5th Jul, 2009

Community Development Mortgage Program- THE FACTS

What it is        A conventional bank portfolio loan Wells Fargo offers as part of our commitment to the Community Reinvestment Act

Customer Benefits

        NO monthly mortgage insurance or upfront mortgage insurance premiums

        – Can use gift funds or down payment assistance for down payment and or closing costs

        – No pre-payment penalty

        – Seller can pay up to 6% for closing costs

Loan Information

        – No title seasoning requirements

        – Up to 98% LTV

        – Only need one year of continuous employment- self employed included

        – Minimum credit score 620

        – Income limits for most counties is $60,800 for a 1-4 person household

        – No reserve requirement

        – Non-traditional credit allowed

Eligible Transactions

        – Purchases only

Eligible Products

        – 30 year fixed

The CDMP which is a great loan program. There are changes being made to this loan on Monday the 15th. The information above reflects the changes. If you have questions about any type of loan (or down payment assistance), including, but not limited to FHA, VA, conventional, CDMP, renovation, or jumbo, please don’t hesitate to contact us. We have the knowledge and want to be your resource. Thank you, and please let us know what we can do to assist you.

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