News and Tips

Jumbo financing

13 Jul , 2011  

Send your clients, friends and family to Cunningham & Company for great fixed, ARM or Interest Only ARM Jumbo loans for purchase or refinance of Primary Homes or Second Homes.

We offer a spectrum of competitively priced loan programs with in-house processing and common sense underwriting.

Some of our Jumbo products allow non-warrantable condos, high rise condos and borrowers with more than 4 financed properties.

Things to be aware of with a Jumbo loan:

• There may be 2 appraisals, and the lesser value of the 2 is what the underwriter will compare to the contract price.
• Loans available up to $2 Million
• LTV maximums are determined by the loan amount and range from 65-80% more!

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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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News and Tips

Convert an existing primary home to a rental property

31 Mar , 2011  

Did you find your dream house before selling your existing home? Are you hesitant to put your house on the market now because of reduced appraisal values? There are several ways to turn your current home into a rental property and qualify for another Conforming home mortgage ($417,000 or less).

1) If you have 30% equity (per recent appraisal) in the current home and want the rental income to help offset your debt, you need a 2 yr history (per tax returns) of managing rental property. Your lender will ask for a copy of the fully signed rental agreement, security deposit and deposit of security deposit to your account. You’ll need to have at least 2 months of the total payments (PITI) of both the rental and new home in reserves (in addition to what you will need to close on the new home). more!

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