Financing Options:
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Please click here to fill out a Pre-Qualification Form
BASIC MORTGAGE COMPARISON CHART
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FHA |
VA |
Conventional |
| Loan amount: |
$362.790* |
$417,000 |
$417,000 |
| Down payment: |
2.25% |
0 |
3% - 5% |
| Ratios: |
29%/41% |
41% |
28%/36% |
| Cash reserves: |
n/a |
n/a |
2 Months PITI |
| Special Charges: |
MIP
1.5% |
Funding Fee
2.2% 1st Time
3.3% 2+ |
5% .78%/12
10% .52%/12
20% dp NA |
Non Occupying:
Co-Borrows |
OK |
Not allowed |
OK w/10% downpmt |
| Gift Letters: |
OK |
OK |
Ok after 5%
of own funds |
| Seller Contributions: |
Up to 6% towards
all fees. AFTER Borrower has cash requirement of 3%
invested |
Up to 6% of
sales price |
95% LTV 3%
90% LTV 6%
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*FHA Maximum Loan
Amounts:
Frederick & Montgomery $362,790
Carroll & Howard $362,790
Washington County $275,500 |
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Above information is based on a single family dwelling
purchase transaction. Information should be considered a
base guideline. All criteria may be subject to change. |
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Please click here to fill out a Pre-Qualification Form
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