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 Flex 97 (Fannie Mae) 3% down payment required and can be a gift from a relative. Gifts are allowed after borrower has contributed $500.00 toward the transaction. Seller contributions are limited to 3%. A minimum credit score of 680 is required. The borrower may not own other real estate. Home Possible 97 (Freddie Mac) A 97% loan with Income Limitations. The median income limits for each area can be found at: https://www.efanniemae.com/sf/refmaterials/hudmedinc/index.jsp. Gifts are allowed. A 680 credit score is required. 3% Seller contribution limit. Reduced mortgage insurance is a feature of this program. Cash out transactions are not allowed on this program My Community 97 (Fannie Mae) A 3% down payment is required. Homebuyer Education class may be required. Private Mortgage Insurance payments are reduced. A minimum credit score of 680 is required. Gifts and grants are allowed. The total income of all borrowers on the loans cannot exceed the HUD median income limit. The median income limits for each area can be found at: https://www.efanniemae.com/sf/refmaterials/hudmedinc/index.jsp. The borrower may not own other real estate. USDA Loans (Rural Development) A 100% loan (up to a 102% loan). A 580 credit score is required. The property must be located in a designated rural area as designated by the RHS office. To determine whether the property is located in a designated rural area, go to the Rural Development website at http://eligibility.sc.egov.usda.gov. From the home page, click “Single Family Housing” under “Property Eligibility.” Enter the property address to get an instant determination or to view a map. The borrower’s adjusted “household” income cannot exceed 115% of the area median income. An income calculator is available on the Rural Development website at http://eligibility.sc.egov.usda.gov. From the home page, click “Single Family Housing” under Income Eligibility” tab. Borrowers cannot own any other real estate. Mortgage Insurance is not required. Sellers are allowed to pay up to 6% towards closing costs. Qualifying Ratios: 29/41 (all deferred payment debts included in qualifying ratios). A borrower may not own any other real estate. A Seller may pay all closing costs. 80 / 15 Piggyback Loan A 95% loan consisting of an 80% First Mortgage and a 15% Second Mortgage. This combination avoids the expense of Private Mortgage Insurance (PMI). The interest Only feature is available on this program. A 720 credit score is required for this program. Standard 95% Fannie Mae or Freddie Mac Loan A 95% loan. A 620 minimum credit score is required. Seller contributions are limited to 3%. Gifts are not allowed. Cash out refinances are allowed but are limited to 85% for owner-occupied properties. No-cash-out refinances are allowed up to 95%. Second homes are limited to 90% for a purchase and 80% for cash-out. Investment properties are limited to 75% for a purchase and 70% for a cash-out refinance. FHA (loan limit $271,050 in non-MSA areas, including Glynn, McIntosh, Camden, Brantley, Wayne Counties, Atlanta area $320,850) Standard 96.5% 3.5% down from almost any source. Non-Occupant Co-Borrower allowed. The Seller is allowed to pay 6% towards closing costs. Reasonable credit needed. VA (maximum 100% loan=$417,000) VA 100 Veterans are eligible for 100% financing Reasonable credit You can download a Conventional Loan Application, an FHA Loan Application, or a VA Loan Application by clicking one of the links below. Conventional Loan Application FHA Loan Application VA Loan Application Note: You will need Adobe Acrobat Reader on your computer to open these files. If you do not have Adobe Acrobat Reader, please click on the button below. 
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