Loan Cheat Sheet

By: Jocelyn Predovich jocelyn@limetreelending.com 303-325-3578 x1 Colorado and NMLS Licensee: LMB100010141, 278104 Conventional
Minimum down payment: 5% for Primary Residences/ investors minimum of 20% Co-Signers allowed in specific situations To avoid mortgage insurance the down payment must be greater or equal to 20% or by doing a first and 2nd loan combination For optimal interest rate, credit must be at or above 700. Credit rates increase as credit score decreases below 750 Gift funds allowed after borrower puts down a minimum of 5% of own funds. Jumbo Loans = loan amounts above $417,000 (unless in a high cost area) rates will be higher on jumbo loans

FHA
Minimum down payment of 3.5% No investors Co-Signers are allowed Gift Money Credit must be a minimum of 640 for market rates (options down to 620 credit score) Will have mortgage insurance for a minimum of 5 years, despite amount of down payment Upfront mortgage insurance premium (up to 3/31/2012)= 1% (rolled into loan amount). Monthly mortgage insurance = 1.15% x Loan Amount/12 Upfront mortgage insurance premium (as of 4/9/2012)= 1.75% (rolled into loan amount). Monthly mortgage insurance = 1.25% x Loan Amount/12 Lending limits based on county. (Denver area $406,250) To look this up go to go to: http://www.hud.gov Click on Resources then select FHA Mortgage Limits Anyone can do a FHA loan, no income limits, does not have to be a first time home buyer, can do multiple FHA loans, but can only have 1 FHA loan at any given time unless relocating. If client is approved FHA, they are eligible for the FHA 203K Loan allowing clients to roll in money for repairs, remodeling, updating, renovating into loan at the time of purchase or refinance. For more information go to www.colorado203klender.com To be notified on the 203k loan for investors submit your name and email on www.203kinvestor.com

VA
Veterans (must have been active duty for 180+ days) No down payment No investors No mortgage insurance There is a VA funding fee rolled into loan amount. 1st use of VA loan = 2.15% of loan amount, 2nd use = 3.3%. If can prove at least 10% disability, this fee will be waived. *For subsequent uses the funding fee will continue to drop annually through 2013. Credit must be a minimum of 640 Can have multiple VA loans in specific situations Must order appraisal through VA. This can take up to 10 business days, no way to expedite. Once ordered, it cannot be cancelled. The 2011 Maximum Loan amount = 417,000 (depending on eligibility or if in high-cost counties may be able to go above the loan amount of $417,000) VA will not allow buyer to pay specific closing fees . These are referred to as non-allowables in your contract. The only items the Buyer is allowed to pay: origination fee, credit report fee, appraisal, prepaids. Everything else must be covered by Seller or Lender. Make sure your contract reflects these fees covered by Seller.