LOAN PROGRAMS
CONVENTIONAL
GOVERNMENT
NON-QM
PRIME JUMBO
DSCR
FOREIGN NATIONAL
CONVENTIONAL
- – Loan amounts up to $647,200
- – A conventional loan can be used to finance a property in a high-cost area
- – 15-, 20-, 25- & 30-year fixed rate
- – Down payments as low as 3% depending on loan amount
- – Loan amounts up to $970,800 in high-cost areas for a single unit
- – Eligible for primary and secondary homes
- – More competitive rates and easier guidelines
- – Faster turn times
- – Down payments as low as 3%
- – FICO 620
- – Low income
- – First-time or repeat home buyers
- – Homeowner education helps to understand and manage the long-term financial commitments of homeownership
- – Designed for lower-income families
- – Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- – Lowers interest rate by 0.5% and monthly payment by at least $50
- – FICO 620
- – Up to 97% LTV
- – Income at or below 80% of the area median income (AMI)
- – Maximum DTI 65%
- – Borrower will receive $500 credit at closing if they have an existing appraisal
- – Roll up to $5000 in closing costs for those with limited cash to close. Cash-out limited to $250
- – Reduced documentation requirements
- – Fixed-rate financing for easier budgeting
- – Homebuyer education is required for first-time buyers
- – Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- – Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5,000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements
GOVERNMENT
- – Financing up to 96.5%
- – DTI up to 55%
- – No appraisal is needed to apply for the streamline refinance FHA program
- – Up to 6% of closing costs can be contributed by the seller
- – Loan amounts up to $765,000 depending on home location
- – Available on primary residence and second/vacation homes
- – Condo financing available
- – No appraisal and no income documentation are required
- – You must have made at least six payments on your FHA mortgage
- – To qualify, you’re required to be current on your monthly loan payments
NON-QM
- – FICO 600
- – 85% CLTV
- – Loan amounts up to $3 million
- – Max cash-on-hand $1 million, no limit for LTV < 55%
- – DTI up to 55%
- – 30 & 40 Year Fixed, 5/6 ARM & 7/6 ARM
- – Traditional income
- – 2-year credit event allowed
- – Super Prime & Prime Programs
- – Condo up to 85% CLTV
- – Condotels up to 70% CLTV
- – NY up to 85% CLTV
- – FICO 600
- – Up to 85% CLTV
- – Loan amounts up to $3 million
- – Max cash-on-hand $1 million, no limit for CLTV < 55%
- – 30 & 40 Year Fixed, 5/6 & 7/6 ARM
- – 3 months reserves
- – 12 months from bankruptcy or foreclosure
- – Mortgage history 0 x 60 x 12
- – Condos up to 85% CLTV
- – Combination of business and personal bank statements allowed
- – Condo and condotels allowed
- – FICO 600
- – Up to 80% CLTV
- – Cash Out up to 75% LTV
- – Savings and checking 100%
- – Securities at 100%
- – Retirement at 70%
- – Income calculation – all eligible assets divided by 60
- – Super Prime & Prime programs
- – FICO 620
- – Up to 80% CLTV
- – Loan amounts up to $2.5 million
- – Max cash-on-hand $1 million, no limit for CLTV <55%
- – 40- & 30-year fixed, 5/6 ARM, &7/6 ARM terms
- – No income or employment verification
- – DSCR as low as 0
- – Eligible for Non-Permanent Residents and Foreign Nationals (under Foreign National DSCR Program)
- – Ownership of any property within the past 24 months
- – Condotels allowed
- – FICO 660
- – Up to 85% CLTV
- – Bank statements allowed
- – No score or FICO 620
- – Up to 70% CLTV
- – Loan amounts up to $2 million
- – Cash-out allowed
- – DSCR as low as 0
- – CPA Letter for last 2 years & year-to-date
- – One bank reference letter
- – Overseas assets allowed as reserves
- – Gift funds allowed
- – FICO 600
- – Up to 85% CLTV on 2Y and up to 80% CLTV on 1Y
- – Max DTI 55%
- – Loan amounts up to $3 million
- – Max cash-on-hand $1 million, no limit CLTV < 55%
- – P&L by Licensed CPA, Enrolled Tax Agent, or Licensed Tax Preparer
- – No bank statement required
- – Super Prime & Prime programs
- – FICO 580
- – 70% CLTV
- – Interest Only
- – No Income on 1003
- – Foreign National allowed
- – Refer to guidelines and matrix for prepayment penalty
- – Fast closing
- – No asset seasoning
- – Eligible for Non-Permanent Residents
- – FICO 599
- – Up to 80% CLTV for WVOE
- – Up to 85% CLTV for 1099
- – Loan amounts up to $3 million
- – DTI 55% Max
- – Cash out available
- – Completed FNMA Form 1005 for 2-year history with the same employer
PRIME JUMBO
- – FICO 660
- – Up to 80.00% HCLTV
- – 15-Year & 30-Year fixed up to $3 million
- – Cash out up to 80% HCLTV
- – Manual UW for over $2 million
- – DU Approve/Ineligible
- – No mortgage Insurance is required
- – Primary, second home, and investment properties are allowed
- – Purchase, refinance, and cash-out refinance
- – Delayed financing is available up to 180 days
- – No overlays or reserves, credit, and tradelines – per DU
- – Income as per DU
DSCR
- – FICO 620
- – Up to 80% CLTV
- – Loan amounts up to $2.5 million
- – Max cash-on-hand $1 million, no limit for CLTV <55%
- – 40- & 30-year fixed, 5/6 ARM, &7/6 ARM terms
- – No income or employment verification
- – DSCR as low as 0
- – Eligible for Non-Permanent Residents and Foreign Nationals (under Foreign National DSCR Program)
- – Ownership of any property within the past 24 months
- – Condotels allowed
FOREIGN NATIONAL
- – No score or FICO 620
- – Up to 70% CLTV
- – Loan amounts up to $2 million
- – Cash-out allowed
- – DSCR as low as 0
- – CPA Letter for last 2 years & year-to-date
- – One bank reference letter
- – Overseas assets allowed as reserves
- – Gift funds allowed
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