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Finance at Your Fingertips

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Guidelines for mortgage options available in todays market.

Guidelines for mortgage options available in todays market.

Published in: Economy & Finance

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  • 1. Finance at your fingertips presented by Tom Fallos imortgage TM
  • 2. Conventional Financing
    • 5%, 10%, or 20% down
    • Reserves - 2 months PITI
    • Mortgage Insurance
      • If LTV is >80%
    • Seller Contrubutions
    • LTV % of sales price
    • <75% 9%
    • 76-90% 6%
    • >90% 3%
    • Investment 2%
  • 3. Conventional Financing
    • Gift Funds Allowable
    • Qualifying Ratios
    • 29% =housing to income
    • 41% =debt to income
    • Interest Rates
    • depends on credit score and LTV
  • 4. FHA Financing
    • 3.5% down
    • Mortgage Insurance
    • Upfront 2.25%
    • Annual .55
    • Gift Funds Allowable
    • Up to 100% of downpayment
    • and closing costs
    • Loan for Downpayment
    • and closing costs OK
  • 5. FHA Financing
    • Credit Score
    • 620 required
    • Ratios
    • 29% =housing to income
    • 41% =debt to income
    • Seller Contribution
    • up to 6%
    • No Cash Reserves Required
    • Only 1 FHA loan at one time
  • 6. VA Financing
    • 100% Financing
    • Credit Scores
    • Minimum 620
    • Ratios
    • 41% debt to income
    • Reserves
    • None required
  • 7. VA Financing
    • Upfront Funding Fee
    • May be financed
    • Contributions Acceptable
    • Up to 4% for closing costs
    • 2% toward pre-paids
    • Gift Funds Allowed
    • Up to 100% of downpayment
  • 8. USDA Rural Home Loan
    • 102% of Appraised Value
    • Including 2% funding fee
    • Seller Consessions
    • Up to 6 % allowed
    • Income Restrictions Apply
    • No Monthly Mort. Insurance
    • 30 Year Fixed
    • Low Rates
  • 9.
    • I’m always happy to answer your questions!
    • It’s nearly impossible to keep up
    • with day-to-day changes
    • in mortgage regulations.
    • It’s satisfying to know that I can help.
    Tom Fallos Sr. Loan Manager imortgage TM 480-621-3223 Tom . [email_address] . com