MKG Enterprises Corp Mortgage Broker is please to announce SMARTBUY FHA DPA loan program that combines two credit scores and transforms the lower credit with a unique blended median credit score for SMARTBUY FHA requirement is 670, with a minimum median credit score of 660. The higher-income borrower must have the higher score.
The blended score is calculated by averaging the representative credit scores of the occupying borrowers. For example, if the primary wage earner has a score of 760 and the secondary wage earner has a score of 603, the blended score would be 1363 divided by 2, which is 681. A blended score of 681 or higher would qualify for the loan.
The second mortgage will be a five-year loan with no interest and no payments. 1-2 Units available, Manufactured, Condominiums, or PUDS Used with FHA/USDA No Income limits and NOT limited to first-time homebuyers. Minimum 620 FICO/ 640
OFFERS 3.50% or 5%assistance towards down payment and/or closing costs.
Minimum credit score of 660
Minimal overlays!
ALLOWS 3.50% OR 5%assistance with down payment and/or closing cost.
Minimum credit score of 620
Minimal overlays!
SMARTBUY FHA CLOSING COSTS ASSISTANCE (CCA) REPAY:
Assist with 3%, 4% or 5% coverage for your borrowers' closings costs and prepaid items.
A blended credit score option available. APPLY HERE
Homebuyer counseling is required for ALL borrowers (Except for FHA) Can be used in conjunction with the borrower’s own down payment or gift. 90% is the minimum LTV on this Product.
Rosebud is a Down Payment Assistance (DPA) program used with a fixed rate FHA or USDA first mortgage.
The DPA is provided by the Rosebud Sioux Tribe and is forgivable after 5 years.
2nd Mortgage DPA Details No interest & No Payments After 60 payments, if the first mortgage is current at time of payoff, the Rosebud DPA will be forgiven.
If the first mortgage is paid-off before 60 payments have been made the full amount of the Rosebud DPA will be due and payable.
The property must remain owner occupied through the 60th payment or the Rosebud DPA will be called due and payable.
The DPA cannot be resubordinated. 2nd Mortgage Amount 3.50% of the sales price or appraised value, whichever is lower. DPA usage The DPA funds may be used fund up to 100% of the Borrower’s cash requirement to close, including the down payment, closing costs, pre-paid items and other related mortgage loan fees and expenses. No portion of the DPA can be paid to the Borrower unless the Borrower is being reimbursed for an overage of earnest money deposit to the extent the minimum borrower contribution has been satisfied. The DPA cannot be used in conjunction with a cash-out refinance, renovation, or one-time construction products.
Credit Scores Minimum median credit score of 660. Blended median credit score of 670. The higher income borrower must have the higher score. All borrowers must be occupants when blending the credit scores.
Manufactured Home median credit score of 680. Definition of Higher Wage Earner 60% or more of all household income for all borrowers on the application. Household income includes all income from each borrower on the loan application, even if the income is not needed to
qualify. Credit Depth Two tradelines with a minimum of 12-month history Derogatory Credit No previous property foreclosures. Prior bankruptcy to follow standard FHA product guidelines. Judgments must be satisfied and released prior to closing. IRS and Lien repayment plans must be fully paid off prior to closing. Patterns of NSF may cause ineligibility.
Max Housing 36% Max total DTI 45% Exceeding these ratios by 5% is allowed with multiple compensating factors including but not limited to: 3 months reserves, a 720 or higher median credit score, 5 years or more at their current employer, limited use of revolving debt, minimal payment shock, etc.
