Miami Best Real Estate Team'sÂ
By not paying on their credit cards they likely saw a drop in their credit score. Â With a bad credit score lingering it is much harder to lock in to today's lowest mortgage interest rates. Â Fortunately, bad credit mortgage rates seem to be at relatively attractive levels as well. Â Please note that bad credit borrowers will not receive interest rate offers under 5%.
With most mortgage lenders reporting mortgage interest rates below 5% it should come as no surprise to see many Americans looking to refinance today.
New 97% FinancingÂ Program for CondosÂ
|The new program dubbed Regions Affordable 97 allowsÂ condos to be financedÂ with only 3% down and they do not have to be on the FHA's approved list.Â This is a portfolio loan that Regions will keep and not sell off to Fannie Mae or Freddie Mac therefore they can set their own guidelines and make underwriting decisions on their own.
This is a great program for individuals who are first time buyers andÂ have the income that doesn't exceed certain limits that can buy condos that aren't on FHA's short list because they don't have the 20% down payment required.
If theÂ specific property is approved or hasÂ recent conventional Fannie Mae/Freddie Mac closingsÂ - thisÂ programÂ should be an easyÂ conversion and a great dealÂ for the buyer with no PMIÂ like FHA has!
Below are the guidelines. Contact me to see if you qualify.
Â· 97% LTV - Seller can pay up to 6% concessions towards buyer's closing costs
Â· Income for borrower cannot exceed 80% of HUD median income limits
Â· Non-traditional credit accepted
Â· Mortgage Insurance / PMIÂ (not required)
Â· No Minimum Reserves
Â· Builder Assistance Programs Option available
Â· Pledged Asset permitted (3% pledge may be gift or borrower's own funds)
Â· Regions Declining Market Policy does not apply to these products
Â· DPA programs available when on Regions Active/Approved DPA list
Keep in mind that non warrantable and special asset condos are not eligible for the FHA product adding to the benefit of the Regions Affordable 97 product.