National City MyCommunity Mortgage HomePossible

These programs provide an opportunity for a buyer to have only $500 into the transaction with the remainder of funds to come from flexible sources. With flexibility on credit and ratios and great rates, these are excellent programs for 1st time home buyers.

Use when your buyer:
n have very little cash
n has little or non-traditional credit
n has a less than "perfect" credit history
n needs a single, expanded debt-to-income ratio
n may have access to a gift or grant

Features:
n up to 100% LTV/105% CLVT
n only $500 from the borrower's own funds
n sellers can contribute up to 3% in closing costs/prepaids
n credit score as low as 620 (lower with Automated Underwriting approval) or acceptable non-traditional credit
n no payment reserves required
n fixed or adjustable rate available
n single qualifying ratio of 43% (higher with Automated Underwriting approval)
n lower mortgage insurance costs

Income Limits:
n 100-115% of HUD area median in most areas

Contact: Tim Moffitt, National City Bank, 614-276-LOAN (5626), tim.moffitt@ncmc.com