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Program Description
This program allows a buyer with a credit score of 620 or above (or acceptable non-traditional credit) to put no down payment money into the transaction. The program also allows use of stated secondary income and a portion of boarder income to qualify. This is an excellent program for 1st time home buyers.
Use when your buyer
- has very little cash
- has little or non-traditional credit
- has unverifiable secondary income
- has boarder income from related person
- needs a single expanded debt-to-income ratio
Features
- allows non-occupant co-borrower
- up to 100% LTV/105% CLTV
- sellers can contribute up to 6% in closing costs/prepaids
- credit scores as low as 620 or acceptable
- non-traditional credit
- 1 month payment reserves required
- fixed or adjustable rate available
- single qualifying ratio of 45% (40% if using stated secondary income)
- lower mortgage insurance costs
Income limits
100% of area median income in most areas, unless in an "Underserved Area"
Contact
Tim Moffitt, National City Bank, 614-276-LOAN (5626), tim.moffitt@ncmc.com
NOTE: The Columbus Board of REALTORS® identifies affordable housing as homes priced $125,000 and below.
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