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Buyer Minimum Requirements.
1. $1600.00 minimum monthly
income
2. Maximum 50% Debt Ratio
3. Bankruptcy/Foreclosure over
2 years old
4. Credit Scores start at 600 (
score is arrived by averaging all 3 scores) Can increase
score with cosigner, it also adds to the income total when a
cosigner is used.
5. Note and Mortgage or
Contract for deeds Accepted
6. Interest rate and LTV's can
be determined by Seller but will affect the discount amount.
7. Minimum note purchase:
$50,000, Maximum: $500,000. (Higher on a case-by-case basis)
9. Self-Employed need last
2-years tax returns.
10. Gift Funds or Down Payment
Assistance Program Not Allowed.
11. No Bank Balance needed.
Just an open account at any institution. Savings account or
Brokerage account allowable.
12. Closing on the home will be
required FIRST, then we will close on the note after
all closing documents are signed at the title company.
REQUIRED ITEMS
OR CONDITIONS
(Following is
a list of items required to close a transaction.)
1. Our Quote Amount subject to complete and
approved documentation.
2. True and corrected signed 1003
Residential Loan Application. You can have your
buyer complete one at our lending site at
www.flexcreditmortgage.com.
3. An Original Appraisal; Full
appraisal FNMA 2055 with 4-5 interior photos provided by a State
Certified Appraiser less than 30 days old. We will order our
own appraisal after we enter in the agreement to buy the
note.
4. A paid Hazard Insurance Policy
due at closing naming Seller as loss payee.
5. Title Commitment
naming the seller as proposed Mortgagee insured. Insured
amount must be for an amount equal to the 1st lien or
greater.
6. All documents: Bank Statements,
Credit Report, etc. must be updated thirty days
prior of the day of closing.
7. Under 600 credit score (We might look
at a deal with 580) requires 12 months cancelled checks or money orders to
verify rent.
8. Monthly income must be a minimum of
$1,600 and create a 50% Debt to Income.
9. Special Assessments: All
unpaid assessments must be paid in full prior to or at
closing.
10. Title Company or their Appointed Attorney
shall prepare all mortgage and note documents for first
and/or second liens.
11. Copy of buyer's Photo ID and Social
Security Card or W9.
12. On credit scores below 600, Buyer's last 2
pay-stubs
and Bank Statements for last 2 months, last 2 years
W2's or if self employed, the last 2 years of tax
returns.
13. The Purchaser reserves the right to
terminate The offer to Purchase prior to the settlement of
the loan in the event of an adverse change in your personal
or financial status, or the improvements on the property are
damaged by fire or other casualty.
14. All Properties will require a
second appraisal at our cost. |
