Cherry Creek Mortgage Co., Inc. NMLS #3001. This material is informational only and not an advertisement to extend credit as defined by TILA/Regulation Z nor an application for credit as defined by RESPA/Regulation X. All applications are subject to underwriting approval and determining applicant’s ability to repay. Not all applicants are eligible for or qualify for all loan products offered. All loan programs, terms and conditions are subject to change without notice. Rates and terms are valid as of the date of printing/distribution.
*Loan-to-Value, or LTV, is the amount of money borrowed as a percentage of the home’s value. For example, a homeowner with a $80,000 loan balance for a home worth $100,000 has an LTV of 80 percent.
**Mortgage insurance (MI) is an expense that is typically included in many government-backed loans such as FHA. MI helps protect the lender and insurer if you stop paying on the loan.
Your Home Opportunity provides low down payment, fixed-rate financing with NO MORTGAGE INSURANCE
Who is the Your Home Opportunity loan program for?
This low cost, low down payment mortgage program is available for home buyers looking to reduce their out-of-pocket costs and take advantage of fixed-rate financing.
Can the Your Home Opportunity program help a first-time home buyer?
The Your Home Opportunity loan program is designed to help first-time buyers achieve their goal of homeownership by improving affordability, reducing the down payment requirement, and providing the payment protection of a competitive fixed interest rate.
The Your Home Opportunity program:
Pairs our 30-year fixed-rate loan option with the 30-Year fixed-rate 2nd mortgage (which is an interest-only loan).
Allows home buyers to finance up to a combined loan-to-value ratio* of 101%.
Does not require monthly mortgage insurance (MI) payments** that are typically included with low down payment mortgage loans.
Important things to know about the Your Home Opportunity Program:
Eligible states include: AL, AR, CO, CT, FL, IL, IA, IN, KS, LA, MD, NJ, NM, OH, OK, OR, PA, TN, and UT.
For mortgages exceeding 95% loan-to-value, one borrower must be a first-time home buyer as defined by Fannie Mae.
A minimum FICO score of 660 and a debt-to-income ratio less than 50% are required.
Financing options include a 95% or 97% first mortgage combined with a 4% second mortgage for down payment assistance.
Annual income must not exceed 140% of the Area Median Income (AMI) as determined by Fannie Mae.
Fannie Mae-approved home buyer education is required for all borrowers.
Eligible property types include one-unit single family detached and attached homes, planned unit developments, and condos that meet Fannie Mae eligibility requirements and are held as a primary residence (not a rental).
Your Home Opportunity helps you fund your dream home with the assurance of a fixed rate and payment.
Reach out to me today to see how the Your Home Opportunity Program can help you make the leap to homeownership.Read More