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107% PURCHASE MONEY PROGRAM - Purchase an Home and Pay Off Debt (KS & MO)
HIGHLIGHTS: This program allows buyers with good credit to finance up to 100% of the purchase price. Closing costs and or existing debt may also be financed up to an additional 7%. No cash out is allowed. PRODUCT TYPE: Conventional Loans with 15 and 30 year terms or 30/15 balloons. ELIGIBLE PROPERTY: Owner occupied and vacation homes only. PREVIOUS OWNERSHIP REQUIREMENTS: First Time Homebuyers may use this program with 12 months of verifiable rent history. MAXIMUM LOAN AMOUNT: With a 680 or higher credit score: $40,000 to $400,000 loan amount; 620-679 score: $40,000 to $300,000. MAXIMUM INCOME LIMITS: None. MINIMUM BORROWER CONTRIBUTION: None. CREDIT SCORE GUIDELINES: A minimum credit score of 620 is required for this program. QUALIFYING RATIOS (Total Debt Obligations): Maximum of 45%. CASH RESERVE REQUIREMENTS: A minimum of $1,500 is required in reserves. SELLER CONCESSIONS: 3% allowed for 100% LTV and no debt consolidation. MORTGAGE INSURANCE: Required. EDUCATION / COUNSELING: None. RECAPTURE TAX: Not applicable. STATED INCOME: Allowed, 720+ credit score; maximum Loan to Value of 100% and maximum amount of $300,000 loan amount. 680-719 credit score: Maximum loan to value is 95% and maximum loan amount of $300,000. LENDERS WITH SIMILAR PROGRAMS: Countrywide Home Loans (Jon Platz), Ameri-National Mortgage (Ed Casey), CTX Mortgage (David Curry) QUESTIONS: rrenz@columbianbank.com, 913.491.1061, jon_platz@countrywide.com, 913.438.8020, ext. 224, ecasey@anmco.com, 913.253.0130, david_curry@ctxmort.com, 913.327.7550, ext. 103. CONNIE’S COMMENTS: Borrowers with excellent credit have can take advantage of this opportunity to finance their closing costs and or pay off some existing debt. However, it typically takes several years for the property to appreciate enough to cover additional costs built into your loan as well as costs of resale. If you are planning to sell within a couple years, you may not wish to consider a 100% Purchase Money Program.
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