Are you interested in buying your first home, but not sure if you qualify?
The Royal Flex mortgage program now offered by Lake Area Mortgage has less restrictive credit eligibility requirements and allows borrowers to apply using an Individual Taxpayer Identification Number (ITIN) rather than a Social Security Number.
Royal Flex product highlights:
Royal Flex is a 10/6 adjustable-rate mortgage (ARM) option that may be used for primary residences only. Just like other ARM options at Lake Area Mortgage, Royal Flex locks the loan rate for 10 years. Following the initial 10-year period, the rate may adjust once per year for the remaining loan term
- Minimum 10% down
- ITIN allowed
- Minimum Credit Score: 620, alternative credit verification is allowed if no score is available
- Mortgage Insurance: Not Required
- Unsourced down payment is okay
- Occupancy Type: Owner-Occupied Primary Residence Only
- Property Type: Single Family Residence, Townhome, Condo, 2-4 Units
Questions?
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This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Lake Area Mortgageā¢ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781.
