30-, 25-, 20-, 15- and 10-year terms are all available with fixed rate.
Buy a home with as little as 5% down (primary home).
Refinance up to 95% of your primary home's value.
Monthly payments remain the same for the entire loan term.
3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.
The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
3.50% minimum down payment required on purchase.
Minimum credit score usually 580.
Post-bankruptcy qualifying - 2 years after.
Post-foreclosure qualifying - 3 years after.
The borrower must be 62 years or older (a non-borrowing spouse may be under age 62)
The home must be and remain the borrower’s primary residence
The borrower must own the home
The borrower must meet the financial requirements of the HECM program
Competitive interest rates that are routinely lower than conventional rates.
Sellers can pay up to 6 percent of closing costs and concessions.
Higher allowable debt-to-income ratios than for many other loans.
Down payment as low as 0%.
30-year fixed rate.
No down payment required.
No cash reserves needed.
Closing costs may be financed on some transactions.
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