EZ Home Lending Program Guidelines For 2009

Due to the changing lending environment in these economic times, many are asking if they would be approved for a home loan. I have tried to come up with a lot of the easiest standards for applying for a loan these days. The biggest hurdle I find that most have is the down payment, so I tried to come up with some very low down loan programs. There are still a lot of creative programs out there, so please contact me Ron at 763-546-9090, if you think you could get approved based on the following.

Program #1
100% Program
95% 1st mortgage (must be approve/eligible minimum 620 credit score)
5% 2nd mortgage at 8% with a 20 year amortization
Mortgage Insurance applies (based on 95% LTV)
3% seller paids
Purchase only
Keep in mind to get an approve for someone like this you will need a stable job history and good assets.
If we get an automated approve then we can make it work. There is a hit to the rate if the scores are
under 680 but with them being in the low 6% even a 1% hit to 7% isn’t a bad thing.

Program #2
-First Time homebuyers
-Owner Occupied
-Minimum Cash $500 of your money
-You can get 3% GIFT funds from another source
-Will be 3.5% down starting in 2009
-Down Payment Assistance up to $3000.00 on a ZERO interest deferred payment loan
-Need Stable Job/Income
-It’s not currently credit score driven, so please try to apply
-affordable, fixed-rate financing
-Interest Free Deferred loans to help with down payment and closing costs as well
as monthly payments. *Must meet income and property eligibility guidelines.
-No co-signers
-Must live in the property
-No Foreclosure or Bankruptcy in the past 4 years
-2 Months PITI(Principle Interest Taxes and Insurance recommended)
-45% max DTI(Debt to Income) starting January 2009
-We can get some people approved with more recent bankruptcies/foreclosures with more cash reserves and higher credit scores, it’s manually underwritten.

If you would be able to get pre-approved based on these guidelines, may I suggest you search the Minnesota MLS Property Search.

Also if you don’t qualify for a home loan today, you should look into the option of a rent to own or a contract for deed article. You can also fill out your contact information at www.RentToOwnBuyers.com and www.Contract4Deed.comso that we can go find you a house.

Ron Orr, Jr. Real Estate Broker
MinnesotaInvestors.com, Inc.
763-546-9090

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