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FANNIE MAE COMMUNITY 100 PLUS (KS & MO)
HIGHLIGHTS: This program is designed to provide low-to-moderate income borrowers with financing without requiring a downpayment from the borrower’s own funds. PREVIOUS OWNERSHIP REQUIREMENTS: None. PRODUCT TYPE: Fannie Mae 30-year fixed rate conventional mortgages ONLY. ELIGIBLE PROPERTY: Owner occupied single family homes, PUDs, townhomes, condos in warrantable projects, modular pre-cut / panelized housing and multi-width manufactured housing located in a FannieNeighbors® Area. MAXIMUM LOAN AMOUNT: Fannie Mae Maximum Conforming Loan Limits (currently $322,700). MAXIMUM INCOME LIMITS: Borrowers at or below 100% of the AMI (Average Median Income is $62,200 in the Kansas City MSA). There is no income limit in FannieNeighbors® areas, including HUD designated central cities (Kansas City, KS & MO, Lawrence, Leavenworth, Olathe, St. Joseph and Topeka.) MINIMUM BORROWER CONTRIBUTION: 1% or $500, whichever is less, from the borrower’s own funds. After minimum borrower contribution, may be paid using flexible sources (gift, grant, Community Seconds®, borrower funds); premium pricing (lender increases rate and pays closing costs and prepaids); seller contributions up to 3%. QUALIFYING RATIOS: 41% single qualifying ratio. LOAN TO VALUE: 100% LTV. CASH RESERVES: None. EDUCATION/COUNSELING: Homebuyer education required for first time buyers; early delinquency counseling required; borrower must sign form at closing. CREDIT HISTORY GUIDELINES: Minimum FICO score of 620 or lower permitted due to extenuating circumstances OR equivalent Enhanced Credit Evaluation for traditional credit; or if insufficient credit, accept equivalent Enhanced Credit Evaluation for nontraditional credit. RECAPTURE TAX: Not applicable. PARTICIPATING LENDERS: First Federal Bank (Ken Harrison), Columbian Bank & Trust ( Ryan Renz), Countrywide Mortgage (Jon Platz), CTX Mortgage (David Curry), First National Bank (Greg Redmond) WEB LINKS: www.fanniemae.com, www.firstfedbankkc.com QUESTIONS: harrisonk@firstfedbankkc.com, 816.245.4173, rrenz@columbianbank.com, 913.491.1061, jon_platz@countrywide.com, 913.438.8020, ext 224, david_curry@ctxmort.com, 913.327.7550, ext. 103, gredmond@fnbk.com, 913.963.4883 CONNIE’S COMMENTS: This is a viable program for borrowers with limited funds and good credit who meet income guidelines.
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