A good quality Shakopee loan officer I work with , Chris Aloisio, just wanted to send out a refresher email for a loan program she and Wells Fargo in Shakopee have to offer. The program is called the CDMP program if you want to mention it to her when calling. This program that is unique to Wells Fargo is great for first time buyers. CDMP stands for Community Development Mortgage Program. Here are the highlights and information on the program:
Conventional loan–in house (not Fannie or Freddie), Not an FHA program either
2% down–NO MORTGAGE INSURANCE!!!
Income limit of $67,200 for a family of 4–income limits waived if buying within the city limits of Mpls or St. Paul
Down payment can be a gift
Owner occupied only
Homebuyer education is required UNLESS they have owned a home in the last 3 years and made their last 12 payments on time so do not have to be first timers
One debt ratio of 42% & can have a co-signer
Must be employed for one year
Self employment for 1 year with tax returns is acceptable (2 year requirement waived on this program)
Credit score of 620 with 3 tradelines
No cash reserve requirement
Home must be in decent shape, but cosmetic repairs are fine
One year rental history required
Todays rate, 6/3/11, for this loan is 4.875% for a 30 year fixed.
This loan program is truely a great program. Although there are income limits to apply for the program your downpayment can be gifted which helps and credit scores can be as low as 620. The biggest advantage to this program in my opinion outside of the obviously only 2% downpayment program is NOT HAVING MORTGAGE INSURANCE. That portion can save you $100+ per month!
If you want more information about this program feel free to contact, Tom Scott of Remax Advantage Plus and the Twin City Real Estate Team at 612-384-2178
When purchasing a home, make sure to have your own representation. The person selling the home has their own representation
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