95% LTV now available in San Jose on Conventional Loans

Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages.  The increased Loan to Value Ratio (LTV) is available on following programs:

  • Freddie's Home Possible (Fixed Rate only)
  • FNMA MyCommunity  (Fixed Rate, 5 yr ARM and 7 yr ARM)

The Loan must meet the following criteria:

  • Must be a First Time Home Buyer
  • Purchase Transaction only
  • 680 Minimum Score Requirement
  • 1 unit property only (SFR and PUDs.  Condos maxed at 90% LTV)
  • 2 months PITI reserves required after loan closing
  • Full appraisal required
  • 3% Seller Concessions maximum allowed; Downpayment can come from gift
  • Must complete Homebuyer education course
  • Income limitation requirements
Call me at 408.905.6261 or email me if you would like to find out if you qualify for this program.

______________________________________________________________________________________________________

Shashank Shekhar

Mortgage Broker/Banker | San Jose, CA

(408) 615-0655 | Shashank@ArcusLending.com

Ranked among Top 150 Loan Officers and Top 40 under 40 Most Influential Mortgage Professionals in the Country

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Comment balloon 0 commentsShashank Shekhar • November 01 2009 09:44PM

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