ZERO DOWN 103% FINANCING

FEATURES & PROGRAM GUIDELINES

• No Down Payment Money Required
• Allows Purchases and rate Term Refinances
• Mortgage Insurance premiums, closing costs and prepaids may be financed up to a maximum of 3%.
• Designed for borrowers with good credit but insufficient cash savings
• No income limitations
• Not limited to first time home buyers
• Subject property must be owner occupied only
• No Bankruptcies, foreclosures, judgments, garnishments, or other legal proceedings are not permitted
• Charge-offs and collections must have been paid two years prior to application
• Minimum credit score 700
• Mortgage Late Pays: 1 x 30 in 12 mos. / 0 x 60 in 24 mos.
• No minimum loan amount
• Minimum LTV is 97.01%
• Maximum base loan amount $410,000
• Qualifying ratios may not exceed 33% / 38%
• Full and alternative documentation levels, no NIV’s permitted.
• Two months cash reserves required at closing.
• Maximum seller contributions 3%
• Gifts allowed from immediate family members
• Acceptable terms 15 & 30 years and 7 / 1 ARMS

ELIGIBLE PROPERTIES

• Attached SFR’s
• Detached SFR’s
• Attached PUD’s
• Detached PUD’s
• Low-Rise Condos
• High-Rise Condos