Finance at your fingertips presented by  Tom Fallos imortgage TM
Conventional Financing <ul><li>5%, 10%, or 20% down </li></ul><ul><li>Reserves -  2 months PITI </li></ul><ul><li>Mortgage...
Conventional Financing <ul><li>Gift Funds Allowable </li></ul><ul><li>Qualifying Ratios </li></ul><ul><li>29% =housing to ...
FHA Financing <ul><li>3.5% down </li></ul><ul><li>Mortgage Insurance </li></ul><ul><li>Upfront 2.25% </li></ul><ul><li>Ann...
FHA Financing <ul><li>Credit Score </li></ul><ul><li>  620 required </li></ul><ul><li>Ratios </li></ul><ul><li>29% =housin...
VA Financing <ul><li>100% Financing </li></ul><ul><li>Credit Scores </li></ul><ul><li>Minimum 620 </li></ul><ul><li>Ratios...
VA Financing <ul><li>Upfront Funding Fee   </li></ul><ul><li>May be financed </li></ul><ul><li>Contributions Acceptable </...
USDA  Rural Home Loan <ul><li>102% of Appraised Value   </li></ul><ul><li>Including 2% funding fee </li></ul><ul><li>Selle...
<ul><li>I’m always happy to answer your questions! </li></ul><ul><li>It’s nearly impossible to keep up </li></ul><ul><li>w...
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Finance at Your Fingertips

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Transcript of "Finance at Your Fingertips"

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

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