Sky GoodStart® Mortgage

Program Description

Sky Bank?s Sky GoodStart® Mortgage provides affordable financing. The property being purchased must be a single-family home that will be owner-occupied. The buyer may not have an interest in other real estate at the time of closing. There are no minimum or maximum limits to the purchase price. No cash-out refinance may be available with no PMI requirements in designated areas.

Maximum eligible household include is either:

    · 115% of area median income
    · if the property is located in a low/moderate census tract,
    · if the property is located in a census that has a minority population of 30% or more,
    · if the applicant is an ethnic (Hispanic) or racial (African-American, American Indian/Alaskan Native or
      Asian/Pacific Islander) minority, or 90% of area median income for all others

Non-traditional credit can be considered in situations of limited or no credit history. Examples of non-traditional credit are 12-month history of rent, electric, gas, phone, cable or insurance payments.

Debt to income maximum ratios are 35% for housing expenses and 43% for all debt. If a resident of the household is disabled, the maximum ratios may be 50%/50%, however monthly reserves may apply.

Borrower contribution: A minimum contribution of the lesser of 1.5% of purchase price or $500 is required and can be put towards closing costs or downpayment. The balance of downpayment and closing costs may come from gift, grant or unsecured loans from family, employers, governement or non-profits. Secured loans must conform to Fannie Mae Community Seconds guidelines.

Mortgage Insurance (MI): Not required

Seller (interested party) concessions permitted:
LTVs 90.01%-97%, maximum of 3% contribution
LTVs 97.01%-100%, loan and concessions may not exceed 100%

LTV (loan-to-value) ratios: 97% or 100% (determined by personal credit history)

Bank fees for underwriting and loan application: Waived

ACH or automatic transfer of payments and escrow of monthly property taxes and hazard insurance are required

Contact: Mark D. Spangler, 614-583-8365, mark.spangler@skyfi.com

NOTE: These terms are subject to change, available to qualified borrowers, and other conditions may apply.