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

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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

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