QUAD CITIES REAL ESTATE WITH RE/MAX

SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................

DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES

TOM & CYNDEE BROWNER   

CRS, ABR, GRI, e-PRO, CRB, MRA.

BROKER OWNERS - RE/MAX BI-STATE 

SERVING IOWA & ILLINOIS 

DAVENPORT - BETTENDORF - MOLINE - ROCK ISLAND AND SURROUNDING COMMUNITIES 

563-388-0008 Office - 563-570-7629 Cyndee's Cell - 563-343-1092 Tom's Cell

BANK OF AMERICA SPECIAL PROGRAMS

FAST TRACK PROGRAM

With a credit score of 700 or better:

• Faster loan approvals, often within 20 minutes.
• 95% Loans to Value up to $400,000
• Expanded qualifying ratios, up to 50% for up to 90% equity down of the value of the home for a Loan.  40% qualifying ratios if your down payment is 10% or less.
• Less documentation -  Just your most recent bank statement to verify down payment funds and a current pay stub and if self employed: the first two pages of your most recent tax return

NO DOWN PAYMENT DOCTOR LOANS

• 100% Loan to Value
• No Private Mortgage Insurance
• Loans up to $500,000
• Fixed or Adjustable Rate Mortgages

NO RATIO CALCULATION - NO INCOME VERIFICATION

Perfect for the self employed, people on commission or non-traditional income. Must not use Business assets for down payment or reserves.  Requires a strong Credit Score and strong assets.

• 80% Loan to Value
• Flexible loans up to $1,000,000
• Primary Home, Second Home, Investment Property
• Simplified Documentation for faster processing
• Fixed Rate Mortgages
• Fixed or Adjustable Rate Mortgages

TEACHER ZERO DOWN AND TEACHER FLEX LOANS

Special Loans to enable teachers and administrators to overcome obstacles to home ownership.

• 100% Loan to Value,  660 Credit Score for Zero Program
• 97% Loan to Value, 640 Credit score 3 to 5% down.  620 for over 5% down - Flex Program
• Closing cost can come from a gift or other sources, including the seller.
• Flexible underwriting guidelines, so even recent graduates without a credit history can qualify
• No income or property location restrictions
• Fixed or Adjustable Rate Mortgages
• Cash reserves - 2 Months - Zero Program # 1 Month reserve - Flex Program

NEIGHBORHOOD ADVANTAGE LOANS

Special Loans to enable ownership for individuals with lower income or without established credit..

• 100% Loan to Value,  660 Credit Score for Zero Program
• 97% Loan to Value, 640 Credit score 3 to 5% down.  620 for over 5% down - Flex Program
• Closing cost can come from a gift or other sources, including the seller.
• Flexible underwriting guidelines, so even recent graduates without a credit history can qualify
• Income can not exceed 80% of Median for Zero Program unless in a low income census tract.
• Purchase Mortgages only - No refinance.
• Ratio's of long term debt to income: 33 to 41% for Zero Program If credit score is above 680, 45% if credit score is above 720 and housing expense is not more than 125% of current housing expense.
• Ratio's of long term debt to income is 45% if housing expense would not be increased by more than 25%, 38% if housing expense would increase above 25% from current levels. - Flex Program  
• Fixed or Adjustable Rate Mortgages
• Cash reserves - 2 Months - Zero Program # 1 Month reserve - Flex Program

ZERO DOWN PROGRAM

With a credit score of 700 or better:

• Closing can come from gift or even the seller.
• You can finance Mortgage Insurance, closing cost and prepaids to to 3% over acquisition cost.

80/10/10 or 80/15/5 PRIVATE MORTGAGE INSURANCE SAVERS

• Single application and closing
• Save Fees: No Mortgage Insurance - One Appraisal - One Credit Report - One Hazard Insurance Policy including flood insurance if requiried.
• Second Mortgage Interest may be tax deductible

ONE TIE CLOSE CONSTRUCTION LOANS

• Save Time and Money - One application - One Approval Process - Once set of Closing Cost
• Interest only payments during construction and only on the amount advanced
• Interest Rate determined before Construction
• Reduces cost to builder, allows you to negotiate harder with builder for a lower price.
• Fixed or Adjustable Rate Final Mortgages

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