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Federal
Housing Agency (FHA)
FHA's 203B program is
often an attractive option for first time homebuyers. By applying for this
program borrowers can come close
with a down payment below
3.00%. FHA does not have a strict down
payment requirement. Although FHA requires a minimum investment, they do
allow the borrower to use funds from a 100% gift, grant, or securitized
loan to meet this requirement. This combined with the higher qualifying
ratios of 29/41; relaxed guidelines towards credit challenges, and
assistance available from non-occupying co-mortgagors make this loan very
popular for borrowers.
Community Home Buyer (CHB)
The CHB Program is governed by FNMA & private
mortgage companies. The program is designed for low to moderate-income
purchasers with at least three percent (3%) of their own funds. The CHB
program offers a low three- percent (3%) down payment and relaxed
qualifying ratios of 33/38. The credit guidelines for the CHB program are
less flexible than FHA's programs and require a minimum of three (3%) of
your own funds. Gifts and Grants are not permitted to meet this
requirement. All applicants must also attend a Home Buying Seminar.
Heritage Plaza Mortgage offers monthly home buying seminars to satisfy
this requirement and provide a forum to educate future homebuyers in the
benefits and requirements of home ownership.
FNMA 95% LTV
The standard Fannie Mae (FNMA) or conventional loan
provides a 5% down payment and qualifying ratios of 28/36 for 30 year
fixed rate mortgage. The program is designed for borrowers who do not
require the CHB or FHA program relaxed guidelines and have sufficient
funds for their purchase. The borrower can obtain, in most cases, lower
rates on the mortgage insurance coverage and increased equity in the
property.
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