We're now offering the recently released re-introduction of zero-down financing. Here are some of the pertinent details:
620 minimum credit score (subject to DU approval)
45% max DTI
$500 minimum borrower investment
1 month verified reserves
3% borrower contribution OK
140% of median-income max (about $100K in the Chicago MSA)
1-2 units and condos OK (
92% first with an 8% second at 8% interest amortized over 20 years
.9 MI factor
Chicago IS NOT on the relevant "distressed markets list" --Florida, California, Nevada and many counties in Michigan are.
Rate is somewhat more than what you'd expect to pay if you had a 720 and 20% down.....but it's not outrageous and definitely worth it for someone who really wants that house/condo and has the income but lacks the downpayment.
Feel free to get in touch for more information.
Juan Boldizsar
Senior Mortgage Banker
Pan American Mortgage, LLC --a wholly-owned subsidiary of Pan American Bank
jboldizsar@panamlending.com
(312) 823-0703
Doing FHA Streamline 203K Mortgages in 26 states, including Illinois, Florida, California, Michigan, Missouri, Ohio, Indiana, Georgia, Texas and Nevada.
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