|
Credit Score: |
680 or greater for primary wage earner. |
|
Debt to Income: |
No more than 35% of pre tax income can go
towards servicing the debt on the property
and no more than 40% can go towards
servicing the minimum monthly payments on
all debt (includes all revolving and
installment debt). |
|
Down Payment: |
30% in most instances. |
|
Age: |
Must be 25 or older at time of closing. |
|
Reserves: |
Must have 4 months of payment liquid when
closing. Liquid assets can include checking,
savings, 70% of 401k or IRA, stocks, and
bonds. Liquid reserves do not include equity
in real estate or ownership interest in
non-publicly traded companies. |
|
Employment: |
Must be in the same line of work for at
least two years. In the case of a
self-employed borrower (has a 25% or great
ownership in the company), ownership of the
company for two years or more is required. |
|
Bankruptcy: |
No bankruptcy in the last 7 years. |
|
Property Type: |
Single family or condo and 1-4 family
properties. |
| Public Utilities: |
Unit must have access to all public
utilities. |
