RBC Bank Affordable Housing Program
• Target is Low to Moderate income borrowers, or borrowers located in Low to Moderate Income census tracts.
• 30 Year Fixed Rate
• 100% Financing***************
o Credit Score>660: Max LTV=100%
o Credit Score 620-660: Max LTV=97%
• NO MORTGAGE INSURANCE*****************
• Only 2 Months Reserves Required****************
• Manufactured Housing allowed with an LTV reduction of 5%
o Must be on permanent foundation according to appraisal report
• Borrower must qualify based on income. APPLICANT(s) income must fall below:
o Mobile County: $39,600
o Baldwin County: $46,560
• Eligible Property Types: Owner Occupied
o Single Family Dwelling
o Condominiums (Low Rise and High Rise)
o Townhomes
o Planned Unit Developments
o Manufactured Housing (LTV reduction of 5%)
• Seller Concession up to 3% of Sales Price
• No Minimum Borrower Contribution
o Funds for down payment and closing costs can come from gift, grant, or unsecured loan from family, employer, government, or nonprofit agency.
• Standard Appraisal (Non FHA)
RBC Bank
Professional Program
• Professionals are defined as: Medical Residents/Doctors, Dentists, Lawyers, Architects, Veterinarians, Certified Financial Planners (CFPs), CPAs and Engineers.
• 100% Financing
• Max Loan Amount: $500,000
• NO MORTGAGE INSURANCE*************
• NO RESERVE REQUIREMENTS**************
• Owner Occupied and Second Home Purchases
• Eligible Property Types
o Single Family Dwellings
o Condominiums (Warrantable)
o Properties with 15 Acres or less-Subject to supporting comps on similar acreage
o Planned Unit Developments
• Credit Scores
o Min. of 680 to extend to 100% financing
o 660-679: Max 95% LTV
• 3/1, 5/1, and 7/1 ARM Programs with 30 Year Amortization Term
• Funds to Close
o Seller Concessions Allowed
o Gift Funds Allowed
• Standard Appraisal (Non FHA)
RBC Bank
Private Banking Program
• Applicant must be an existing Private Banking Client. Prospective borrowers must become a Private Banking Client to qualify for this mortgage. Requires appointment with Private Banking Account Manager.
o $500,000 in Investable Assets
o $200,000 in Annual Income
• 100% Financing
• Max Loan Amount: $1,000,000
o May increase on an exception basis
• NO MORTGAGE INSURANCE**************
• NO RESERVE REQUIREMENTS**************
• Owner Occupied and Second Homes Allowed
• 3/1, 5/1, and 7/1 ARMs with 30 Year Amortization Term
o Interest Only Option Available on 5/1 Arm
• Eligible Property Types
o Single Family Dwellings
o Condominiums (Warrantable)
o Properties with 25 Acres or Less-Subject to supporting comps on similar acreage
o Planned Unit Developments
• Credit Scores
o Min. of 680 to extend to 100% Financing
o 660-679: Max LTV is 95%
• Funds to Close
o Seller Concessions Allowed
o Gift Funds Allowed
• Standard Appraisal (Non FHA)
Product Comparison
RBC’s AHP, FHA, and USDA
Characteristics RBC’s AHP Rural Housing FHA
Max LTV 100% 100% 96.5%
Credit Score Requirements -Min. of 660 for 100% LTV
-620-660 for 95% LTV No Minimum Minimum of 620
Mortgage Insurance Not Required Not Required -Upfront MI premium, and
-Monthly MI Payment
Income Restrictions Mobile Co. $39,600
Baldwin Co. $46,560
-Applicant(s) Only Mobile Co. $73,600
Baldwin Co. $73,600
-Household Income None
Appraisal Requirements Standard Appraisal FHA Appraisal
-More Stringent FHA Appraisal
-More Stringent
Manufactured Housing Allowed
-Max LTV is 95% New Units Only Not Allowed
Geographic Restrictions None Yes
None
Average Closing Time
-Subject to Certain Limitations
-Foreclosure?, Appraisal/Repairs required for USDA and FHA, etc. 25 Days 60 Days 35 Days
Qualifying Debt Ratio 43%, 45% if Housing Payment shock less than 25%
-May go higher on an exception basis 41% 45%
Reserve Requirements 2 Months None Required None Required
Ian Kennedy
Mortgage Loan Officer
251-622-7661
Ian.kennedy@rbc.com