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Mortgage Loan Types

Conforming

Loans

FHA (Government) – Purchase or Refinance

  • Up to 96.50% LTV purchase> Down payment: 3.50%
  • Rate & term and cash out refinance> 1 to 4 units, townhouses, villas, approved Condos
  • Credit scores as low as 620 > Up to 55% DTI/No pre-pay penalty
  • Loan Amount $356,600 + MIP > No Reserves except for 3 & 4 units
  • Seasoning for FC, BK, SS, DIL > Gift funds & Seller’s concession allowed for closing
  • Loan term – fixed and adjustable  

VA (Government) – Purchase or Refinance

  • No down payment – 100% LTV     > Down payment: -0-
  • Rate & term and cash out refinance > 1 to 4 units, townhouses, villas, approved Condos
  • Credit scores as low as 620              > Up to 55% DTI/No prepay penalty
  • Loan amount $484,350   > No reserves except for 3 & 4 units
  • Seasoning for FC, BK, SS, DIL   > No MI
  • Assumable by another Veteran       > Gift funds & Seller’s concession allowed to 100% closing cost
  • Loan term – fixed & adjustable

Conventional (Fannie Mae & Freddie Mac) – Purchase or Refinance

  • Up to 95% LTV primary home       > 75% LTV investment property
  • Rate & term and cash out refinance > 1 to 4 units, townhouses, villas, approved condos
  • Credit score as low as 620                  > No MI if down payment 20% or more
  • Loan Amount $484,350         > Up to 50% DTI with 700 score; 45% DTI if score less than 700
  • Seasoning for FC, BK, SS, DIL > 2 months reserve at time of closing
  • Loan term – fixed & adjustable > Gift funds & Seller concession to closing allowed

Conventional – HomeReady/Home Possible (First Time Homebuyer)

  • Up to 97% LTV primary home         > Down payment: 3.0%
  • Credit score 680 preferred         > 1 to 4 units, townhouses, villas, approved condos
  • Loan Amount $484,350         > Up to 50% DTI with 700 score; 45% DTI if score less than 700
  • Seasoning for FC, BK, SS, DIL    > No reserve required
  • Boarder & rental income OK                        > Grant & down payment assistance allowed
  • Loan term – fixed & adjustable      > Gift funds & Seller concession to closing allowed
Non-Prime
Loans

Recent Housing Event

       > Up to 80% LTV       > Non-warrantable condos O

       > Credit scores as low as 580       > Single family, 2-4 units, townhouses

> Loan amount up to $1 million                                   > 50% DTI / pre-pay penalty may apply

> No seasoning for FC, BK, SS, DIL                                         > 6 months reserves

> 2 current years tax returns, YTD paystubs

Portfolio Select

  • Up to 85% LTV No MI         > Loan term fixed or adjustable
  • Minimum credit score – 640                                             > 1-4 units, townhouses, Non-warrantable condos
  • Loan amount up to $3 million                                           > 50% DTI / pre-pay penalty may apply
  • 2 years seasoning FC, BK, SS, DIL                                      > 6 months reserve
  • 2 current years tax returns, YTD paystubs

Bank Statement

  • Up to 85% LTV No MI           > Loan term – fixed or adjustable
  • Minimum credit score – 640                                               > 1-4 units, townhouses, Non-warrantable condos
  • Loan amount up to $3 million (min $150,000)                > 50% DTI / pre-pay penalty may apply
  • No tax returns required                                                       > 2 years seasoning FC, BK, SS, DIL
  • 12 months personal bank statements deposits             > 6 months reserve
  • 24 months business bank statements deposits

Investor Cash Flow

  • Up to 80% LTV & IO Available             > Loan amount up to $1 million
  • Minimum credit score – 660                                                 > Non-warrantable condos OK
  • No personal income used to qualify                                    > Single family, 2-4 units, townhouses
  • Qualification based on property cash flow               > 6 months reserve
  • No limit on number of properties               > Close in an LLC / prepayment penalty may apply

Foreign National

  • No score / non-US credit accepted               > Loan amount up to $750,000
  • Up to 75% LTV / 12 months reserve                                     > Wages – 2 year tax returns, W-2 & YTD paystubs
  • 50% DTI / pre – pay penalty may apply > SE – 2 years tax returns self & Co or CPA Letter
  • Single family, 2-4 units, townhouses    certifying income for recent 2 years & YTD
  • Non-warrantable condos OK

Jumbo Program

  • Up to 95% LTV/CLTV no MI                                           > Interest-only available
  • Credit scores starting at 500                                         > 40/50% DTI
  • Loan amount to $3.0M                                                   > Full doc & bank statements available
  • No seasoning for FC, BK, SS or DIL                                > Option to qualify with assets instead of income
  • Owner Occupied, 2nd home & investment                 > 1 year tax return program available
  • Non-warrantable condos OK                                         > Gift funds allowed
Other Loan
Types

Jumbo Prime

  • 80% LTV to $2.0M, 65% to $2.5M primary                    > 1-2 unit primary, 1 unit 2nd home & investment
  • 75% LTV to $2.0M 2 unit primary                                    > Fannie Mae approved condo only
  • 75% LTV to $1.0M, 70% to $2M 2nd home                    > Self-employed may use business assets
  • 60% to $1.0M investment                                               > Reserves required
  • Credit scores 700 minimum                       > 43% DTI primary; 40% 2nd home; 38% investment
  • Loan amount max $2.5M as above                                  > Gift funds primary home only on max loan to $1.0M
  • 7 years seasoning FC, BK, SS, DIL                         > Loan term – fixed & adjustable
  • 2 years personal & business tax returns & current paystubs if applies

Foreign National

  • 70% LTV to $1.0M, 65% to $1.5M         > 1 unit 2nd home, 1-4 unit investment
  • Credit scores 620 or Foreign credit*                              > 43% DTI except 36% if current property is free & clear
  • Loan amount max $1.5M as above                       > 12 months reserve
  • Salaried – 2 years tax returns & w-2                              > 3 months foreign & US bank statements, all pages

              + YTD paystubs                                                                     seasoned 60 days in foreign bank, 30 days in US bank

  • Self-employed – 2 years personal & business              > *Credit report: US report or International report ordered

              tax returns or CPA letter verifying past 2 years              manually from Equifax or 3 credit reference letters from

              & YTD income                                                                        Financial Institutions in Borrower’s country of origin with                               

  • 2 years seasoning FC, BK, SS, DIL                                      24 month’s history for each
  • Foreign national w/o SSN or ITIN                                    > Loan term – fixed & adjustable

Hard Money 

  • Loan amount $250K – $10 million           > Residential, Condo & Commercial
  • Up to 70% LTV           > No tax returns or paystubs
  • Close in an LLC           > Loan term – 2 years

Commercial/Investor

  • Loan amount $250K – $5 million             > 5 + units residential
  • Full doc & stated income             > Apartment Buildings (Low & high-rise)

         >    Loan term – Fixed & adjustable             > Strip mall / office building

         >    Close – Personal, LLC or Corporation             > Church & Worship Center

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Things to keep in mind

The material on this web site covers a variety of subjects on residential and commercial real estate mortgages and is for informational purposes only. Consequently, the information provided is limited, does not contain all of the applicable terms, conditions, limitations, and exclusions of the products and services described herein and may change without notice. For this reason, please contact our Sr. Mortgage Loan Originator, Carlton Ferguson at (954) 338-8769 for any unanswered questions or other concerns you might have regarding the information included on this website.