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CAPITOL FEDERAL 100% LOAN (KS & MO)
HIGHLIGHTS: This 100% loan program carries a slightly higher interest rate (usually about 1/8%) than other fixed rate conventional loans at Capitol Federal Savings. Closing costs and prepaid expense sources may come from the following sources: the borrower’s own funds, gifts from family members, grants and gifts from non-profits or governmental agencies, seller (limit of 3% contribution). Any grant or gift from a family member, non-profit or governmental agency must be verified with a bank statement, deposit slip or copy of a cancelled check. PRODUCT TYPE: 30-year fixed rate loans only. Interest rate is .125% over the current conventional loan rate. On this loan, trailing spouse income and co-signers are not allowed. ELIGIBLE PROPERTY: Single Family Homes. Ineligible properties: half duplexes, condominiums, twin homes, PUD town homes, manufactured housing, mobile homes, investment properties, second properties and two to four unit properties. PREVIOUS OWNERSHIP REQUIREMENTS: None. MAXIMUM LOAN AMOUNT: $325,000. (Note any jumbo loan amounts over $322,700 would have an additional .25% on the loan rate.) MAXIMUM INCOME LIMITS: None. MINIMUM BORROWER CONTRIBUTION: None. CREDIT HISTORY GUIDELINES: Credit Scores must be over 700. QUALIFYING RATIOS (Housing Expense / Total Debt Obligations): 30 / 38%. CASH RESERVE REQUIREMENTS: Borrower must have 2 months house payments in reserves. MORTGAGE INSURANCE: 35% PMI Coverage (.96 Monthly PMI Coverage). EDUCATION /COUNSELING: None. PARTICIPATING LENDERS: Capitol Federal Savings. WEB LINK: www.capfed.com Questions: dgrogger@capfed.com, 913.652.2370 CONNIE’S COMMENTS: This is a very competitive program for buyers with excellent credit scores. It allows them to purchase a home with little or no out-of-pocket expense at very competitive terms. Capitol Federal also charges minimal closing costs and provides local servicing for the loans they originate.
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