ratio

-Credit scores as low as 700

-Homeownership education course is required

-Income limits apply. Check HUD Area Median Income Limits for income eligibility.

-Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply […]

New 2017 Conventional Loan Limits

23.11.2016
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The Federal Housing Finance Agency (FHFA) has issued the maximum loan limits that will apply to conventional loans in 2017. The first mortgage loan limits are defined in terms of general loan limits and high-cost area loan limits. This is the first time the maximum loan limits have increased since 2006.

The following chart contains the general loan limits for 2017:

 

The following chart contains the high-cost area loan limits for 2017:

The new limits are effective on or after January 1, 2017

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