A-Minus Mortgages

A-minus Mortgages, very similar to the Affordable Merit Range Mortgage plan, this is a mortgage plan for those who had a little trouble with their credit history. This mortgage plan offers a debt-payment-to-income-ratio. The mortgage plan offers various down payment options to fit one’s needs. The purchase types are purchase, cash out refinances and no cash out refinances.

The property type one can get from this offer could be 1- to 4-unit primary residences; these include condos, manufactured houses and properties under development. The offer is also available for second homes and 1- to 4- unit investment properties.

The offer is eligible for 15-, 20- and 30-year fixed rate mortgages, 7-year balloon/reset mortgages, standard adjustable rate mortgages, for super conforming mortgages. The Affordable Merit Rate mortgages are part of A-minus but with more requirements.

The A-minus Mortgages allow those with a “not-so-perfect” credit history, those with poor credit scores to get a second chance. Normally, bad credit score means no loans, no mortgages, no benefits, thankfully, mortgage programs such as A-minus Mortgages give those with prior credit score problems a chance to get a mortgage with lowered interest rates.

Questions:

1) What state is this program available in? All

2) Is there income limitations (if yes how much)? No

3) What is the maximum LTV (loan to value)? 95%

4) What is the minimum credit score required? 620 fico

5) What is the maximum DTI (debt to income) ratio? 50%

6) Are you required to be any of the following? No

o Civil servant

o Fire Fighter

o Teacher

o Military

7) Is this program for primary residence’s only? Yes

Can this program be used to buy a home? Yes

9) Can this program used to refinance a home? No

10) Can this program be used for a manufactured home? No

11) Can this program be used for a Condo? No