Huntington's Welcome Home mortgage product

This 30-year fixed rate product is designed to attract low- to moderate-income borrowers with slightly impaired credit and/or limited funds to close. The product allows a minimum of $500 for one unit from borrower?s own funds with additional downpayment coming from a variety of other sources. This product can be used for purchase, no cash out refinance, or limited cash out under the terms specified below. The product will be priced following the Fannie Mae conventional retail rates.

Terms: Minimum -- RD120 Months Maximum -- 360 Months

Minimum Down Payment -- N/A

Maximum Loan Amount -- $333,700

Maximum LTV

• Purchase 97% to 100% depending on credit score
• 90% cash out REFI limited to standard Fannie Mae Guidelines
• Max CLTV -- Purchase only 105% with approved community second (must conform to Fannie May Community Seconds Guidelines) other secured financing for downpayment is limited to 100%

Eligible Properties - Owner occupied residences only (1 and 2 family units, condos, townhouses and PUDs)

Qualifying Ratios 

• 41% single back-end ratio
• 43% single backed ratio for 2-unit properties

Underwriting Guidelines -- Credit History Guidelines

• LTV of 97% requires a minimum credit score of 580
• LTV of 100% requires a minimum credit score of 620)

Buydown -- Yes

Conversion -- N/A

Assumable -- No

Ancillary Fees

• $8.50 Flood Certification
• $85.00 Tax Service Fee
• Underwriting Fee (varies by production source)

PMI and Homebuyer Education -- Required

Reserves

• 1 month for 1 unit properties
• 2 months for 2 unit properties

Contacts: Loretta King, 614/480-0489 Tito Paul, 614/480-1840