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- LOAN
PROGRAM #13
This is the program that has been all over the news! The Family Housing Resource
(FHR) Zero Down/Zero Closing Costs! This loan will provide up to 103% of the purchase price
to cover down payment AND closing costs. If you have collections and/or charges offs, up to
$1000 in negative items can remain unpaid. If you have no credit scores, you can use alternative
tradelines to qualify. Requires only a mid score of 640 for the primary borrower to qualify. - Maximum conforming
loan of $335,000! DOES NOT have a 10 year refinance restriction like the FHA Bond Program.
Rate
currently starts at 4.5% (APR 5.125%) 30 year loan, conforming rate. Only a hand full of lenders
in the valley have this loan! * Funds for this government supported program
are NOT always available due to shortfalls in budgeting
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- LOAN PROGRAM #14
Alternative FHA Loan If you have collections and/or charges offs, up to $45,000 can
be left UNPAID !! If you have no regular credit references, you can use alternative tradelines
to qualify. Requires only a mid score of 640 for the borrower(s) to qualify. 620 mid
score if less than $5,000 in negative items. Bankruptcyes and foreclosures are OK as long
as they are seasoned to 2 & 3 years after the discharge and sale of previous property. Maximum
Loan size up to $346,200 with a minimum 3.5% down payment. No location restrictions on property. Rate will be .50 to .75% higher due to open negative items allowance 30 year
fixed rate
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