(My Original Blog Post: http://www.minnesotainvestors.com/blog/down-payment-assistance-for-a-house/)
These programs are for a limited time.

Here is what we have, please keep in mind you may email at anytime
and we can provide more information and follow up with you and if
you like what you hear than we can talk by phone later.
You can email me
ron@minnesotainvestors.com
or you can fill out your info at minnesotainvestors.com

The programs will all come down to two things:
Credit Score and the money you currently have

We have found ALL the money for you, and have a program for ALL credit scores.

If you have a foreclosure/short sale/bankruptcy from the last 2-3 years, or
If your CREDIT SCORE is 300-579:
First off we can help get your credit score to increase realistically:
30 points in 60 days and 50 points in 4-6 months
Anyone with a 530+ credit score should contact us immediately as you could probably buy a home soon.

Rent to Own Programs are available.  These are typically 12-36 month terms to live in the house and wait for a loan
and under 580 credit score should be ok. We’d prefer you have $5000-$7500 for money down as we have an agent
to help with the paperwork, and showing, negotiating and finding you houses. The agent does a lot of work and
gets paid by the seller.

Contract for Deed programs are available.  These are typically 24-60 month terms to live in the house until
you get a refinance loan at some point.  We’d prefer you have between $7500-$25,000 for money down as we have an agent
to help with the paperwork, and showing, negotiating and finding you houses. The agent does a lot of work and
gets paid by the seller.

Remember even if your credit score is under 580 like above all of the above programs are available to you RIGHT NOW.
If you have about a 530+ credit score within as little as 60-180+ days we may be able to get you a home with
proper credit repair work if you work with us.

if your CREDIT SCORE is 580-619
We have credit repair help for you also
and 1 loan program that is starting around 580+ credit score right now, so you may be able to buy a house.

if your CREDIT SCORE is 620+
You’ll be able to apply for a few different loan programs:
100% loan programs
96.5% FHA loan programs
VA loans

If you don’t have much money for a down payment and want to still get a home loan, we have money available
through the stimulus plan which is $8000 plus many different counties are providing down payment assistance:

Dakota County- Up to $15,000 + Tax Credits

Hennepin County- Up to $15,000 + Mpls City Grant Assistance + Subsidized Interest Rates

Ramsey County- Up to $20,000 + St Paul City Grant Assistance + Subsidized Interest Rates

Scott County- Up to $7,500

Plymouth-Up to $25,000-to be used for Down Payment,Closing Costs and Principle Reduction.
This is a Zero Percent, Deferred Loan.  Payment is due when the Property is sold or
ceases to be Owner Occupied. Loan Payment in full is due in 30 years. re broker

***Please note that the stimulus money is said to expire as soon as the end of November, also many of these
counties are running out of monies soon, so there is a very limited time left to get all of this money assistance.
If you contact us today, talk to us this week, view properties by email through the next week, and look at homes
in person as early as late next week, and put in an offer, with the idea you’ll often negotiate with the seller,
and you may even need to have offers in on a few different places, then you could be getting an accepted offer
in 2 1/2 to 3 weeks from now if you are really moving fast. If you consider that the loan process can take 3-5 weeks
part of that process overlaps in timelines, but that means you would have to contact us right away in order to take
advantage of this down payment money before it runs out, especially the $8000 stimulus which ends in November, as reported
on the radio, so that means you would contact us now and start seeing homes within a week, there is a sense of urgency
only if you want to use county and government money, otherwise if you wait another week or more, you may need to use
your own $5000-$20,000 hard earned money, and in this economy I know that can take years to save, so I am just looking out
for you and trying to get you to take advantage of this limited time availability of monies, so you can save your money
for a rainy day emergency fund.

Let’s go over the most popular loan programs right now:

Fannie Mae HOMEPATH Loan
- Minimum 660 minimum middle FICO score required
- Appraisals are NOT required
- Great for first time homeowners AND Investors
- 97% LTV Primary Residence – 90% LTV Investor
- No monthly Mortgage Insurance payments
- Owner Occupied AND Investment Property
- Down payment can be 100% gifted
- Property must be listed for sale with the Fannie Mae HOMEPATH program
- NO declining market restrictions

Federal Housing Administration Loans – OK to 580 scores
- Minimum 580 minimum middle FICO score required
- Great for first time homeowners
- 30 Year Fixed Rates Only
- Low, government sponsored, monthly Mortgage Insurance payments
- Owner Occupied Only
- 12 months verified rent history required
- Down payment MUST come from borrowers own funds
- Gifts allowed for all closing costs
- Compensating factors required for 580 scores
- NO declining market restrictions

Federal Housing Administration Loans – 100% Gifts Allowed for Down Payment
- Minimum 620 FICO score required
- Great for first time homeowners
- 3.5% Down Payment can be a gift from relatives, employer, city grant
- VERY LOW 30 Year Fixed Rates
- Low, government sponsored, monthly Mortgage Insurance payments
- 1 Day out of Chapter 13 OK with re-establish credit (2 years with Chapter 7)
- Owner Occupied 1-4 unit only
- NO declining market restrictions

USDA Loans – 100% No Money Down for Qualified Properties
- Minimum 620 FICO Score – buyer(s) must have “reasonable” credit history
- Great for low to moderate income and first time homeowners
- Household Area Median Income Limits Apply
- LOW 30 Year Fixed Rates
- No monthly Mortgage Insurance payments
- Owner Occupied Only
- Property must be located in a USDA defined market

Veterans Administration Loans – 100% No Money Down for Active and Veteran Military
- Minimum 620 FICO score required – buyer must demonstrate ability to pay
- True No Money Down Financing for qualified buyers
- Low 30 Year Fixed Rates
- NO Monthly Mortgage Insurance payments
- No Income Limitations
- Loan Amounts from $75,000 to over $417,000
- Owner Occupied Only
- No declining market restrictions

Conventional Loans (Fannie Mae and Freddie Mac) – 100% Gifts Allowed for Down Payment
- Minimum 680 FICO Required
- Great for the established buyer looking to leverage through financing
- 3% Down Payment can be a gift from relatives, employer or city grant
- LOW 30 Year Fixed Rates
- Median income limits apply (only income from borrower on loan used to qualify)
- Loan amounts up to $417,000
- Owner Occupied Only
- Monthly Mortgage Insurance payments required
- Declining market restrictions apply

real estate broker
You can email me
ron@minnesotainvestors.com
or you can fill out your info at minnesotainvestors.com

If you’ve had to file a homeowners claim that includes floor replacement or repair, we want to talk with you. For years we have worked with many providers to undo some unfortunate accidents in local homes. We are well-versed in working with many different companies and have a streamlined process that includes quick turnaround, guaranteed labor and special pricing for you.
If you have chosen to find your own flooring contractor, I’m sure you’ll like what you see when you visit us.
We are ready to work with you to get your home back in shape quickly so you can get back to enjoying your home and your life.

All the best,

Chris

Many consumers mistakenly believe that the insurer controls the claim and can choose who fixes your car, repairs your house or how much your claim is worth.

Simply not true. You control the claim. But, without a professional on your side, you will get taken.

The cost to consumers who collect on their claims without professional assistance is an estimated $20 billion each year.

If you have a claim pending with any insurer, they owe you cash, unless there is a written exclusion in the policy that you signed.Many consumers mistakenly believe that the insurer controls the claim and can choose who fixes your car, repairs your house or how much your claim is worth.

Simply not true. You control the claim. But, without a professional on your side, you will get taken.

The cost to consumers who collect on their claims without professional assistance is an estimated $20 billion each year.

If you have a claim pending with any insurer, they owe you cash, unless there is a written exclusion in the policy that you signed.

I wanted to post again about another positive transaction with PMI on the Orlando short sale. PMI is NOT a deal killer. I have had other agents in my office tell me if PMI is on the loan they will not do a short sale. This is just crazy. Granted mortgage insurance makes it more difficult but it is not impossible.

First you must retain an agent like myself who has dealt with a PMI company. Agents that have only dealt with the bank will not know what to do when this comes up. Second do not have your agent ask the negotiator if PMI will be a problem. Never bring up anything the bank does not ask for, Never!

PMI does not come up as an obstacle on all short sales. This is based on my experience. If if does come up the negotiations will be with the PMI company. They will take a reduced amount if you have an agent that is a good negotiator.

The mortgage insurance company will generally ask for a promissory note at 0% for some many months. You can consult your tax advisor as well for information on how to take care of this note.

My last point is, Do NOT give up because you have PMI on the loan. I have never had a short sale turned down over PMI. Remember foreclosure is the last resort. I can help, contact me at www.scottnwendy.com or paganorealtor@gmail.com

A site worth visiting is Forbes’ Investopedia. I found valuable explanation of mortgage lingo and the more you know when shopping around for a mortgage or at the closing table the better. I have listed a few here but at fortlewisva.com we find it so important that our customers are informed that we will list more.

It IS all about YOU afterall:

What Does Closing Costs Mean?
The expenses, over and above the price of the property that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees and credit report charges.
Also known as “settlement costs”.

Investopedia explains Closing Costs
Closing costs are separated into two categories: nonrecurring closing costs and prepaid costs. Nonrecurring costs are one-time costs associated with buying a property or obtaining a loan. Prepaid costs are those that recur over time, such as property taxes and homeowners’ insurance. These costs are estimated by the lender on what is called a “good-faith estimate”, which the lender must issue to the borrower within three days of a home loan application.

Other terms:

• Appraised Value
  
  What Does Appraised Value Mean?
  An evaluation of a property’s value based on a given point in time that is performed by a professional appraiser during the mortgage origination process. The appraiser is usually chosen by the lender, but the appraisal is paid for by the borrower.

  Investopedia explains Appraised Value
  The appraised value of a home is an important factor in the loan underwriting process and plays a role in determining how much money may be borrowed and under what terms. For example, the loan to value (LTV) ratio is based on the appraised value. In general, if the LTV is greater than 80%, the lender will require the borrower to buy private mortgage insurance. However, if the LTV drops to 78% upon a new appraisal, private mortgage insurance payments may be eliminated.

• Down Payment
  
  What Does Down Payment Mean?
  A type of payment made in cash during the onset of the purchase of an expensive good/service. The payment typically represents only a percentage of the full purchase price; in some cases it is not refundable if the deal falls through. Financing arrangements are made by the purchaser to cover the remaining amount owed to the seller.
  Making a down payment and then paying the rest of the price through installments is a method that makes expensive assets more affordable for the typical person.

  Investopedia explains Down Payment
  For example, because houses are extremely expensive assets, home buyers typically pay down payments that equal 5-25% of the total value of a home. The remaining 75-95% of the price will be covered by a bank or other financial institutions through a mortgage loan.

• Dual Apper
  What Does Dual Apper Mean?
  A potential mortgage borrower who submits two mortgage applications (here, “apper” is slang for application) simultaneously with different lenders, who are typically mortgage brokers, without the two lenders’ knowledge.
  A borrower will do this to try to protect themselves from a lender who plays games with loan fees and costs after the application has been taken.
  Investopedia explains Dual Apper
  While clearly some unscrupulous lenders try to play games with borrowers by raising interest rates, increasing fees, adding charges or delaying loan processing after the loan origination process has started, “Dual appers” raise the cost of borrowing for all borrowers, since lenders must charge enough to cover all their costs, including aborted loan applications.
  A better approach for borrowers is to demand to know a lender’s fees for services and shop around before the loan application process begins.
• Good Faith Estimate
  
  What Does Good Faith Estimate Mean?
  An estimate of the fees due at closing for a mortgage loan that must be provided by a lender to a borrower within three days of the lender taking a borrower’s loan application. A good faith estimate is required by the Real Estate Settlement Procedures Act (RESPA). While the form of the estimate is standardized across the industry to allow borrowers to compare costs between lenders, it is key to note that it is only an estimate, and the true figure can sometimes be different.

  Investopedia explains Good Faith Estimate Consumers should beware of unscrupulous lenders who add their own “junk” fees and/or charge excessive fees for items such as wire transfers. However, there are legitimate reasons for discrepancies between the good faith estimate and the actual cost. For example, the lender may not know all the costs of closing services provided by third parties.
  A thorough comparison of mortgages between lenders by a consumer will include a comparison of items such as loan origination fees and loan discounts, which are generally a tradeoff for a higher or lower interest rate.

• Home-Equity Loan
  What Does Home-Equity Loan Mean?
  A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner’s equity and the home’s current market value. The mortgage also provides collateral for an asset-backed security issued by the lender and sometimes tax deductible interest payments for the borrower.
  Also known as “equity loan” or “second mortgage”.
  Investopedia explains Home-Equity Loan
  A home-equity loan is basically a line of credit secured by your home. When the line of credit is drawn down, the financial institution providing it places a second mortgage loan on your home until the loan is paid off, after which the you can use the loan to finance other purchases. However, if the loan is not paid off, your home could be sold to pay off the remaining debt. Interest rates on such loans are usually adjustable rather than fixed and lower than standard second mortgages or credit cards.
• No-Cost Mortgage
  
  What Does No-Cost Mortgage Mean?
  A mortgage refinancing situation in which the lender pays the borrower’s loan settlement costs and then extends a new mortgage loan. A lender does this in exchange for charging the borrower a higher interest rate. When the lender then sells this mortgage into the secondary mortgage market, the price it will receive for the mortgage is based on the interest rate on the mortgage.
  A mortgage broker would do the same based on the size of the rebate they might receive from a lender.
  Investopedia explains No-Cost Mortgage Do not confuse a no-cost mortgage with a no-cash mortgage. This is a mistake borrowers frequently make. With a no-cash mortgage, the settlement costs are rolled into the loan’s principal balance, and will therefore be paid for over time, with compounded interest.
  With a no-cost mortgage, the borrower pays financially in the form of higher interest charges on a lower principal balance. A borrower should perform a thorough analysis to determine the most suitable mortgage option.
• No-Fee Mortgage
  What Does No-Fee Mortgage Mean?
  A mortgage in which a mortgagee does not charge the mortgagor any fees for the applications, appraisals, underwriting, processing, private mortgage insurance and other third-party closing costs typically associated with mortgages. The total cost savings associated with the lack of fees is typically 3-5%
  Investopedia explains No-Fee Mortgage
  People seeking no-fee mortgages should be diligent when coming upon an offer for a no-fee mortgage, as many mortgagees tack origination and/or closing fees onto the mortgage’s interest rate.
  Home buyers definitely gain from the prospect of free private mortgage insurance and other cost savings. The financial institutions that offer no-fee mortgages also reap benefits, because the amount of revenue lost in mortgage fees can be recovered when mortgage holders also sign up for bank accounts, credit cards and other higher margin services.
• Origination Points
  
  What Does Origination Points Mean?
  A type of fee borrowers pay to lenders or loan officers in order to compensate them for the role they play in evaluating, processing and approving mortgage loans. Credit history is one factor that plays a role in the amount of origination points a borrower needs to pay. Unlike the other types of points (for example, discount points), origination points are not tax deductible.
  Investopedia explains Origination Points
  Typically, each single origination point represents 1% of the mortgage loan. For example, if you are borrowing $150,000 and the bank is charging you 1.5 origination points, you will end up paying $2,250 (or 1.5% of $150,000).
  Since the amount of origination points required to be paid is not set in stone, borrowers may be able to negotiate the amount of origination points that they pay.
• Relocation Mortgage – Relo
  What Does Relocation Mortgage – Relo Mean?
  A type of mortgage that is designed for relocating/transferring employees. Corporations sometime make special mortgages available for relocating employees in an effort to make the moving process easier and more economical. Oftentimes, there are bonuses for the employee, such as the company paying the closing costs. Some mortgage companies specialize in offering relo mortgages.
  Investopedia explains Relocation Mortgage – Relo Historical data shows that employees who relocate for their jobs are likely to relocate repeatedly at predictable time intervals; therefore, relo mortgages have more predictable prepayment characteristics than non-relo mortgages. Because the prepayment characteristics of any mortgage-backed security (MBS) are very important to its valuation by traders, the more predictable prepayment characteristics of MBSs backed by relo mortgages allow relo MBSs to trade at a premium relative to other MBSs.
• Tax Service Fee
  
  What Does Tax Service Fee Mean?
  A legitimate closing cost used to ensure that mortgagors pay their property taxes. A tax service fee is typically paid by the buyer at the time the home is purchased, the lender then passes this sum on to a tax service agency. The role of a tax service agency is to look for delinquent property taxes and alert the mortgage company to prevent tax liens from existng against their mortgagors’ homes. Since tax liens have priority over lender liens, banks wants to ensure that they, not the state, become the owner of  these properties.
  Investopedia explains Tax Service Fee
  For borrowers with impound accounts, property taxes are collected monthly with mortgage payments; in this case, the tax service agency’s job is to provide the lender with your property tax bills so that they will be paid on time. For borrowers without impound accounts, the mortgage company will often remit any unpaid property taxes on behalf of the homeowner and then bill him or her for the sum, plus penalties and fees.

Get more details and talk to a specialist which opportunities are waiting for you! For help with your VA loan contact us or apply directly online for a quick pre approval.

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Private mortgage insurance, often called PMI, is something you need to be familiar with when you buy a home in the Orlando mortgage market. If you’re making a down payment that is less than twenty percent, the bank or mortgage lender will almost always require it. When you’re calculating what your monthly mortgage payment will be, it is important to figure in the cost of this insurance as well as property taxes and homeowner’s insurance.

The point is to insure the bank or mortgage lender that they will get their money if you fail to pay on your loan. Particularly, your PMI insurance helps the lender with costs in the event he forecloses on your home. The insurance must be maintained until you have build at least twenty percent equity or at least twenty percent of the loan is paid off.

The cost of PMI can be different from lender to lender. It costs approximately $55 per month for every $100,000 borrowed. When you’re shopping for a mortgage, ask pointed questions about each lenders PMI policy and rate. Otherwise you could be shocked at the time of closing when it’s added to your monthly mortgage payment.

PMI is usually calculated based on the amount of your loan divided by the value of your home. Look at it this way; if you borrow $90,000 to buy a $100,000 home, you have a 90% LTV (loan to value) ratio. The loan to value ratio needs to drop below 80% before you can terminate the insurance.

In recent years, tax law changes made the cost of private mortgage insurance tax deductible, so it is more financially beneficial, pay the insurance, and take a tax deduction. The law currently in effect is up for revision or renewal in January 2010.

Once you have paid off a minimum of twenty percent of your home’s value, you may be able to discontinue PMI some lenders require that you must pay off twenty percent of the mortgage, and some require that you must own twenty percent equity in your property, so read your contract and see how it is written.

Besides reducing the size of the mortgage balance, you also have to establish a sound payment history. Most lenders require that you have not paid your mortgage thirty days late in the past year, or sixty days late for at least two years. They can also require you to show proof that your property value has not declined. If your home value had dropped the lender may require an additional down payment.

In the past homeowners were unaware when they were eligible to suspend their PMI and sometimes continued paying it needlessly for years. Today’s laws require the lender to let you know when you reach 78% of the necessary level of equity or loan satisfaction. If there is undue delay in canceling your PMI, the lender is required repay your premiums to you, and he may be subject to other penalties.

When you take out a mortgage loan, the lender is required to inform you of the approximate date when you will become eligible to discontinue the PMI. If you have an adjustable rate mortgage, this must be calculated based on the rate in effect at the time of the loan origination., You are well advised, however to keep an eye on these things so that you know when you are eligible to discontinue it, and take the initiative to contact your Bank or Mortgage lender.

It was bad enough to learn earlier this summer that the overwhelming majority of $4.9 billion in new capital in Florida’s property insurance market ? a number trumpeted relentlessly by Gov. Charlie Crist ? had come from unregulated carriers. But here’s an even more shocking number: $277 million. That’s the paltry amount of capital provided by regulated companies that didn’t get a taxpayer handout to set up shop in the state.

State lawmakers never heard that fact as they contemplated insurance reform during the last legislative session. Instead, they got relentless spin from Crist and Insurance Commissioner Kevin McCarty implying that the private homeowners insurance market was on a healthy rebound. Their pitch, in hindsight, was nothing less than deception.

Florida’s property insurance crisis is complex. And it’s hard to say, had McCarty and Crist been forthright in the numbers, what impact that would have had during the 2009 legislative session. Lawmakers reduced the state’s hurricane exposure by increasing rates for state-run Citizens Property Insurance Corp. and cutting the level of reinsurance the state would offer to all retail insurers.

But sound policy requires honest information. While Crist might be expected ? unfortunately ? to twist information for political cover, McCarty’s job is to be the honest broker for Floridians who count on his office to regulate the industry in their interests. What’s more, he works not just for Crist, a Republican, but also for the Cabinet, including Chief Financial Officer Alex Sink, a Democrat, and Attorney General Bill McCollum, a Republican ? the two leading candidates for governor.

After a St. Petersburg Times story on the subject, Sink raised the specter last month that McCarty’s staff had masked the true makeup of Florida’s new insurers. She demanded the regulator provide a better accounting.

The result, released last week, shows just 5.6 percent of the new capital since January 2006 comes from regulated insurers who did not get a state handout to do business here. Another 6.6 percent is from regulated insurers who received either a state loan or payments for accepting former Citizens customers. But 87.8 percent of the new insurance capital came from “surplus lines carriers,” companies that are not subject to state regulation in areas such as price, coverage or customer service.

Last week, Crist seemed to want to simply cover over these details, evoking the reduction in property insurance costs for some homeowners. McCollum appeared to miss the point altogether, saying, “I think this is a very positive report, and I appreciate it.” Despite McCarty’s deception, his job appears secure as long as Sink is the only one to object to his behavior.

Thanks to Sink, at least Floridians know the facts: Just 5.6 percent of the new capital is a purely private investment from insurers willing to abide by the consumer protections afforded by regulation. That indicates the private insurance market is not growing nearly as well as the governor and the state insurance commissioner suggest.

© 2009 ? All Rights Reserved ? St. Petersburg Times

States Shed Reinsurance and ‘Run Naked’ Through Storm RisksProperty/casualty rates drop in June

vlado.tesanovic asked:


yea, i post question. what is your answer?

and what you think about this site:

http://www.getlowratemortgage.com
I post question and what is your answer?

and what you think about this site:

http://www.getlowratemortgage.com…

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Maryland Homeowners Insurance – How to Get the Best Rate

Buying homeowners insurance in Maryland can be expensive … unless you know what to do and where to go to get discount rates. Here are four tips that will help you save big bucks on your homeowners insurance.

Maryland Homeowners Insurance

Homeowners insurance is a necessity if you want to insure that your house and your belongings are safe from fire, theft, vandalism, and weather damage. Homeowners insurance not only protects your home and your personal property, it also protects you from lawsuits when people hurt themselves in your home.

Money-Saving Tips

1. Insure your home, not your land. When you buy a home your mortgage company probably based your homeowners insurance on the appraised value of your home. Appraisals include the value of your land, which you don’t need to insure.

To get the amount of homeowners insurance you need, ask a local builder how much it would cost to rebuild it and use that figure.

2. Get the highest deductible you can afford. For instance, raising your deductible from $250 to $1,000 will save you up to 25% on your annual premium. Raising your deductible also prevents you from filing excessive claims which can cause your insurance company to cancel your policy.

3. Combine you home and auto insurance. Purchasing your home and your auto insurance with the same company can save you as much as 15% on your yearly premium.

4. Install Safety and Security Features. Installing fire alarms, burglar alarms, sprinkler systems, dead bolts, window locks, and fire extinguishers not only gives you a big discount on your insurance, it also gives you peace of mind.

The Biggest Money Saver

Homeowners insurance can vary by $1,000 or more from one insurance company to the next, so the best way to save the most amount of money on your insurance is to compare rates from different companies.

The simplest way to do that is to go to an insurance comparison website where you can get rate quotes from a number of insurance companies. A few of these sites even offer an online chat feature and a toll-free telephone service where you can get advice from an insurance expert. (See links below.)

Visit http://www.LowerRateQuotes.com/homeowners-insurance.html or click on the following link to get Maryland homeowners insurance quotes from top insurance companies and see how much you can save. You can get more insurance tips in their Articles section.



By: ryan@thesatellitetvguide.com

About the Author:

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FIRST TIME HOME BUYER LOAN PRODUCTS AND INCENTIVES

Fannie Mae HOMEPATH Loan

- Minimum 660 minimum middle FICO score required
- Appraisals are NOT required
- Great for first time homeowners AND Investors
- 97% LTV Primary Residence – 90% LTV Investor
- No monthly Mortgage Insurance payments
- Owner Occupied AND Investment Property
- Down payment can be 100% gifted
- Property must be listed for sale with the Fannie Mae HOMEPATH program
- NO declining market restrictions

Federal Housing Administration Loans – OK to 580 scores

- Minimum 580 minimum middle FICO score required
- Great for first time homeowners
- 30 Year Fixed Rates Only
- Low, government sponsored, monthly Mortgage Insurance payments
- Owner Occupied Only
- 12 months verified rent history required
- Down payment MUST come from borrowers own funds
- Gifts allowed for all closing costs
- Compensating factors required for 580 scores
- NO declining market restrictions

Federal Housing Administration Loans – 100% Gifts Allowed for Down Payment

- Minimum 620 FICO score required
- Great for first time homeowners
- 3.5% Down Payment can be a gift from relatives, employer, city grant
- VERY LOW 30 Year Fixed Rates
- Low, government sponsored, monthly Mortgage Insurance payments
- 1 Day out of Chapter 13 OK with re-establish credit (2 years with Chapter 7)
- Owner Occupied 1-4 unit only
- NO declining market restrictions

USDA Loans – 100% No Money Down for Qualified Properties

- Minimum 620 FICO Score – buyer(s) must have “reasonable” credit history
- Great for low to moderate income and first time homeowners
- Household Area Median Income Limits Apply
- LOW 30 Year Fixed Rates
- No monthly Mortgage Insurance payments
- Owner Occupied Only
- Property must be located in a USDA defined market

Veterans Administration Loans – 100% No Money Down for Active and Veteran Military

- Minimum 620 FICO score required – buyer must demonstrate ability to pay
- True No Money Down Financing for qualified buyers
- Low 30 Year Fixed Rates
- NO Monthly Mortgage Insurance payments
- No Income Limitations
- Loan Amounts from $75,000 to over $417,000
- Owner Occupied Only
- No declining market restrictions

Conventional Loans (Fannie Mae and Freddie Mac) – 100% Gifts Allowed for Down Payment

- Minimum 680 FICO Required
- Great for the established buyer looking to leverage through financing
- 3% Down Payment can be a gift from relatives, employer or city grant
- LOW 30 Year Fixed Rates
- Median income limits apply (only income from borrower on loan used to qualify)
- Loan amounts up to $417,000
- Owner Occupied Only
- Monthly Mortgage Insurance payments required
- Declining market restrictions apply

* $8,000 tax credit if home is purchased by November 30, 2009.