Ricky Khamis's Blog: 0.5% FHA Mortgage Product Launch by Ricky Khamis FHA Expert

BK0013635

0.5% FHA Mortgage Product Launch by Ricky Khamis FHA Expert

1/2 Percent Down Payment FHA Loan

Underwriting Notes:

• Purchase only, Primary residence only, 1-2 units; SFR, PUD, and FHA approved Condos only manufactured

not allowed, Age Restricted properties 80% max LTV with additional overlays

• 620 minimum score for 1 unit, 640 minimum score for 2 unit; all borrowers must have at least one score

• 43% max DTI for the Amerifirst 0.5% (1/2) Percent Down Payment FHA Loan Program Ricky Khamis Branch Manager

• 96.5% max LTV, 99.5% max CLTV

• DU Approve only for this Amerifirst 0.5% (1/2) Percent Down Payment FHA Loan Program Ricky Khamis Branch Manager

• ½% down payment may be a gift (from a family member, per FHA guidelines)

• Income limit of 115% of HUD Area Median Income

• Homebuyer Education required Click Here Amerifirst 0.5% (1/2) Percent Down Payment FHA Loan Program Ricky Khamis Branch Manager

• Not limited to first time homebuyers

• Cannot be combined with FHA Back to Work program

• Commissioned only borrowers must have 3 months PITI reserves

• Derogatory credit

Collections over $5000 within the last 24 months not allowed

IRS tax liens or back taxes allowed on exception basis only.

 

The best thing you can do for yourself is to prepare.  Gather up all your documents that we will need in order to issue you an approval for this Amerifirst 0.5% (1/2) Percent Down Payment FHA Loan Program Ricky Khamis Branch Manager.

 

 

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Amerifirst 0.5% (1/2) Percent Down Payment FHA Loan Program Ricky Khamis Branch Manager.

1

 

Tax Returns for 2011 and 2012. 2013 will be required after April 15th or an extension must have been filed.

2

 

W-2’s for 2011, 2012 and 2013

3

 

Paystubs covering last 30 days.

4

 

2 Most recent bank statement, all pages all accounts for last 60 days. In regards to your bank statements, if there are any deposits that are outside of your normal paychecks I will need complete documentation and an explanation of what it was. IE:  If the borrower states that the deposits are from repayment of loan(s), the file must contain evidence that the borrower lent the funds originally and that the repaying party is the same. (Canceled checks paying out and paying back are required.)

5

 

Investment accounts, 401k or IRA account statements, all pages most recent

6

 

Copy of Driver’s License and Social Security Cards – If you do not have your SSN Card you will need to go down to Social Security and get a new one.

7

 

Year Make and Model of Vehicle with approx values

8

 

Contact for Verification of Employment – Need name and Fax Number

9

 

Contact Information for Landlord – Need name and fax number

10

 

Contact your insurance company and let them know that we will be calling them for insurance once we have an executed contract, or completed application.

11

 

Budget Letter (Click Here Print, fill out, Sign and add to package) FHA’s Loans ONLY

12

 

Letter of Explanation regarding Inquires on your credit.  If you have not added any new credit lines, then this will suffice: I have not opened any new credit lines, or added any other debt not listed on my credit report. SIGNED, DATED

13

 

If Applicable: Letter of Explanation regarding any derogatory credit; Late Payments, Collections, etc…

14

 

If Applicable: Mortgage Payment coupons on any and all properties owned, including land. Include a Tax and Insurance Statement for the properties as well as outline what properties are financed by what banks.

15

 

IF APPLICABLE - copy of Bankruptcy papers, with discharge - Copy of Divorce Decree - Copy of Child Support Order

 

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Ricky Khamis
NMLS 173141 | LO-0911814 | CA-DOC173141
Branch Manager | Corporate Office
Arizona and California CE Instructor

Email: Rick@amerifirst.us

480-344-1900 office
602-758-7425 mobile
480-339-1615 fax

AMERIFIRST FINANCIAL, INC.
NMLS 145368 

1550 E. McKellips Rd, Suite 117
Mesa, AZ 85203
480-344-1900
1-866-276-12974
BK0013635

 

Amerifirst Financial Disclosure-  The opinions expressed here are the personal opinions of Ricky Khamis.  Content published here is not read or approved by Amerifirst Financial before it is posted and does not necessarily  represent the views and opinions of Amerifirst Financial.

Comment balloon 0 commentsRicky Khamis • April 05 2014 08:36AM

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