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    • Home
    • Buyers
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      • Seller's Roadmap
      • Reasons To Sell With Us
      • Sell/Buy At The Same Time
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    • Investing
      • Investing
      • 8 Benefits to Investing
      • Long-Term Hold Rental
      • Fix & Flip (Short Term)
      • Wholesaling
      • Country Oak Apartments
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  • Home
  • Buyers
    • Buyers
    • Buyer's roadmap
    • First Time Buyer Guide
    • Winning Multiple Offers
    • Loan Program Cheat Sheet
    • Moving Countdown
    • Calculators
    • Our Partners
  • Sellers
    • Sellers
    • Seller's Roadmap
    • Reasons To Sell With Us
    • Sell/Buy At The Same Time
    • Moving Countdown
    • Our Partners
  • Investing
    • Investing
    • 8 Benefits to Investing
    • Long-Term Hold Rental
    • Fix & Flip (Short Term)
    • Wholesaling
    • Country Oak Apartments
  • Menu
    • Our Brokerage
    • Services
    • See Listings
    • Book An Appointment
    • Quick Tips, Guides & News
    • Events
    • Market Reports & Updates
    • Careers
  • Contact

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loan program cheat sheet

let's talk about money! Below are details for different loan types

FHA – Federal Housing Administration

  • Most commonly used by first time home buyers
  • Don’t have to be a first time home buyer to qualify
  • Several “move-up” buyers use this loan because it allows for high debt ratios
  • Condos need to be FHA approved
  • FHA condo approval website: https://entp.hud.gov/idapp/html/condlook.cfm
    • Use this website to see if your condo HOA is FHA approved

Max loan amount
– 420,680

Down Payment

– 3.5% minimum

Credit Score needed

– 600+ (can do a manual underwrite down to 580)

  • Rates are much better with a 640+ score

Mortgage insurance

– required at all LTV’s on a 30 year loan

  • Payable for 30 years with less than 10% down
  • Payable for 11 years with 10% or more down

Occupancy

– primary residence only

Seller paids allowed

– 6%

Conventional

  • Typically used by those with more money down and better credit
  • Can be used by first time home buyers
  • Tighter credit guidelines and debt to income ratios
  • More lenient on appraisals
  • Minimum credit score is 620

Max loan amount

  • 647,200

Down Payment

Primary – minimum is either 3% or 5% down

2nd home – 10% down

Investment – 15% down (if you have a 740 or higher score)

  • 20% down (if your score is 739 or less)
  • 25% down (if 2-4 unit)

Credit Score

– 620+ (rates and MI are higher with lower credit scores)

Mortgage insurance

– required on LTV’s greater than 80%

Occupancy

– primary, 2nd home, investment

Seller paids

Primary and 2nd home:

  • 5% – 9.99% down = 3%
  • 10% – 24.99% down = 6%
  • 25%+ down = 9%

Investment property

  • 2% across the board

VA

  • Have to be a vet and have a certificate of eligibility
  • Very good program if you can qualify
  • Need forms:
    • COE (certificate of eligibility)
    • DD2-14
  • Condos have to be VA approved
  • Condo approval website: https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch
    • Use this website to see if your condo is VA approved

Down payment

– 0%

Credit Score needed

– 600+ (can do a manual underwrite down to 580)

Mortgage insurance

– none (the government pays for this)

Note – The VA charges a funding fee that can be rolled into the loan

Occupancy

– primary residence only

Seller paids

– 4%

USDA

  • Rural development program
  • Map to see if your property is eligible for this loan program:
    • https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
  • Good program but have to be buying a house that is in an eligible area
  • Can’t finance farms or properties with a high number out-buildings and/or tillable land on the lot
  • Must be underwritten twice: lender and USDA office
  • Has income limit – check website and look up limit for specific county
  • Borrower CANNOT own any other properties when they close on this loan

Down Payment

– 0%

Credit Score Needed

– 620 (can do a manual underwrite down to 580)

Mortgage Insurance

– .35 annually (which is cheap)

  • They also charge an upfront funding fee of 1.0% which is rolled into the loan amount

Occupancy

– primary only

Seller paids

– 6%

Specialty Programs

  1. MHFA – down payment assistance through the state
    1. Same Guidelines as FHA, Conv, or VA. Max DTI of 45-50%.
    2. Minimum credit score is 640 to 650
    3. Borrower needs at least $1,000 out of their own pocket into the deal
    4. Income limits apply – Varies by county & household size.
    5. Max purchase price limits apply
      1. Start-Up program (First Time Buyers)
        1. 11 County Metro- $340,000
        2. Balance of State- $294.600
      2. Step-Up program
        1. 11 County Metro- $402,500 (1 Unit) $515,250 (2 Unit)
        2. Balance of State- $356,362 (1 Unit) $456,275 (2 Unit)
      3. Down payment assistance available is 5% of the purchase price with a max amount of:
        1. Deferred DPA – Up to – $11,000 or $15,000 with Deferred payment plus program (More restrictions)
        2. Monthly DPA – Up to $17,000 (10 year amortization)
      4. FHA 203k – rehab loan through FHA
      5. Homepath – discontinued as of 11/1/14. Replaced with HomeReady.
      6. FNMA HomeReady – 3.00% down conventional loan (has income limit)
      7. Freddie Home Possible – 3.00% down conventional loan (has income limit)
      8. Fannie Standard 3.0% down – this is the third 3.00% down conventional loan and does not have an income limit, but you have to be a first time home buyer

Loans with Income limits

  1. USDA
  2. All MHFA loans
  3. Two of the three 3% conventional loans have income limits
    1. Home Ready – DU
    2. Home Possible – LP

buyer resources

buyers's Roadmap
First Time Home Buyer Guide
How To Win In Multiple Offers
loan program cheat sheet
moving countdown
mortgage calculator
our partners

have questions? Get in touch!

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