I have a great condo listing across the street from Cactus and Tropicals. Gorgeous remodel and terrific location. Only problem is that it isn't FHA approved. So whoever buys it would have to put 20% down with a conventional loan or pay cash. This narrows the scope of buyers without FHA approval for the project and requires a lot of money down for this listing.  Fortunately in searching for an FHA alternative loan program I struck gold. The challenge was huge, to find an alternative NON-subprime mortgage for this condo.  But I think this is something everyone would be interested in knowing so I am posting the guidelines below.  Keep in mind that ONLY Key Bank offers this program and the loan officer mentioned below is the ONLY one that can help with this program.

What is Key Bank’s Key Community Mortgage?

• 100 Percent Financing                                                           
•  (Although we do not know every lender’s portfolio of loans, this could very well be the ONLY 0 Down Program in the market.)     

• $500 down
• No Origination Fees

(No origination fees are charged at KeyBank on any product if checking opened)

• No Mortgage Insurance with minimal rate adjustment

             (Rates are typically 1/4 percent higher)

• No credit scoring or automated underwriting approval necessary [Rental History and three tradelines (traditional or nontraditional are acceptable) of 24 months; 620 score required if scores generate; will allow “no-score files;” Some history of collections is acceptable, but Key Community is not a subprime loan]

• Targeted areas have no income or price limits                            
• (Non-targeted areas are restricted to 80% of median county income and $225,000)

To learn more about this program call

Kyle Roberts Mortgage Advisor at 801-512-6619.

*Subject to credit approval. Income, collateral and other restrictions may apply.