PRODUCT TYPE: 30-year fixed rate conventional loans and 5/1 adjustable rate conventional loans.

ELIGIBLE PROPERTY: Owner-occupied single family home, condo, PUD (no co-ops, manufactured housing or mobile homes).

PREVIOUS OWNERSHIP REQUIREMENTS: None. (Borrower cannot own other real estate at the time of closing and must be a U.S. citizen or be a permanent resident alien.)

MAXIMUM LOAN AMOUNT: Maximum conforming loan limits (currently $300,700).

MAXIMUM INCOME LIMITS: Borrower’s income must be below 80% of the AMI (Area Median Income of $62,000) or $49,600. (Note: One borrower’s income may be used if they can qualify for the mortgage individually. There is also no income limit if the property is located in a low-income census track.)

MINIMUM BORROWER CONTRIBUTION: $500. The source of funds for closing costs and prepaids may come from a gift, grant, installment loan or the seller (not to exceed 3% of the lesser of the sales price or appraised value.)

CREDIT HISTORY GUIDELINES: Excellent credit required (FICO scores under 660 have greatly reduced probability of approval. Alternative credit histories acceptable with minimum of three accounts, one of which must be housing related (i.e. rent or mortgage).

QUALIFYING RATIOS (Housing Expense / Total Debt Obligations): 33 / 41%.

CASH RESERVE REQUIREMENTS: Two months from house payments from the borrower’s own funds.

MORTGAGE INSURANCE: 33% Coverage (.780% Monthly).

EDUCATION / COUNSELING: None.

RECAPTURE TAX: Not applicable.

PARTICIPATING LENDERS: Bank of America (Sondra Eckert), North American Savings Bank (John Landry)

WEB LINK: www.bankofamerica.com

QUESTIONS: richard.a.paul@bankamerica.com, 816.979.8728,
jlandry@nasb.com, 913.681.6622, ext. 238