NEIGHBORHOOD CHAMPION PROGRAM

Buckeye Mortgage Company provides special financing for teachers, police, firefighters and medical workers (see list of eligibility).

The Neighborhood Champion Program offers home purchase financing featuring:

• Little or No Down Payment
• Flexible Credit Guidelines
• Closing Cost Help (funds from gifts or other sources are eligible)
• No Income Limitations

Up to 100% loan-to-value (“LTV”) financing is available on a 1-unit property and 95% for 2 units. Qualifying debt-to-income ratios may be as high as 50-50. That is, monthly housing debt (principal, interest, insurance, taxes & condo fees, if any) divided by gross monthly income may be as much as 50% as opposed to a normal maximum of 28% to 30%. By the same token, total debt (monthly housing plus all other installment debt such as automobile, furniture, education loans, plus credit card debt) may also be 50% versus a normal maximum of 36% to 40%.

Other criteria are outlined below:

Loan Types:

» 30-year fixed rate
» 30-year 7/1 ARM (without conversion option)

Purpose Types:

» Purchase
» Rate/term refinance (limited cash out for closing costs, but no cash to applicant.)

Eligible Applicants:

• Professors of colleges & universities
• Pre-K teacher employed in a primary school
• Federal Emergency Management Agency (“FEMA”) employees
• National Safety Transportation Board employees
• Immigration & Naturalization Service employees
• School security guard
• School cafeteria workers (full-time)
• Pharmacists & pharmacy assistants
• Orthodontist, Ophthalmologists, Radiologist, Optometrist, Anesthesiologist, Psychiatrist, Dermatologist, Podiatrist & Chiropractor
• Emergency response dispatcher
• Emergency medical techs
• Hospital and doctor’s office employees
• Ambulance driver
• Nursing facility employees (full-time)
• CIA, FBI & Secret Service employees

Eligible Property:

1-2 units, condo, PUD & Co-ops

Maximum Loan Limits:

Conforming loan limits for 1 to 2 units ($333,700 1-unit)

Seller Contributions:

3% if loan-to-value greater than 90%
6% if loan-to-value less than 90%

Mortgage Insurance:

35%: greater than 97% LTV
30%: 90.01 - 97% LTV
25%: 85.01 - 90% LTV
12%: 80.01 - 85% LTV

Credit Requirements:

If the primary borrower does not have a valid credit bureau score, alternative credit histories are allowed with a minimum of four accounts – each current and with a minimum 12 month payment history with no payments more than 2 x 30 days delinquent in the past twelve months. One account must be housing- related with no payments more than 30 days past due within the past twelve months.

Credit Score Minimum:

Credit bureau score varies from a low of 620 to 720 depending on the LTV and qualifying debt-to-income ratios.

Minimum Borrower:

Contribution Lesser of 1% or $500 from own funds.

This is a great program that allows eligible borrowers to purchase a home with as little as $500. Call Buckeye Mortgage Company at 866-283-1119 for additional information.

CALL AN EXPERIENCED MORTGAGE BROKER IN WEST VIRGINIA TODAY TO SEE IF YOU QUALIFY FOR OUR SPECIAL MORTGAGE LOAN PROGRAM! FIND OUT ABOUT NO DOWN PAYMENT OPTIONS & NO INCOME LIMITATION FOR HOME PURCHASE FINANCING. TOLL FREE MORTGAGE ADVICE @ (866) 283-1119

Serving West Virginia & Ohio
Wheeling, Fairmont, Parkersburg, Huntington, Charleston, Toledo, Columbus

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