Magic Flex 102 Guarantee Program

• No down payment Borrowers without savings, or who wish to retain their savings qualify
• 100% financing 102% LTV for the guaranteed first mortgage loan when including the guarantee fee, 100% LTV without the fee included.
• Loan not limited by contract amount Wrap closing costs into loan when appraisal is higher than value.
• No PMI One time guarantee 2% fee
• No reserves No need for seasoned funds, bank statements, or bank accounts
• Expanded ratios 29/41 or 31/43 on homes built post Jan 01
• Clients with satisfactory credit may qualify with higher ratios to accommodate high cost housing areas, etc.
• No minimum FICO Clients with non-traditional or no credit histories may qualify Streamlined processing with 620 FICO
• One time 2% guarantee fee can be rolled into the loan
• Generous income limits based on 115% US median (not HUD area limits)
• No explanations on credit with FICO 620+
• No rental verification
• No monthly mortgage insurance means a lower monthly payment for the clients and additional cash each month
• Deductions are available for dependents, daycare, elderly households, etc. to assist individuals and families in qualifying
• No maximum purchase price limit Clients choose the home that meets their needs and repayment ability
• NOT limited to first time buyers… Anyone not owning suitable housing may apply.
• No limit on TLTV Allows closing cost assistance from government sponsored entities.
• Education/training substitute for job tenure
• Lowest payment of affordable products
• Income history for ratios is waived.
• No MI, best rate, 30 yr gives lowest payment, less eligibility issues, more loan
• Unrestricted gifts No limitation on source of funds for closing costs. No seasoning requirement.
• Rate and Term: 30 year fixed, very competitive conventional rate

Other eligibility criteria:

• U.S. citizen or permanent resident or qualified alien.

• Financed dwelling must be primary residence.

• Property must be residential.

Property requirements:

• New or proposed home construction: Meet the state code.

Use State certified or FHA appraiser.

• Existing homes (over 12 mo. Old or previously occupied): Meet current FHA standard

for existing property.

Manufactured home:

New manufactured homes purchased from an Agency approved dealer may be financed.

See RD for restrictions. Existing units (over 12 mo old or previously occupied) cannot be financed.

Modular home:

No restriction

Condo and town home:

Must meet the requirements of Fannie Mae, Freddie Mac, VA, or FHA.

Flood Zone:

• Existing dwellings located in a special flood hazard area must have federal flood insurance coverage.

• New construction* in the 100-yr BFE is not permitted unless a Letter of Map

Revision/Amendment (LOMR/LOMA) is issued by FEMA prior to requesting the guarantee on the loan.

*New construction has a CO issued within past 12 months or is proposed construction.

Challenges:

• No co-signors residing outside of the household.

• In-ground swimming pools. Ask for a waiver.

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