A GREAT Loan Program from CFC Mortgage Bankers

Cheryl Whitney, a loan officer for CFC Mortgage Bankers gave me this great loan program information.  This is a GREAT loan option for some condo/townhomes that are NOT FHA approved.  (This loan program also works with Single Family and PUD homes.)

I like this loan program because it is a HIGH LTV loan program, up to 95% LTV.  There is NO M.I. (Mortgage Insurance) on these loans (the M.I. is built into the rate.), and the condo approval process is relatively simple, when doing the appraisal, the complex must meet at least 50% owner occupied.  There is, however, income limits.  Please see attachments for more details or call Cheryl directly.

Also, note the second page for comparisons in monthly payments with similar loan products that DO have M.I. versus this loan product that does NOT.  The rate is actually slightly HIGHER on these loans, but your payment is LOWER.  No M.I. is a BIG DEAL!  Please see my other posts on the NEW M.I. schedule as opposed to the OLD M.I. schedule.  It is a HUGE difference!