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jmb
291 Posts |
 Posted - 04/15/2008 : 09:02:57 AM
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| Know of any program/lender allowing this besides FHA? |
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nutesch
510 Posts |
Posted - 04/15/2008 : 09:57:56 AM
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| Home Possible up to 97% LTV thru TBW |
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knelson74
16 Posts |
Posted - 05/12/2008 : 11:53:51 AM
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| TBW is actually 3% 90.01 to 97%, 75.01 to 90% is 6%. That is directly from their matrix, which matches Freddie Mac's info. |
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mantixmortgage
2787 Posts |
Posted - 05/12/2008 : 11:55:30 AM
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| 6% is usually attainable on primary residences with 10% down |
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nutesch
510 Posts |
Posted - 05/12/2008 : 12:34:10 PM
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quote:
Originally posted by knelson74
TBW is actually 3% 90.01 to 97%, 75.01 to 90% is 6%. That is directly from their matrix, which matches Freddie Mac's info.
This is now correct...looked like they just changed their guidelines on HP recently.
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knelson74
16 Posts |
Posted - 05/12/2008 : 1:06:22 PM
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| Wells Fargo offers 4% on Home Opportunities - MI is the same as community products (18% at 97%), 45% back ratio and pricing like community products with an interest only option. |
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nutesch
510 Posts |
Posted - 05/12/2008 : 2:21:49 PM
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quote:
Originally posted by knelson74
Wells Fargo offers 4% on Home Opportunities - MI is the same as community products (18% at 97%), 45% back ratio and pricing like community products with an interest only option.
I'm assuming that's a 680 minimum due to MI Restrictions, correct? |
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knelson74
16 Posts |
Posted - 05/12/2008 : 3:39:31 PM
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| Just like everything else right now - program calls for a 620 minimum, MI companies require 680 or better. |
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ladysammm
356 Posts |
Posted - 05/12/2008 : 4:59:02 PM
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Hi, Below is a cheat sheet for seller paid closing costs.This has always been the standard in conforming lending.
Allowable seller contribution
Purchase Only Transactions as follows:
Formula – Multiply max contribution % by the Sale Price/Value
Conventional Owner Occ/2nd home
3% for LTV’s over 90%
6% for LTV’s 76-90%
9% for LTV’s 75% & less
Conventional Investment-non-owner
2% of the lesser of Sales Price/Value. Regardless of the LTV
FHA Owner Occ
Max 6% of the lesser of Sales Price/Value
VA Owner Occ only
Max 4% the lesser of Sales Price/Value
Normal discount points and payment of vet's NRCC’s not included in 4% limitation
Courtesy of Pam Kirchner Wholesale AE for Assurity financial
pam.kirchner@assurityfinancial.com
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