$5000 IS THE AMOUNT TO GET INTO THE NORTH PORT PRECONSTRUCTION HOMES.
The The $5000 is broken down as follows: is broken down as follows:
$500 - TO BUILDER IF NEEDED (APPLIED TOWARDS LOAN)
$500 - TO TITLE COMPANY FOR LOT DEPOSIT (APPLIED TOWARDS LOAN)
$225-$450 - TO SURVEY COMPANY FOR LOT SURVEY (this amount is dictated by size of lot)
$450 - TO APPRAISAL COMPANY FOR APPRAISAL
- SIVA loan (stated income verified assets)
- Stated income
- Borrower can have multiple mortgages on credit report
- Borrower can have 1 mortgage late but not in the last twelve months
- Borrower can have a bankruptcy but it has to be at least 3 years old
- Verified assets 60 days seasoning of 6 months of principal, interest, taxes and insurance will be verified. This verification can come from all of the accounts a borrower might have it can be from: checking account, savings account, money market account, IRA’s, 401k’s, stocks, bonds and even….a home equity line of credit, so if the borrower has an equity line of credit on their house, they can withdraw the funds and let them sit in their account for 60 days so that we can verify that they have 6 months of PITI or you can use a combination of all assets and all accounts will be allowed.
- 2 years verifiable rental or mortgage history (if buyer is renting from a private individual then they must provide cancelled checks / if buyer is renting through a management company or apartment complex we will do a verification of rental history and cancelled checks will not be required)
- Buyer must be able to verify 60 day seasoning of the $5000
- 2 trade lines (accounts) open for at least 2 years and used in last 12 months
- 680 or greater FICO (credit score) if SIVA loan
- 680 or lower credit score might qualify for a full documentation loan
IF YOU DO NOT MEET THE GUIDELINES ABOVE YOU MAY QUALIFY FOR THE FOLLOWING LOAN:
- Full documentation loan
- Same guidelines as above for SIVA loan with these exceptions:
- Only $2075 required out of pocket
- 620 or greater credit score
- Less tradelines needed
- Only one mortgage reported on credit
- Buyer is allowed to list property for sale (MLS or FSBO) as soon as permitting is approved and site prep work is completed. (Generally 90-120 days after closing)
To Learn More About Our Programs, Please Click Here to Contact Us
You must have javascript enabled.
