Centennial Bank Dream Loan

Centennial Bank is excited to offer the Dream Loan program to borrowers who would not otherwise qualify for more traditional mortgage loan products such as FHA, VA, USDA/RD, Conventional Programs or Down Payment Assistance.

BASIC LOAN FEATURES

• Fully amortized fixed rate mortgage

• No Down-payment required - 100%LTV

• No Reserves required

• Home Warranty or 2-10 Home Warranty required on all loans

• Seller may pay ALL reasonable and customary closing costs & pre-paids if applicable

• Escrows required on all loans

• Mortgage Insurance is NOT required

• Property and/or borrowers must meet additional criteria based on subject property’s Area Median Income

• Loan amount subject to FHA maximum guidelines

• Purchase loans only

ELIGIBLE BORROWERS

• All Borrowers must occupy the property as their primary residence

• All Borrowers must complete a homebuyer education course through a HUD approved program or FHLMC home-buyer counseling list.

ELIGIBLE PROPERTIES

• 1 Unit Single Family, attached and detached properties

• PUD’s

• Condo’s (must meet FHA/FNMA guidelines)

CITIZENSHIP

• Eligible for US Citizens

• Permanent resident aliens,

• Non-permanent resident aliens with unexpired H1B Visas

• No foreign nationals

• Up to 90% loan-to-value: Possesses an Individual Tax ID Number (ITIN)

• No first-time homebuyer requirement

• Qualifying Income Limit of $137,000.00

• Can be used with DPA or ADDI

• When using with ADDI, borrowers must comply with ADDI income limits and guidelines.

• Does require Pre-Purchase Homebuyer Education Class for Conventional loans if both borrower(s) are first time home buyers

• Can be used with Mortgage Credit Certificate (MCC) for a first-time homebuyer if available

• Borrowers are allowed to own other property

• Can be use with Conventional, FHA, VA, RD. Borrower must meet program guidelines.

• Purchase Money transactions. Primary residences only.

Arkansas Dream Down Payment

• ADDI provides up to $25,000 in direct assistance to eligible buyers toward down payment, closing costs, and/or principal reduction (i.e., reducing the first mortgage to a level where the monthly payment is a ordable).

Jane Smith

NMLS #123456

Centennial

Bank

Tel 501.123.4567

Cell 501.123.1234 100 First St., Your City, FL 12345 jsmith@my100bank.com

• Second mortgage loan is forgivable at 1/60th per month over 5 year term

• No first-time homebuyer requirement

• Requires Pre-Purchase Homebuyer Education Class

• Household income must be 80% of Area Median Income or below

• Must be used with “ADFA Move-Up” Loan Program

• Cannot be used for repairs, principal reduction or to pay debt to qualify

• Second mortgage loan up to $15,000

• Can only be used with “ADFA Move-Up” Loan Program

• No first-time homebuyer requirement

• Cannot be used for repairs, principal reduction or to pay debt to qualify

• May require Pre-purchase Homebuyer Education Class

*Some restrictions and eligibility requirements apply. Credit and collateral are subject to approval. Program, rates, terms and conditions are subject to change without notice. Products are not available for all amounts; consult your mortgage loan originator for additional details. Not all buyers will qualify for the maximum assistance amount.

General Guidelines

• First Time Homebuyer Requirement: must not have owned a home in the last 3 years

• Primary residence only

• Income Requirement: 80% or less of the Area Median Household Income

• Funds Qualifications: $500 Borrower Contribution and no cash back at closing

General Program Qualifications

• 5 year Retention agreement: Must sign 5 year retention agreement

• Homebuyer Counseling Course: All borrower(s), prior to closing

• Household Income: Restricted by 80% household AMI; anyone permanently residing in home must be included in income calculation; co-borrower(s) allowed for credit purposes only

• Non-Occupant Co-borrowers: Not allowed to include income from non-occupant co-borrower(s). All occupying borrower(s) must qualify based on income limitations.