Patrick Gavin, CMPS The Gavin Group Smart Mortgage Lending CFS Mortgage Corporation 7720 N. 16 th . Street # 325 Phoenix, AZ. 85020 Direct: 602.354.0528 Mobile: 480.296.3787 www.thegavingrouponline.com [email_address]

The Gavin Group

Smart Mortgage Lending

CFS Mortgage Corporation

7720 N. 16 th . Street # 325

Phoenix, AZ. 85020

Direct: 602.354.0528

Mobile: 480.296.3787

www.thegavingrouponline.com

[email_address]

1% Down Payment Program Features Guidelines Example 2% Down Payment Program Features Guidelines Example Product/Payment Comparisons

1% Down Payment Program

Features

Guidelines

Example

2% Down Payment Program

Features

Guidelines

Example

Product/Payment Comparisons

1% Down Payment Program Features: 92% LTV 1 st Mortgage 4.6% LTV 2nd Mortgage 2% Family Housing Resources gift 1.4% LTV Buyer down payment 100%

1% Down Payment Program Additional Features : 1 st mortgage - FHA 30 year fixed 2 nd mortgage - 20 year fixed This is NOT a bond program (no recapture tax) Income limits apply: Maricopa County Max qualifying income $73,830 One payment coupon for both 1 st and 2 nd mortgages

1% Down Payment Program Guidelines : Non-occupant co-borrowers not allowed Buyers CANNOT own any other property Down payment can be a gift from a family member First time home buyer education required (on-line) Minimum 600 FICO No minimum reserve requirements Max 6% seller contribution MIP – 1.75 up front included in loan amount .50 monthly MI included in payment DTI – no set requirements – AUS* approved No manual underwrites – AUS* eligible only *Automated Underwriting System

Guidelines :

Non-occupant co-borrowers not allowed

Buyers CANNOT own any other property

Down payment can be a gift from a family member

First time home buyer education required (on-line)

Minimum 600 FICO

No minimum reserve requirements

Max 6% seller contribution

MIP – 1.75 up front included in loan amount

.50 monthly MI included in payment

DTI – no set requirements – AUS* approved

No manual underwrites – AUS* eligible only

*Automated Underwriting System

1% Down Payment Program Example Purchase Price: $200,000 1 st mtg. 92% $184,000 2 nd mtg. 4.6% $9,200 Gift from FHR 2% $4,000 Buyer 1.4% $2,800 $200,000

Example

Purchase Price: $200,000

1 st mtg. 92% $184,000

2 nd mtg. 4.6% $9,200

Gift from FHR 2% $4,000

Buyer 1.4% $2,800

$200,000

2% Down Payment Program Features: 90% LTV 1 st Mortgage 8% LTV 2nd Mortgage 2% LTV Buyer down payment 100%

Features:

90% LTV 1 st Mortgage

8% LTV 2nd Mortgage

2% LTV Buyer down payment

100%

2% Down Payment Program Additional Features : 1 st mortgage – Conventional 30 year fixed 2 nd mortgage - 20 year fixed Rate is 2% above 1 st mortgage rate No pre-payment penalty

Additional Features :

1 st mortgage – Conventional 30 year fixed

2 nd mortgage - 20 year fixed

Rate is 2% above 1 st mortgage rate

No pre-payment penalty

2% Down Payment Program Guidelines : Primary residence only Full Doc only Buyers CANNOT own any other property Maricopa County Income Max: $89,880 for all borrowers 45% max Debt Ratio Minimum 620 FICO Down payment can be a gift from a family member Max 3% seller contribution Minimum 1 month reserves First time home buyer education required No minimum reserve requirements PMI is reduced coverage (12%) and FICO driven as follows: 620-659 = .63 660-699 = .44 700+ = .39

Guidelines :

Primary residence only

Full Doc only

Buyers CANNOT own any other property

Maricopa County Income Max: $89,880 for all borrowers

45% max Debt Ratio

Minimum 620 FICO

Down payment can be a gift from a family member

Max 3% seller contribution

Minimum 1 month reserves

First time home buyer education required

No minimum reserve requirements

PMI is reduced coverage (12%) and FICO driven as follows:

620-659 = .63 660-699 = .44 700+ = .39

2% Down Payment Program Example Purchase Price: $200,000 1 st mtg. 90% $180,000 2 nd mtg. 8% $16,000 Buyer 2% $4,000 $200,000

Example

Purchase Price: $200,000

1 st mtg. 90% $180,000

2 nd mtg. 8% $16,000

Buyer 2% $4,000

$200,000

Product Comparison 1% Down 2% Down Underwriting FHA Conventional Min FICO 600 620 Reserves None 1 month DTI Ratios AUS approved 45% max. Max Seller Cont. 6% 3% MIP/PMI 1.75 up-front no up-front .50 monthly (FICO driven) Income limits $73,830 $89,880 Down Payment 1.4% 2% Gift from family OK OK 1 st time buyer ed. Required Required Primary Residence Only Only Own other property No No

1% Down 2% Down

Underwriting FHA Conventional

Min FICO 600 620

Reserves None 1 month

DTI Ratios AUS approved 45% max.

Max Seller Cont. 6% 3%

MIP/PMI 1.75 up-front no up-front

.50 monthly (FICO driven)

Income limits $73,830 $89,880

Down Payment 1.4% 2%

Gift from family OK OK

1 st time buyer ed. Required Required

Primary Residence Only Only

Own other property No No

Payment Comparison 1% Down 2% Down FHA Interest Rate 1 st / 2 nd 7.5%/7.0% 7.5%/9.5% 6.25% Principal & Interest $1309 $1258 $1215 Subordinate 2 nd 71 149 0 Hazard Insurance 46 46 46 Property Taxes 108 108 108 Mortgage Insurance 77 94 89 Total payment $1611 $1655 $1458 Down Payment $2800 $4000 $6000

1% Down 2% Down FHA

Interest Rate

1 st / 2 nd 7.5%/7.0% 7.5%/9.5% 6.25%

Principal & Interest $1309 $1258 $1215

Subordinate 2 nd 71 149 0

Hazard Insurance 46 46 46

Property Taxes 108 108 108

Mortgage Insurance 77 94 89

Total payment $1611 $1655 $1458

Down Payment $2800 $4000 $6000