Ask Us About Grant Programs for Closing Costs Assistance
Consider A USDA Loan
Resale Time Restriction
Ref: HUD ML 2003-07 & 2005-05
90 days minimum
Upfront MIP/Guarentee fee
1.15% > 95% LTV, 1.10% < 95%LTV
Loan Amount based on
Up To 103.5% 102% of Appraised Value*
Lower of Sale Price or Appraisal
Seller Contribution Limit
Consumer Credit (CCCS, etc.) permission
required if borrower in debt program (Manual
Non-Purchasing Spouse allowed
Yes **Restrictions apply
Borrower allowed to borrow closing costs on
Can qualify at start rate with
Must qualify at full note rate Ref:
29%/41%* Flexibility Allowed
31%/43%* Flexibility Allowed
*Note: Because of the method used
by USDA RD to calculate the amount of Guarantee Fee that can be added above
appraised value the actual LTV may be slightly above 103.5% but for purposes
of discussion we will use the 103.5%.
Note: Only all or a portion of the
Guarantee Fee up to3.5% can exceed the appraised value. Refer to Guarantee
Fee calculation details available in the Rural Development Financing Guide.
FHA loan for MIP purposes assumes > 15 year term.
FHA purchase loans
with as little as 3.5% down Credit Scores can be as low as 640 (Varies) Non-Traditional credit allowed on FHA loans Refinance up to 97% of the appraised value FHA Cash-out refinances up to 85% of the
can credit up to 6% of sales price toward buyers closing costs Gifts funds for down payment and closing
costs allowed on FHA loans No cash reserves required Non-Occupying Borrowers allowed to help
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Let us know how we can assist you with
meeting your home ownership goal.
VM/Cell (216) 324-8113
Tim Bradford -- OHIO MB.803389/LO.007173 ---- NMLS
CO.142066/LO.250013 6363 York Road #300, Parma Heights, Ohio 44130