New Start Mortgage
We make buying a home possible again for members who have been affected by the economic recession. If you’ve had a short sale, bankruptcy or foreclosure, we may be able to help you buy again.
Program details include:
- Affordable interest rate of 6.00%*
- Purchases and refinances allowed
- Two origination points required
- Maximum loan amount is $300,000
- 5-year balloon with 30-year amortization
- LTV Max – 75%, DTI Max – 43%, FICO Min – 580
- Max LTV for Townhomes & Condos is 60%
- No manufactured homes allowed
- Primary residences only
- Homeowner credit counseling completion required
- Impounds (escrows) required
- Gifts and gift equity allowed
- No source or seasoning required for down payment funds
- Bankruptcies, foreclosures, short sales, and modifications allowed with no seasoning requirements
Ready to Apply?
Give Us a Call
|Las Vegas Area||(702) 382-4094|
|Reno/Sparks||(775) 827-3880, x4643|
|Pahrump||(775) 751-9880, x5443|
*Rate accurate as of 10/23/14 and subject to change. Underwriting will follow Fannie Mae guidelines with exceptions to credit items listed above. Exceptions to be approved on case-by-case basis. Call us for more details. Payment example: If you have a $150,000 5-year balloon fixed rate mortgage loan at 6.00% (6.091% APR), with loan to value (LTV) of 70%, you would make 60 initial payments of $899.33.