New Home Loan Programs

We are starting to see more and more programs becoming available that are outside the guidelines of Fannie Mae and Freddie Mac.  In the past these programs came with really high rates and fees that made them difficult to sell.  Below are some examples of what is now available.  Most programs are available up to70% - 75% of the value or sales price of the property:

 

·        1 Year Seasoning out of Short Sale  (currently 4 years Fannie/Freddie & 3 years FHA)

·        1 Year Seasoning out of Foreclosure (currently 7 years Fannie/Freddie & 3 years FHA)

·        2 Year Seasoning Bankruptcy (currently 4 years Fannie/Freddie & 2 years FHA)

·        Loan amounts up to 1.2 million

 

Most programs are 3, 5, or 7 year ARM programs with rates under 4.0%.  10 and 15 year fixes programs are available.  These are excellent programs for those buyers that don’t qualify for the Fannie/Freddie or FHA guidelines.