C.H.I.P. Community Homeownership Incentive Program 100% NO PMI
Great Loan for getting started "First Time Home Buyers or Seasoned Veteran Home Owner WELCOME, check below for information on C. H. I. P.
Highlights:
100% NO PMI – NO FUNDING FEE
Minimum credit score 660
97% CHIP has no min credit score, even takes zero scores
Owner Occupied – Primary residence only
Ratios 33% housing 41% long term debt
No cap on seller paid closing cost
Buyer must have $500.00 of own money invested
Reserves required – 2 months PITI – can be gift
Currently can Not own another home, but doesn’t have to be
“first time home buyer”
Bankruptcy waiting period – 7 or 11 BK 4 yrs, 13 BK 2 yrs
This loan is income sensitive however if you buy in an underserved area the income limit is waived.
Income limit for Bradley County 100% $40,320, 97% $50,400