|
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 |
|
|