First Time Buyer Options


HOMEBUYER OPTIONS

 

FHA LOAN PROGRAMS:

*96.5% LTV, 640 credit score, 56% DTI

*Full down payment as gift from family member permitted.

*Non-Occupying Co-Borrower permitted for qualifying.

 *No foreclosures or bankruptcies in last 3 years

 *Up to 6% Seller paid closing costs are permitted.

                 *New maximum FHA loan amount to $345,000.00 for:

(Miami- Dade/Broward/Palm Beach Counties)

 

NOTE: 620 score permitted if there are no bankruptcies, foreclosures, short sales, or settlements for less than full amount owed on account for last 36 months. No collections except medical, in last 12 months; no 30 days late on any open accounts.

 

VA LOANS:

*100% financing!

*Up to 6% Seller paid closing costs are permitted!!!

*620 credit score and 60% DTI permitted!!!

 

CONVENTIONAL LOAN PROGRAMS   w/ Private Mortgage Insurance (SFR & Detached PUDs)

Owner-Occupied

*97% LTV, 720 credit score, 45% DTI

                *95% LTV, 700 credit score, 45% DTI

*95% LTV, 680 credit score, 41% DTI

*90% LTV, 660 credit score, 45% DTI

CONDOS UP TO 80% LTV and 75% LTV for all NON Fannie Mae approved Condos.

 

Second  Homes for SFR/PUD/Duplex

                *90% LTV, 740 credit score, 41% DTI

                *80% LTV, 620 credit score, 45% DTI

 

Second Homes - Condos

*70% LTV with limited review of the Condominium.

*80% LTV for Fannie Mae approved Condos

 

INVESTMENT PURCHASE S up to 80% LTV on SFR/Duplex/Fannie Mae approved Condos.

 

 

FANNIE MAE HOMEPATH PROGRAM:

 

*97% LTV, 680 credit score for SFR AND condos!

*95% LTV for 2ndhomes and investors for SFR/PUD only (Florida)

*90% LTV 2ndhomes allowed and investor condos.

(No appraisal or condo review required)

 

For more information or a no obligation Pre-Approval visit Gold Star Financial.