It’s a conventional 3% down loan product for first time home buyers.
Here are some of the important features of this product…
1) Owner-occupied primary residence only, for first time home buyers.
2) Minimum 620 FICO score.
3) Seller contributions up to 3% of sales price.
4) 1-unit attached and detached single family residence, attached and detached PUDs.
5) Purchase and rate/term transactions.
6) Maximum DTI determined by Automated Underwriting.
7) 15, 20, 25, and 30-year loan terms.
8) No up front MI (like you would have on FHA).
9) Loan amounts up to conforming limits (510,400k in Texas).
This is a great product.
If you meet the credit criteria listed above, and you only want to put 3% down on a house – then call us and we can help you with this.
Thanks for reading!
Have a good day!
Brett
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