Program Description This program allows a buyer with a credit score of 620 or above (or acceptable non-traditional credit) to put no down payment money into the transaction. The program also allows use of stated secondary income and a portion of boarder income to qualify. This is an excellent program for 1st time home buyers. Use when your buyer:
n has very little cash
n has little or non-traditional credit
n has unverifiable secondary income
n has boarder income from related person
n needs a single expanded debt-to-income ratio Features:
n allows non-occupant co-borrower
n up to 100% LTV/105% CLTV
n sellers can contribute up to 6% in closing costs/prepaids
n credit scores as low as 620 or acceptable
n non-traditional credit
n 1 month payment reserves required
n fixed or adjustable rate available
n single qualifying ratio of 45% (40% if using stated secondary income)
n lower mortgage insurance costs Income limits: 100% of area median income in most areas, unless in an "Underserved Area" Contact: Tim Moffitt, National City Bank, 614-276-LOAN (5626), tim.moffitt@ncmc.com NOTE: The Columbus Board of REALTORS® identifies affordable housing as homes priced $125,000 and below. | 
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