FHA Program

Purchases/Refinances

620 minimum FICO score 620-639 score rate adjustments apply 96.5% LTV Purchases (only 3.5% down!) 97.75% LTV rate/term refinances 85% LTV cash out refinances 29%/43% debt ratios…(exceptions up to 50% on the back end ratio with compensating factors) No more than 30 day payment on a mortgage in the last 12 months to qualify Up to 6% seller concessions (seller can pay the pre-paids too!) Down payment can be a gift from a family member (must source the gift) Down payment CAN be borrowed (must be a secured loan i.e car, furniture, or savings account loan. Will need the terms and promissory note from the loan and the payments must be included in their debt ratio calculations) FHA licensed appraiser required Seller must own the property a minimum of 90 days prior to a contract

VA Program

Purchases/Refinances

620 minimum FICO score 100% LTV Purchases 90% LTV rate/term refinances 90% LTV cash out refinances NO PMI VA funding fee ranging from 0-3.3% depending on the veteran's status and prior veteran benefit usage. 29%/43% debt ratios...(exceptions up to 50% on the back end ratio with compensating factors) No worse than a one 30 day late payment on a mortgage in the last 12 months to qualify. Up to 6% seller concessions (closing costs and prepaids) Appraisal ordered by VA.

Select Mortgage Group Ltd.
3040 Presidential Dr Fairborn, Ohio 45459
(888)438-6020 Toll Free (937)912-8676 Fax