November 17, 2017

95% Conventional Mortgage Loans are Back In California | Bay Area Mortgage Financing

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95% LTV is back on Agency Conventional Loans Borrowers may now get 95% LTV if they meet the following criteria:

  • 95% Purchase and Rate/Term refinances
  • Specific Affordable Products only (see below)
  • Borrower does not have to be a First Time Homebuyer to qualify. However , First Time Home Buyer’s must complete training course.
  • 680 Minimum Score Requirement
  • 1 unit property only (SFR and PUDs. Condos maxed at 90% LTV)
  • 2 months. reserves required regardless of AUS findings
  • 3% down payment and reserves must be borrower’s own
  • Borrowers can only own 1 property (No 2nd homes or rentals)
  • Full appraisal required regardless of AUS findings
  • 3% Seller Concessions maximum allowed
  • Counseling only required for First Time Home Buyers
  • Income limitation waived on MyCommunity program if property is located in a Fannie Neighborhood
  • Mortgage insurance must be ordered through Genworth (GE)
  • These Genworth overlays apply to product guidelines
  • Now available in CA, FL, NV, and AZ
  • Standard Conforming Fixed is not eligible. Must fit into one of the below programs

    Available Programs:
    Freddie’s Home Possible Doc #5335 (Fixed Rate only)FNMA MyCommunity Doc #5325 (Fixed Rate, 5 yr ARM and 7 yr ARM

    Additional benefits (see product descriptions for full details):
    • Reduced MI coverage available (16% MI coverage). This is a great selling tool against FHA! MI is reduced and unlike FHA, the MI may be removed after 2 years if home has appreciated in value. Borrowers completing GE’s Counseling Saver Program may receive additional rate discoun

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Until Next time Here is to your success! Jason Wheeler 925-285-2172

About Jason Wheeler - Real Estate & Lending

Jason Wheeler has been a top producing consultant in real estate and finance since 2003. Originating, conventional, government, portfolio and hard money loans throughout California for one of the top mortgage companies in the nation. Jason works directly with homeowners and purchases homes throughout the Bay Area with the purpose of adding value to older outdated homes. IF YOU LIKE OUR CONTENT GO VIP HERE

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