• Rate Advantage 100% Mortgage Loan Financing

Rate Advantage 100% Mortgage Loan Financing

  • Provides 3.5% in down payment assistance in ALL Florida counties for both FHA and Conventional FNMA Loans.
  • 3.5% down payment assistance is in the form of a monthly repayable 10-year 2nd mortgage at 8%.
  • 30 year fixed term on the 1st mortgage.
  • The buyer does not need to be the first time Home Buyer.
  • Borrowers 1003 income must be below 115% of the HUD Area Median Income, adjusted for family size where the house is located.
  • Back end debt ratio of less than 49.99%.
  • Must be primary residence, no Investors.
  • Must NOT have other concurrent residential real estate.
  • Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA, and USDA.
  • NO Non-Owner Occupant Co-Borrowers allowed.
  • Competitive mortgage Interest rates.
  • Can be used with Conventional mortgages (3.5), VA mortgages (3.5%), FHA mortgages (3.5%) and USDA mortgages (3.5%)
  • Supplemental alternative credit not allowed. No manual underwrites.
  • No duplexes, triplexes or quadruplexes.
  • Income is based on qualifying income reported on 1003, regardless of household size.
  • Maximum loan amount of FHA limits in the area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
  • Home Buyer Education required.
  • Minimum middle FICO credit score is 640 or higher for all mortgage products.
  • Maximum debt-to-income 45%-50% Depending on credit score and compensating factors.
  • 47% LTV or higher must have 12 months of rental history.
  • No Prepayment Penalty Fee if the loan is paid out early.
  • No cash back to Borrower/Buyer
  • NO Non-Owner Occupant may be used.
  • The seller can tribute up to 6% towards FHA, VA or USDA Buyers Closing Costs, or 3% contribution if Conventional FNMA loan.
  • No 203k Renovation loans allowed.