Lending help!

Want to know more about a home loan? Here's some GREAT info from our partnered lender Cendera funding.
"This is not an intention to lend"
FHA:
• Government insured mortgage
• Loan limits: 1 unit: $275,665, 2 units: $352,950, 3 units: $426,625, 4 units: $530,150
• 3.5% minimum down payment 
• Seller can pay up to 6% of sales price towards closing/pre-paids for Borrower
• Appraisers could call for repairs for certain defects-(Rotten wood, peeling paint, missing fixtures, etc.)
• Do NOT have to be a first time buyer. Can own other property-(if another FHA loan it must be quite a distance from subject property- exception would be family increase, etc.) 
• Minimum credit score: 600-(must have rental payment history, 3 mos. Reserves 600-619 score)
• Upfront mortgage insurance 1.75% financed back into the loan .85% monthly MI factor.
VA:
• Government insured mortgage-(loans up to $424,100)
• -0- down payment required
• Borrower must be active, reservist or Veteran from any branch of service with Honorable discharge
• Can use multiple times and on multiple properties with certain circumstances
• Seller can pay up to 6% of sales price towards closing costs/pre-paids for Borrower
• Can own other properties
• Only people allowed on title and loan are Veteran OR Veteran and a spouse. No other co-borrowers. 
• Minimum credit score: 620 
• VA funding fee for first time use is 2.2% and can go up to 3.3% depending on branch of service and how many times it’s been used. NO monthly mortgage insurance.
Conforming Conventional:
• Fannie Mae/Freddie Mac—Conforming loans up to $424,100 above that is JUMBO-(20% down)
• 5% down payment required-(owner occupied), 10%-(2nd home), 15%-(Investment property)
• Seller can pay up to 3% of sales price towards purchasers closing costs/pre-paids on owner occupied and 2% of sales price on 2nd home or investment property
• Appraisers are the least strict on this financing type and rarely call for repairs unless hazardous
• Minimum credit score: 620 
• No up front mortgage insurance. Monthly PMI varies on loan to value and borrower credit profile. Estimated factor is .78% per month for 95% loans, .52% per month for 90-95% LTV, .25% per month for 80-90% .
Rural Development:
• Government insured/guaranteed
• -0- down payment required
• Income limits apply-(1-4 family max household income: $74,500)
• Seller can pay up to 6% of the sales price towards purchasers closing costs/pre-paids
• Borrower can finance in closing/pre-paids up to the appraised value. 
• Targeted areas-(all of St. Tammany now eligible)
• Minimum credit score 620—AND—at least one Borrower on loan must have at least 1 open trade lines of credit OVER 12 mos. old on credit report. Non-traditional credit can be used to make up a total of 3 trade lines of credit.
• New disclosure as of 12-1: Borrower must sign they plan on owner occupying the property for 30 years. 
• Appraisers are MOST strict on these loan types. Home must be in very good condition. 
• Cannot own any other homes at the time of closing –(can close back to back with the sale of a previous home) 
• Up front mortgage insurance is 1% and monthly is .35% PMI factor.
Questions? Call or email Andrea! Cell: 985-788-8238 or EMAIL: Andrea@Cenderafunding.com
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