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Old 04-18-2008, 09:16 AM
 
Location: Liberty Township, Ohio
122 posts, read 886,282 times
Reputation: 74

Advertisements

First Financial Bank has one of the best loans I've seen, still offering 100% financing (no, I am not getting a kickback and I am not affiliated with the bank at all, it's just a great product I've found). I've also steered several of my buyers and lease with option tenants in their direction. Take a look;

First – Time Home Buyers
CHAMP
CHAMP provides aggressive LTV’s for 1 and 2-unit properties. Additional advantages can be seen in underwriting flexibilities; no mortgage insurance, allowing non-traditional credit and the use of gifts to assist with down payment and/or closing costs.
Term: 30 Year Fixed
Maximum Loan Amount: $250,000
Property Types: 1-2 unit SFD/SFA
Condos
PUDs
Geographic Restrictions: Available in Ohio, Kentucky and Indiana only
Occupancy: Owner Occupied
Non-occupant co-borrowers are not permitted
LTV: 100% LTV minimum credit score 640
97% LTV minimum credit score 620
Subordinate Financing: Not permitted
PMI: Not required
Income: Can not exceed 100% (115% for Non-Metro Areas) of
the HUD Median Income for the property location.
2-years tax returns required
24 month employment history required
Credit: Recommended Minimum Credit Score – 620
Non-traditional credit is permitted
12 month history required
Ratios: 43%/43%
Homebuyer Criteria: Primary Borrower can not show home ownership in prior 3 years
Co-borrower can show home ownership in prior 3 years
Reserves: Not required
Down Payment, Closing
Cost and Prepaid: There are no minimum borrower contribution requirements
Gift funds will be permitted
Escrows: Required
Seller Contribution: Maximum 3%
Prepayment penalties: None

For more info, contact;
Beth Bucheit
Mortgage Loan Originator with First Financial Bank
beth.bucheit@bankatfirst.com
300 High Street
Hamilton, OH 45011
(513) 867-4972

Beth can also help investors with all types of conventional loans as well as FHA anywhere is the USA. Call Beth and let her help you with your financial needs.
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Old 04-18-2008, 09:36 AM
 
Location: ...in the desert...
36 posts, read 155,430 times
Reputation: 34
Aw, it looked good there for awhile...I wish these banks would take into account that sometimes a person is married, and then when their spouse passes away, they can't get a home on their own and they can't afford to keep their former home and need to get into a very small home.

But for someone, that "CHAMP" offer sounds like a good deal they have there, and I hope it will help the situation in those states, which I guess are having some trouble not with the crazy inflated prices but with having a lot of good citizens without good employment (due to factory closings, global outsourcing, etc).
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