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Jerry PadillaPoster
#5 Classifieds Contributor
Lender
- Lender
- Rochester, NY
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Home Possible Financing
Home Possible Financing - Income limits apply ONLY in certain locations. Locations considered to be underserved markets are low income census tracts - and have no income restrictions.
Main Points For Freddie Mac's Home Possible -
- Reduced Mortgage Insurance
- Low Down Payments:
- LTV of 97% on 1 unit & 95% on 2-4 units within standard conforming limits.
- LTV of 95% 1 unit, 2 unit -85%, 3-4 units 80% for super conforming.
- Conforming loan limit look up:
- PRIMARY Residence purchase only
- NOT Required to be a first time home buyer
- Locations considered a low income census tract - have no income restrictions
- On 2-4 units - can use rental income from other units to assist in qualifying for the property.
- >90% financed - can receive up to 3% seller paid financing concessions
- Purchase transactions only - no cash out & no rate and term refinances allowed
- Income limits apply ONLY in certain locations. The borrowers qualifying income converted to annual income must not exceed 100% of the Area Median Income for the location of the subject property. This can be looked up on Freddie Mac’s website; Freddie Mac Home Possible Eligibility
- MI insurance when greater than 80% LTV
- First time Home Buyer must complete the Homebuyer Education Program
- 2-4 Unit Purchase must complete Landlord Education Program
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Lender NY (#NMLS 1084877) and Prime Lending Licensed in All 50 States (#NMLS 13649 )
- 585-204-6923
- http://www.jerryrpadilla.com
- [email protected]
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