FHA:
|
1.25-2.25%
Down Payment (depending on sales price) |
|
Full
gift acceptable from blood relative |
|
Seller
concession up to 6% of sales price |
|
Fixed
rate & ARM |
|
Maximum
mortgage in Calhoun & Kalamazoo County is
$99,725 |
|
Chapter
7 Bankruptcy - must be 2 full years from
discharge |
|
Co-Signer
is allowed |
|
Debt
to income ratio = 29/41 |
|
VA:
|
0%
Down Payment |
|
Full
gift acceptable from blood relative |
|
Seller
concession up to 6% of sales price |
|
Fixed
rate only |
|
Chapter
7 & 13 Bankruptcy - must be 2 full years
from discharge |
|
Co-Signers
NOT allowed |
|
Debt
to income ratio = 41 |
|
Conventional:
|
Minimum
of 5% Down Payment |
|
Buyer
must have 5% of own funds or full 20% gift |
|
Seller
concession up to 3% for 5-10% down payment |
|
Seller
concession up to 6% for over 10% down payment |
|
Fixed,
adjustable, and balloon payments available |
|
May
have Co-Signer - Must occupy with less than 10%
down |
|
Debt
to income ratio = 28/36 |
|
Farm Home (RECD):
|
0%
Down Payment |
|
Gift
or seller concession up to 6% of sales price |
|
Fixed
rate only |
|
Chapter
7 & 13 Bankruptcy - 3 full years from
discharge |
|
Co-Signers
not allowed |
|
Debt
to income ratio = 29/41
|
|
