Financeat your fingertips

presented by Tom FallosimortgageTM

Conventional FinancingConventional Financing

• 5%, 10%, or 20% down

• Reserves - 2 months PITI

• Mortgage InsuranceIf LTV is >80%

• Seller ContrubutionsLTV % of sales price

<75% 9%

76-90% 6%

>90% 3%

Investment 2%

Conventional FinancingConventional Financing

• Gift Funds Allowable

• Qualifying Ratios

29% =housing to income

41% =debt to income

• Interest Ratesdepends on credit score and LTV

FHA FinancingFHA Financing• 3.5% down

• Mortgage InsuranceUpfront 2.25%

Annual .55

• Gift Funds AllowableUp to 100% of downpayment

and closing costs

• Loan for Downpaymentand closing costs OK

FHA FinancingFHA Financing

• Credit Score 620 required

• Ratios29% =housing to income

41% =debt to income

• Seller Contributionup to 6%

• No Cash Reserves Required• Only 1 FHA loan at one time

VA FinancingVA Financing• 100% Financing

• Credit Scores

Minimum 620

• Ratios

41% debt to income

• ReservesNone required

VA FinancingVA Financing

• Upfront Funding Fee

May be financed

• Contributions Acceptable

Up to 4% for closing costs

2% toward pre-paids

• Gift Funds Allowed

Up to 100% of downpayment

USDA USDA Rural Home LoanRural Home Loan

• 102% of Appraised Value

Including 2% funding fee

• Seller Consessions

Up to 6 % allowed

• Income Restrictions Apply

• No Monthly Mort. Insurance

• 30 Year Fixed

• Low Rates

I’m always happy to answer your questions!

It’s nearly impossible to keep up with day-to-day changes in mortgage regulations.

It’s satisfying to know that I can help.

Tom FallosSr. Loan ManagerimortgageimortgageTM

480-621-3223Tom . Fallos@imortgage . com