Home Buyers Guide. No Down Payment Ideal for First Time and Move Up Home Buyers |
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Home Buyer Situation |
Program Highlights |
80/20 Program “100% Financing” |
• No out of pocket down payment • No private mortgage insurance • Build equity faster as buyer pays down second mortgage • Closing costs may be covered with a slightly higher rate • Various terms allowed • Interest Only option available for Fixed Period ARMs • Reduced Doc option available |
Veteran’s Administration |
• Qualified veterans may get a loan up to $417,000
with full entitlement and including funding fee
(Higher loan amounts may be available) • No down payment required with full entitlement • Available on fixed rate loans • More flexible qualification guidelines than FHA or conventional loans • Seller can contribute up to 4% • Gift funds allowed • Owner occupants only |
Rural Housing (Non-farm property) |
• No down payment required • No mortgage insurance • Sales price + closing costs can be financed up to appraised value • Seller can contribute up to 6% • More lenient ratios • Families at 115% or below median income in rural areas • Various terms allowed • Conforming loan limits apply • Loan amount based on appraised value • Loan is not limited to first time home buyers |
Flex 100 |
• 100% Financing • No income restrictions or home buyer education required • Seller can contribute up to 3% • More flexible ratios • Borrower needs to contribute a minimum of $500 |
Minimum Down Payment Allows borrowers the ability to obtain maximum financing without the traditional funds for down payment and closing costs. |
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Home Buyer Situation |
Program Highlights |
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97% Flex |
• Minimum down payment required • Financing options available for closing costs • More flexible debt to income ratios • 97% Flex - includes "maximum CLTV of 105% • Conforming loan limits apply • Owner occupants only |
Fixed-Period |
• Minimum down payment required • Lower initial rate with security of fixed payment for 3, 5, 7 or 10 years, before loan converts to an adjustable rate mortgage • Annual adjustments after fixed period • Maximum life caps 5% to 6% • Assumable during adjustable period w/ credit qualification • Interest Only option available • Reduced Doc option available |
FHA (Basic) |
• Minimum down payment of 3% required • No cash reserves on 1-2 units • No maximum income/earning limitations • Fixed rate, ARM and GPM loans available • 100% gift funds allowed • More lenient credit guidelines • Seller can contribute up to 6% • Community assistance available • Maximum loan amounts vary by county • Owner occupants only • 1-4 units eligible |
Adjustable Rate Mortgage (ARM) |
• Minimum down payment required • Lower initial rate with low monthly payment • Adjustment periods vary from monthly to annually • Maximum life caps of 5% to 6% on most programs • Periodic adjustment caps vary from 1% to 2% • Choice of Treasury, LIBOR and COFI indices • Assumable (credit qualification required) • Fixed rate conversion option on some programs |
Low Monthly Payments Ideal for borrowers who want flexibility with their monthly payments. |
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Home Buyer Situation |
Program Highlights |
Pay Option ARM |
• Three indexes to chose from: COFI, MTA & LIBOR • Low start rate • Borrower gets the advantage of 4 different payment options each month • Loan allows for 115% negative amortization • Low interest only monthly payments for a fixed period of time • Owner occupied & second home properties allowed • Cash out loans available |
FlexSaver ARM |
• 1st Lien HELOC with low rates tied to the Prime Index • Available for Purchase, Rate & Term or Cash Out • Owner occupied and second homes allowed • No MI for loans >80% LTV • Flexible payments options - Interest Only during the draw period • Full/Alt & Reduced Doc allowed |
Interest Only Programs |
• Available under our Fixed and Fixed Period ARM programs • Minimum down payment required • Low interest only monthly payments for a fixed period of time • Owner occupied & second home properties allowed • Cash out loans available |
1 Month/6 Month Interest Only ARM |
• Interest Only • Maximum LTV 95% • Life Cap is 12% • Purchase, Rate & Term and Cash-Out transactions • Owner occupied and second homes allowed |
Streamlined/ Reduced Documentation Ideal for Commissioned, Self-Employed and Retired Homebuyers. This program qualifies borrowers who do not wish to provide income documentation. A great program for self employed borrowers or those who wish not to disclose their income. |
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Home Buyer Situation |
Program Highlights |
Fast & Easy Loan Conforming and Non-conforming |
• Minimum down payment required • Available for Fixed & Fixed Period ARMs • Interest Only & Fixed Period Interest Only options available • Eliminates and streamlines some of the paperwork required -no traditional application • Cash reserves not required • LTVs/CLTVs >90% for salaried borrowers only |
Reduced Doc |
• Minimum down payment required • Seller can contribute up to 6% • 80/10/10 allowed • Income must be stated on application • Various terms allowed • Fixed Period ARM programs available |
No Ratio Test |
• Minimum down payment required • No income disclosure or verification • No calculation of debt ratios • Cash out is allowed for owner occupied loans • Various terms allowed • Fixed Period ARM programs available |
No Income/ No Asset (NINA) |
• Minimum down payment required • No income employment or asset verification • Seller can contribute up to 6% • Loan amounts up to $400,000 • Cash out is allowed for owner occupied loans • Various terms allowed • Fixed Period ARM programs available |
Stated Income/
Stated Asset |
• Income and assets simply stated on application • No documentation required • Fixed and Fixed Period ARM programs available • Loans to $650,000 for Fixed • Higher qualifying ratios • Owner occupied & second homes |
Low Income Program |
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Home Buyer Situation |
Program Highlights |
Kentucky
Housing
Corporation |
• Minimum or No down payment required • Second Mortgage Loan to help with down payment and closing costs • Single Parent program • Elderly program |
Investment Property |
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Home Buyer Situation |
Program Highlights |
Fixed Rate,
Reduced
Documentation,
One Year ARMs and
Fixed Period ARM
Programs |
• Minimum down payment required on fixed rate loans • 1-4 unit properties • Cash out loans available • Reduced Doc loans available under Expanded Criteria |
Second Homes |
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Home Buyer Situation |
Program Highlights |
Fixed Rate,
Reduced
Documentation,
One Year ARMs and
Fixed Period ARM
Programs |
• Minimum down payment required • 1-4 unit properties • Loan amounts up to $650,000 • Rate buy down options available • Cash out to 90% LTV • No Ratio, Stated Income/Stated Asset and Reduced Doc available |
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