The Basics
$729,750 Loan Amounts in Santa Clara County
Only 3.5% down, which can be gift money
Up to 6% seller concessions
620 Minimum credit score
No reserve requirements
Non Occupant Co-Borrowers are accepted to help qualify
Rate Buy Down available
No longer require a 90 day seasoning for “flipped” properties
Loan officers can no longer order the appraisal directly; it is now similar to how appraisals have to be ordered on Conventional loans.
Here are some of the proposed changes for the future…
Minimum Down Payment being raised to 5%
Insurance Premium may be raised to 3% of the loan from the current 1.75%
Annual Premium Insurance, now 0.55 could be rising
Lowering maximum seller concessions allowed
Questions? email me.
Tracy Pina
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