‣ Minimum Down Payment: 3.5%
‣ Minimum Credit Scores: 620
‣ Loan Type: FHA
‣ First Time Homebuyer: YES
‣ Non-occupant Cosigner: YES*
‣ Student Loan Calculation: For outstanding Student Loans, regardless of the payment status, the Mortgagee must use:
‣ Debt to Income: 47% / 57%
‣ Own Other Property: YES*
‣ Derogatory Credit:
‣ Income Limits: NO
‣ Gift Funds: YES*
‣ Maximum Seller Concession: 3%
‣ Close Times: 21 days*
‣ Reserve requirements may vary based on AUS.
‣ Self-Sufficiency Rule Applies: Fair Market rents from non-owner-occupied units must cover PITI payments.
Allowed but down payment must be 25% or more.
Allowed from an acceptable gift donor.
Dependent upon borrower’s and parties' ability to provide items within 24 hours and no unusual circumstances.
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