New Low To Moderate Income Home Buyer Program For Strawberry Point, Clayton County, Fayette, Iowa

STRAWBERRY POINT, Iowa - May 24, 2016 - PRLog -- More and more people are trying to get back on the right track to homeownership after divorce, student loan issues, job loss, health concerns and this new loan program will assist these displaced persons to purchase existing affordable quality housing. Many times the monthly payments to purchase an existing qualifying home under this program may be less than or equal to the comparative rental market value.

The funding for this limited time program is on a first come basis.  These loans are amortized over 33 years and NO DOWN PAYMENT IS REQUIRED for eligible credit worthy owner occupied applicants who meet the income guidelines based on their household size.

Each applicant now only needs to have 2 tradelines with 12 months of history in the last 24 months showing on the credit report to make a credit score of 640 or higher reliable. If the credit score is reliable and the applicant does not have any federal judgements or significant delinquencies, no further credit analysis is needed. In instances where the applicant may not have a reliable credit score, alternative credit sources with 12 months of history can continue to be used.  These sources include: rent, utilities, cell phone, car insurance, childcare, etc.

The standard square footage limit has increased to 2,000 square feet. The standard square footage limitation is based on the gross living area that is above grade. An attached garage and basement (including a basement that is partially above grade or is a walk-out) should not be included in the calculation. A modest home exception request can be made for any homes with more than 2,000 square feet of living area.

For more information visit:

http://www.keystonere.com/

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https://www.facebook.com/Key-Stone-Real-Estate-283881865010545/