|Program||Down Payment||3rd Party Contribution||Credit Score||Occupancy||Program Notes|
|Conventional Loan||5%||>90% = 3%|
75.01 - 90% = 6%
75% or less = 9%
|620||Primary, 2nd Home, or Investment||-Lender Paid Mortgage Insurance available.
-Non-Owner occupied co-signers allowed.
-Mortgage insurance can be removed without financing.
|Conventional 97%||3%||3%||620||Primary||At least 1 borrower must be a First Time Homebuyer|
|Primary Only||Borrower friendly, less restrictive guidelines.
Allows for higher debt ratios. Co-signers allowed.
|USDA||0%||No cap||620||Primary Only||Reduced mortgage insurance.
Geographical income restrictions apply.
Closing Costs and prepaids may be financed up to appraised value.
|Primary Only||For active service men and women and veterans.
No monthly mortgage insurance.
|203k Rehab loan Streamline and Full||3.5%||6%||620||Primary Only||Allows homeowner to complete repairs on home.
Similar guidelines as standard FHA loans. Borrower can choose contractor.
|Fannie Mae Homestyle Renovation||5%||3%||640||Primary Only||Any type of renovation is allowed.
10% of value allowed to be Do-it-Yourself work.
|Primary, 2nd Home, Investment Property||Allows buyers to obtain loans above the county loan limit. Loan amounts up to $4 Million.|
|80-10-10||10%||3%||720||Primary||Helps avoid mortgage insurance. Co-signers not allowed.|
|FHA||3.5%||6%||660||Primary||Allows for lot acquisition/construction with single closing.|
|VA||0%||4%||660||Primary||Allows for lot acquisition/construction with single closing.|
|Conventional||10%||6%||680||Primary||Allows for lot acquisition/construction with single closing.|
Have any questions about one of the loan programs listed above? Give us a call at 443-692-8800 so we can help!
Are you thinking of buying or selling a home, or have a friend or family member who is? Contact The Pivec Group today by calling 443-692-8800 or visiting our website! We look forward to hearing from you and helping you find YOUR dream home!