| Quick Reference Guide for Lending From Mike King and AZMORTGAGEINFO |
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Occupancy & |
Seller |
Mortgage |
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| Loan Type |
Max Loan |
Down Payment |
Contributions |
Insurance |
Debt to Income |
Credit |
Key Guidelines |
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Primary 5% |
Primary 6% |
Yes with less than |
55% with 20% |
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Must have 5% min buyer funds |
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2nd Home 20% |
2nd Home 3% |
20% down, monthly |
45% less than |
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90 day flip ok w/strong appraisal |
| Conventional |
$417,000 |
Investor 20% |
Investor 2% |
varies |
20% (MI issue) |
620 |
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| FHA |
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1% upfront and |
43% standard |
580 |
Co-signer allowed, 90 day flip ok with 2 |
| 203K |
$346,250 |
3.5% Down |
6% |
1.15% monthly |
55% strong file |
620 |
appraisals, 580 score has high fee's/rate |
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Funding Fee |
45% standard |
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No minimum cash required, limited closing |
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2.15% first time |
50% strong file |
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cost, 100% financing |
| VA |
$417,000 |
0% |
6% |
3.3% second time |
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620 |
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| Homepath |
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Primary 3% |
Primary 6% |
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Property must be Homepath Eligible |
| Fannie Mae |
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2nd Home 10% |
2nd Home 3% |
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41% standard |
640 |
NO PMI and no appraisal (hud appraisal) |
| REO Purchase |
$417,000 |
Investor 10% |
Investor 2% |
N/A |
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Down Payment can be fully gifted |
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Guarantee Fee of |
41% standard |
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Program is now funded, Maximum income |
| USDA |
$417,000 |
0% |
4% |
3.50% |
45% strong file |
640 |
limit of 115% median income. Property |
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Must Qualify as rural |
| Waiting period |
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| To Finance |
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Conventional |
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VA |
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FHA |
| Deed -in Lieu of Foreclosure |
2 years - 80% Max LTV |
2 Years discharge |
3 years from discharge |
| Short Sale, Pre-Foreclosure |
4 years - 90% Max LTV |
2 Years |
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same unless/medical extenuating circumstance |
| Foreclosure Sale |
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7 years from completion |
2 years completion |
3 years from completion |
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(3 years extenuating circumstance) |
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short sale with a 90 day late is a foreclosure |
| Bankruptcy |
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4 years from discharge |
2 years discharge |
2 years from discharge |
| Chapter 7 |
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(2 years, extenuating circumstances) |
3 years if home in BK |
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| Bankruptcy |
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2 years from discharge |
minimum of 1 year |
A minimum history of 1 year on time |
| Chapter 13 |
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4 years from filing date |
on time payments |
payout period, with approval |
