finance at your fingertips
DESCRIPTION
Guidelines for mortgage options available in todays market.TRANSCRIPT
Financeat your fingertips
presented by Tom FallosimortgageTM
Conventional FinancingConventional Financing
• 5%, 10%, or 20% down
• Reserves - 2 months PITI
• Mortgage InsuranceIf LTV is >80%
• Seller ContrubutionsLTV % of sales price
<75% 9%
76-90% 6%
>90% 3%
Investment 2%
Conventional FinancingConventional Financing
• Gift Funds Allowable
• Qualifying Ratios
29% =housing to income
41% =debt to income
• Interest Ratesdepends on credit score and LTV
FHA FinancingFHA Financing• 3.5% down
• Mortgage InsuranceUpfront 2.25%
Annual .55
• Gift Funds AllowableUp to 100% of downpayment
and closing costs
• Loan for Downpaymentand closing costs OK
FHA FinancingFHA Financing
• Credit Score 620 required
• Ratios29% =housing to income
41% =debt to income
• Seller Contributionup to 6%
• No Cash Reserves Required• Only 1 FHA loan at one time
VA FinancingVA Financing• 100% Financing
• Credit Scores
Minimum 620
• Ratios
41% debt to income
• ReservesNone required
VA FinancingVA Financing
• Upfront Funding Fee
May be financed
• Contributions Acceptable
Up to 4% for closing costs
2% toward pre-paids
• Gift Funds Allowed
Up to 100% of downpayment
USDA USDA Rural Home LoanRural Home Loan
• 102% of Appraised Value
Including 2% funding fee
• Seller Consessions
Up to 6 % allowed
• Income Restrictions Apply
• No Monthly Mort. Insurance
• 30 Year Fixed
• Low Rates
I’m always happy to answer your questions!
It’s nearly impossible to keep up with day-to-day changes in mortgage regulations.
It’s satisfying to know that I can help.
Tom FallosSr. Loan ManagerimortgageimortgageTM
480-621-3223Tom . Fallos@imortgage . com