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Seller concessions to 6% (2% for investment)Ĭreditworthiness is not determined exclusively by credit scores.No active tradelines OK with housing history.No pre-payment penalty for owner-occ and 2nd homes.Owner-occupied, 2nd homes, and investment properties.The below items are the general guidelines that can be used as a rough rule of thumb when determining whether a consumer may be a candidate for a non prime, FHA or VA loan in Fort Pierce FL:ġ day out of foreclosure, short sale, bankruptcy or deed-in-lieu The higher rate can cause a prohibitively higher monthly payment, & an inability to refinance can mean a loss of home ownership. A couple of missing credit card payments does not mean that a consumer is doomed to receive double-digit interest rates. The only way to know where one stands is to apply for the loan and speak to a Smart Mortgage Centers professional specializing in Fort Pierce, Florida bad credit home loans. FANNIE MAE FORECLOSURES IN FORT PIERCE FLORIDA PROFESSIONAL Home Possible® mortgages offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or under served communities. Home Possible® offers two programs for homebuyers. Our Mortgage Brokers are standing by to explain Home Possible® and can answer any question you may have. Read more about the 3% Down option or the 5% down option. Income Flexibility : No income limits in underserved areas.Refinance Flexibility : Purchase and no cash-out refinancing options available.Stable Mortgages: Fixed-rate mortgages with a term of up to 30 years.Cancellable Mortgage Insurance: Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.Flexible Sources of Down Payments:Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.Property Options: 1-unit properties, condos and planned unit developments manufactured homes are not eligible.LTV: Maximum LTV of 97 percent TLTV 105 percent.Home Possible Advantage® 3% down program. Mortgage Flexibility: 15- to 30-year fixed-rate mortgages, 5/1, 5/5, 7/1 and 10/1 ARMs.Property Options: 1-4 units, condos and planned-unit developments manufactured homes are eligible with certain restrictions.LTV: Maximum LTV and TLTV of 95 percent.Primary Residence Only: All borrowers must occupy the property as their primary residence.Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties.
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