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97% Financing Loans
The following loan programs outline
the various ways a borrower can maximize their borrowing power by
financing 97% of the sale price on a new purchase, or 90% of the
appraised value on a refinance. All terms are either 15 or 30
year fixed rates. Eligible properties include single family
owner occupied attached or detached units in a condominium or PUD
project. All options are for purchase or rate-term refinance
only.
FHA 97%
With the Family Members Down Payment
Assistance FHA will allow the Family Member to gift the required 3%
down and the Seller can pay up to 3% Seller concessions. This allows the buyer 97% Loan and
the necessary help with down payment and closing cost or the buyer
can put down the required 3% and pay the closing cost out of
pocket. Please note FHA down
payment requirements will go up to 3.5% January 1, 2009.
97% Financing Loans
My Community 97 and Flex
97
This program is a straight 97%
loan designed to serve teachers and public safety employees, however
the program is open to all borrower’s who qualify. The maximum
loan amount is $322,700. The minimum credit score is 680 and
the maximum debt ratio is 50% (45% for non-teachers and public safety
employees). Seller concessions are allowed up to 3%. In addition, the borrower must
document assets equal to the total of 2 monthly house payments.
Mortgage insurance is required.
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