News and Tips

Renovate, Repair and Revitalize your home with the FHA 203(k) mortgage

7 Jul , 2011  

It can be expensive to repair or modernize an existing single family residence. Save time and money by borrowing against the value of the property after improvements with the FHA 203(k) loan.

This 30 yr fixed loan can be used for the purchase or refinance of an owner-occupied primary residence and is underwritten with the same credit guidelines as a regular FHA loan- the same 3.5% minimum down-payment, same 6% maximum seller paid costs, same $303,750 maximum loan amount in the greater Charlotte, NC area and best of all, a great FHA rate! more!

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News and Tips

Five to Ten Financed Property Program

4 May , 2011  

Clients buying a Primary Home using a Conforming loan can have up to 10 financed properties including the new purchase. Most people think the maximum is 4 financed properties when the subject is a Second Home or Investment Property.

Think again!

Cunningham & Company Mortgage has a 5-10 Financed Property Program for individuals buying a residential Second Home or Investment Property. Some of this program’s special guidelines over and above the usual Conforming guidelines are:

*Maximum 75% Loan to Value on purchases, 70% Loan to Value on refinances
*Minimum 720 credit score
*Extremely clean credit – no bankruptcy, foreclosure, mortgage late payments or other derogatory history
*6 months reserves for each financed property including the new purchase more!

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