Here’s a product that you will want to hear about!!
· No mortgage insurance required for this 100% portfolio product
· Borrowers only need to contribute $500 to the transaction
· No origination fees (on this product or any other @ Key) & 3% seller concessions allowed
· Rates typically run .25 above conforming rates
· No income restrictions in targeted areas (80% of median hud income in upper/middle census tracts)
Ø Verifiable rental history required (12 months) with 3 additional trade lines (24 months—nontraditional or traditional acceptable)
*If prior mortgage appears on credit report (12 months or longer) in previous 4 years, rental history requirement can be waived.
*If the borrower’s housing history cannot be verified, 5% down is required.
Ø 620 minimum credit score with no lates in the last year
Ø Not only for just 1st-time homebuyers but cannot own additional properties
Ø 42% debt-ratio maximum and one month of full payment required in reserves
Let us put you in touch with the lender that is offering this program.
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