August 22, 2017

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



Come to an Event | Subscribe RSS Feed | 925-285-2172

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

Connect with Jason Online!

Facebook | Twitter | LinkedIn | Come to an Event

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


About Jason Wheeler - Real Estate & Lending

Jason Wheeler got started with in the Real Estate & Mortgage Lending business in 2003. Since then Jason has become a top producer for one of the largest, most well respected Real Estate and Mortgage Brokers in the industry, producing quality loans in California, and helping countless families with their home purchases and sale. For fun... Jason loves being outdoors and writing important tips on his blog (what you are reading now) and hangs with his wife kids and dog. IF YOU LIKE THIS CONTENT GO VIP HERE

Leave a Reply

SEO Powered by Platinum SEO from Techblissonline