Down payment
What is the Minimum Down Payment
3%
What is the mortgage insurance factor with 3% down regular conventional (not HR or HP- at least one buyer a first time homebuyer)?
35%
What is the Income Limit for HR or HP
80% of AMI
Home ready-Fannie
Home possible-Freddie
When would it be better to do HR HP versus FHA
When Credit is 680 or higher
Names 3 places where can the down payment come from
Gifts, Community seconds , Borrowers own funds
What is the mortgage insurance factor with HR or HP?
25%
What is the AMI for Lehi
Currently around 5300 a month
What is one things a home buyer must do before obtaining a HR or HP loan
Take a home buyer class
Can we use a community second with this program and not have to put any money out of pocket?
Yes
What is the mortgage insurance factor with regular conventional 5% down?
30%
What is the difference between Qualifying and Household income
USDA and Utah Housing first home are household income limits so they require to see everyone’s income who will be over 18 and living in the home- regardless of on the loan or not.
Qualifying-Any money used to qualify for the loan.
Can Homebuyer own any other real estate if buying with HR or HP?
Yes, can own up to one other home.
Can someone buy 2-4 unit with HR HP, If so what must be taken into account?
Yes but down payment cannot be gifted
What is the cost of the home buyer class?
free
What is the mortgage insurance factor with regular conventional 10% down?
25% (same as HR OR HP with 3% down)
Free Points
You rock!
What is boarder income and is it allowed?
When someone lives with you and pays rent, but will not be on the loan- this is boarder income. HomeReady allows it, but client must have been receiving it for 12 months.
Why is Border income a Unicorn Product?
The 12 months receipt rule, have never had one that has had the 12 mo history
How much did the homebuyer class use to cost?
$75
What is the mortgage insurance factor with regular conventional 15% down?
12%
If someone makes just over the income limit, can we just lower their income and as long as the DTI is fine- are we ok?
Technically no. However, if they have variable income such as overtime and bonus, I’ve been able to remove that to make the income work.
Mortgage ins question
Putting 3% down with HR or HP is equivalent to putting down what percent with regular conventional? 10%
10%