On Line Pre-Qualification

Intended for use by Real Estate Professionals Only

This is a 30 year fixed (no balloons) mortgage and is available in the entire state of Maryland.

I requires 3% down payment, with only 1% of which must come from the borrowers own funds.

The balance of the down payment and closing costs can come from a gift, grant, installment loan, or a down payment assistance program (DAP).

Minimum down payment 3%, maximum down payment 50%.

Source of down payment: Any combination of borrower's own funds (including cash on hand...), gift, grant, installment loan, DAP.

Income cannot exceed 80% of median income for area (no income limit for Low Income Census Tract purchases).

Borrower does not have to be a first time home buyer, but cannot own any other property at the time of closing.

Property types: Owner occupied 1-2 units, condos, PUD's, manufactured homes, double wides on permanent foundation.

Reserves: 1 month PITI reserves of borrower's own funds.

Closing Costs/ Prepaids: Seller, gift, grant, installment loan, DAP. Maximum 3% seller contribution.

Debt ratios up to 45/45 with housing increase 25% or less; 38/38 if more than 25% housing increase.

Maximum loan amount $240,000 1 unit; $307,100 2 unit.

Homebuyer education not required, but recommended for first time buyers.

Mimimum Middle Score 660, call the office for no credit, limited credit, and established credit guidelines.

Undocumented income may be considered...

Please call the office prior to writing any contracts..

Rates and guidelines subject to change without notice.  There is no guarantee that all loans meeting the above criteria will be approved.