SELLER CONTRIBUTIONS
CONVENTIONAL
| PROPERTY TYPE | DOWN PAYMENT | MAX SELLER PAID COSTS |
|---|---|---|
|
|
Less than 10% |
3% |
|
Primary or Second Home |
10% to 25% |
6% |
|
|
25% or more |
9% |
|
Investment |
Any amount |
2% |
FHA
| PROPERTY TYPE | DOWN PAYMENT | MAX SELLER PAID COSTS |
|---|---|---|
|
Primary |
3.50% or more |
6% |
VA
| PROPERTY TYPE | DOWN PAYMENT | MAX SELLER PAID COSTS |
|---|---|---|
|
Primary |
0% or more |
4% plus reasonable customary closing costs |
Housing Payment
÷
Borrowers Calculated Income
Housing payment includes monthly mortgage principal, interest, taxes, homeowners’ insurance, and mortgage insurance.
(Housing Payment+ Other Debts)
÷
Borrowers Calculated Income
Debts include recurring car payments, student loans, credit cards, alimony child support. etc.
| County | Conv/FHA | County | Conv/FHA |
|---|---|---|---|
|
Brazos |
$726,200/$472,030 |
Milam |
$726,200/$472,030 |
|
Burleson |
$726,200/$472,030 |
Montgomery |
$726,200/$472,030 |
|
Grimes |
$726,200/$472,030 |
Robertson |
$726,200/$472,030 |
|
Harris |
$726,200/$472,030 |
Waller |
$726,200/$472,030 |
|
Madison |
$726,200/$472,030 |
Washington |
$726,200/$472,030 |
| Down Payment | 1st Time | Subsequent |
|---|---|---|
|
Less than 5% |
2.15% |
3.30% |
|
Between 5% and 10%% |
1.50% |
1.50% |
|
Greater than 10% |
1.25% |
1.25% |
*ALL VETERANS (REGULAR MILITARY, RESERVES, AND NATIONAL GUARD)
Can be paid in cash or financed. Waived for qualified disabled vets and Active Duty Purple Heart recipients. Must provide a certificate or military order to document Purple Heart award on or before the date of loan closing. No monthly MI.
HELPFUL INFO
Condo financing with 10% down may allow for a limited project review. Available on conventional loans for primary
residences.
Title companies and closers are typically very busy at month end since so many people try to close then. This creates delays and extra stress. Consider another week. Avoid the morning after a holiday weekend. Pick a time during the day when decision makers can be reached if there are any issues. Allow for contingencies.
Rental income for a departure residence can be verified with a signed lease, if no tenant has occupied the property during the prior year (for conventional loans).
KNOW YOUR TRID TERMS
Sets new standards for real estate transactions.
The disclosure of important loan details, including the interest rate, monthly payment, and good faith estimate of total closing costs for the loan.
Describes, in detail, the actual costs of the transaction, including loan amount, fees, interest rate, taxes, insurance, closing costs and other expenses.
Conventional
For Conventional loan payments with less than 3% down, please contact us.
*This Mortgage Calculator is being provided as a tool to calculate an estimated monthly payment. Taxes, Home Insurance, and PMI amounts are strictly estimated for illustrative purposes only. For a more accurate payment quote, including today’s Interest Rate and APR, please contact our office at 979-694-1000.
HOUSE LISTING PRICE: $699,900 & LOAN AMOUNT: $664,905
| YEAR | RATE | MONTHLY PAYEMENT |
|---|---|---|
|
1 |
4.50% |
$3,369 |
|
2 |
5.50% |
$3,775 |
|
3 |
6.50% |
$4,203 |
MONTHLY PAYMENTS SAVINGS: YEAR 1: $834 I YEAR 2: $428
Above scenario based on Loan Amount of $664,905. LTV 95% (based on $699,900 purchase price, 5% down payment) 30 Year-Fixed Conventional loan Interest rate 6 50%, APR 7.101.360 principal and interest payments of $4.203 with 24 months subsidized payments as indicated above. P&I Payment does not include property taxes or hazard insurance; total monthly expense will be higher than the payment listed above Actual rate and APR may change.
| PROGRAM | FORECLOSURE | BANKRUPTCY | SHORT SALE |
|---|---|---|---|
|
Conventional |
7 years from
completion |
Ch. 7: 4 years from
discharge
Ch. 13: 2 years
from discharge;
4 years from
dismissal |
4 years from
completion |
|
FHA |
3 years from
completion; FHA
pays claim & clears
CAIVRS |
Ch. 7: 2 years from
discharge (AUS
approval)
Ch. 13: 1 year
of satisfactory
payments & court
permission |
3 years from
completion if in
default at time of
sale. No seasoning if
payments on time 12
months prior to short
sale and 12 months
preceding application
date |
|
VA |
2 years from
foreclosure date |
Ch. 7: 2 years from
discharge
Ch. 13: 1 year
of satisfactory
payments & court
permission |
2 years from
completion |
|
JUMBO |
7 years from
completion |
7 years from discharge/dismissal |
7 years from completion |
|
Non-Agency |
4 years from completion |
4 years from discharge/dismissal |
4 years from completion |
