In the last couple weeks some updates have been made to several programs and Mortgage insurance guideline. We thought we’d share a couple quick tidbits:
€ FHA with credit scores down to 600.
- o Buyers must have their own funds for the 3.5% down (can use retirement funds)
- o Refinances to 97.75% of value
€ Conventional/Jumbo refinances to 90% of value (can pay of a 2nd and not have it count as cash-out!)
- o No mortgage insurance
€ Conventional loans to 97% of value
- o Condos okay
- o Monthly PMI applies
€ Manufactured Home Financing
- o FHA to with 3.5% down
- o Conventional with 20% down
- o VA with 100% financing
- o Have a manufactured home that’s been moved? We can help.
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