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First Westerville Mortgage Product

Program Description

A low cost fixed or ARM product with zero downpayment for those with slightly impaired credit rating.

Term 30 year fixed - 2 yr or 3 yr ARMS
Minimum Loan Amount $65,000
Maximum LTV 100%
Eligible Properties Single Family Residences, PUDs (Condos with 640 FICO)
Temporary Buydown Not Allowed
Qualifying Ratios Full Doc -- Back End ratio required 50%
Assets No Assets/Reserve seasoning required
Seller Contribution Allowed up to 6% for closing costs and prepaids (includes permanent rate buydown)
Minimum Credit FICO 600 with 3 active tradelines
Minimum Income Minimum monthly gross income $2,000 required
MI Companies No Mortgage Insurance required
Coverage Requirement: Home Buyer Education Not Required
Contact Denny Brunton, (614) 891-5626