Exclusively through Radian
The Nehemiah® Conventional Loan
The Nehemiah® Conventional Loan is a unique mortgage loan product designed to provide a bridge to homeownership for individuals and families previously excluded from the homebuying process. It's ideal for homebuyers who have good jobs, sufficient income and adequate credit to qualify for a mortgage loan, but who lack the liquid assets necessary to complete a real estate transaction.
Highlights
• 97% LTV conventional first mortgage combined with a second mortgage of up to 5% LTV
• 102% CLTV
• Available for both new construction and existing homes
• No income limitations or restrictions
• 1% downpayment
• 3% Builder/Seller concession towards closing costs and prepaids
• Loan amounts up to $275,000 first lien or $289,175 combined first and second
• Available for single-family detached, condominiums, and PUDs
Participating lenders will originate, underwrite and close mortgage loans in the traditional manner and then deliver these loans, servicing released to the Master Servicer, First Nationwide Mortgage Corporation (FNMC).
The Nehemiah® Conventional Loan is available to all lenders* who meet the following criteria:
• Correspondent lender with FNMC - approved, and in good standing
• Have executed a Subordinate Lien Loan Addendum with FNMC
• Radian Guaranty Inc. Master Policy holder in good standing
• Have an Executed Product Licensing Agreement with Nehemiah Corporation of California, a California nonprofit public benefit corporation
Housing / Real Estate, Financial & Insurance Consultants
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