• 0% downpayment
• 103% home financing
• 103% LTV Purchase,
• No Prepayment Penalty
• fixed-rate mortgages
  

In addition to purchase money transactions, this program allows for rate and term refinances if the original loan was processed under the 103% Zero Down Program. 

The mortgage insurance premium, closing costs, and prepaids may be financed up to a maximum of 3% and a maximum LTV of 103%. There is no minimum loan amount, however, there is a minimum LTV of 97.01%.

Note:

• closing costs and/or prepaids: Up to a maximum of three (3) percent of the lesser of the appraised value or sales price may be financed into the loan amount. *The maximum LTV when closing costs and/or prepaids are financed is 103%.
• Secondary Financing: Not Allowed.
• Cash-Out: Not Allowed.

The program is for Borrowers with good credit (700 FICO) who may have insufficient savings to close. There are no income limitations. The program is not limited to first time homebuyers and the Borrower may own other real estate, however, the subject property must be their primary residence.

Pricing:

• Price and commit as a Non-Conforming Expanded Criteria (Fixed 30 or 15) Zero Down for all loan amounts up to and including the maximum of $453,200 (maximum base loan amount of $440,000).
• Add-ons apply.

CREDIT CONSIDERATIONS - The Credit Score may be based on as few as one (1) tradeline as long as the Borrower(s) meet(s):

• 700 FICO Minimum
• Revolving and Installment: Late payments are considered in the credit score.
• Mortgage Lates: Maximum mortgage lates permitted:
  • 1 x 30 last 12 months
  • 0 x 60 last 24 months
• Bankruptcy, Foreclosure, Deed-in-Lieu, Short Sale:
  • No bankruptcies, foreclosures, judgments, garnishments, or other legal proceedings.
• History of Credit Counseling:
  • Active participant: Not Allowed.
  • Previous participant: Depends on lender criteria (usually 3 yrs, 12 months depending on circumstances with obvious credit improvement)
• Judgments, Collections, Charge-Offs:
  • Any charge-offs or collection accounts must have been PAID at least two (2) years prior to the application.

Note: There are NO Exceptions to these credit guidelines.

Occupancy Requirements: Owner-Occupied

Pre-Payment Penalty Option: Not allowed.

Temporary Buydowns: Not allowed.

Secondary Financing: Not allowed.

Seasoning Requirements: Not applicable.

Ratios: 33/38% (There are NO Exceptions to these ratio guidelines.)

Documentation Requirements: The Appraisal must indicate stable or increasing property values. Note: If the appraisal indicates the property also shows evidence of declining property values, an oversupply of property and / or a marketing time of more than six (6) months, soft market guidelines must also be followed.

Reserves: Two (2) months reserves are required. Note: Cash advances from credit cards are not allowed to meet the reserve requirement.

Energy Efficient Mortgages: Not allowed.

See These Purchase Programs contain common lender specifications

97% Purchase Financing

100% (up to 105%) Financing

103% Financing

See Rent Vs. Own

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