What good is having the best products-
IF NOBODY CAN FIND THEM?
LET'S FIND THE PERFECT PROGRAM TOGETHER
What is your credit score for decision making?
Is the loan amount <= the Conforming Loan Limit?
After putting money down, do the clients have money to pay closing costs?
** Not applicable if the seller is paying the closing costs on the purchase contract.
Is the borrower's household income at or below the Area Median Income?
The median divides the income distribution into two equal parts: one-half of the cases falling below the median income and one-half above the median. [Census 2000 Summary File 3 Technical Documentation. Prepared by the U.S. Census Bureau, 2002.] HUD uses the median income for families in metropolitan and non-metropolitan areas to calculate income limits for eligibility in a variety of housing programs. HUD estimates the median family income for an area in the current year and adjusts that amount for different family sizes so that family incomes may be expressed as a percentage of the area median income.
Is the borrower an Eligible Veteran?
Is the Loan Amount <= the FHA maximum mortgage limit for that area?
After putting money down, do the clients have money to pay closing costs?
** Not applicable if the seller is paying the closing costs on the purchase contract.
How long since a Major Credit Event?
"Major Credit Event" is defined as a Bankruptcy, Foreclosure, or Short Sale.
How long since a Major Credit Event?
"Major Credit Event" is defined as a Bankruptcy, Foreclosure, or Short Sale.