Conforming Loan Programs
Conventional Loans (FNMA)
•5% Down Payment, 3% down payment for FTHB.
•Direct Servicer for FNMA/FHLMC.
•Min. credit report of 620
•Gift funds and seller concession allowed.
•Premium Mortgage Insurance required over 80% LTV
Conventional Loans (Freddie Mac) - For Self-Employed Borrowers
•Bwr who has an ownership interest of 25% or more in a business and must be self-employed in the same business for at least five years
•Bwr has a two-year history of receipt of income at the same or greater level in the same or similar occupation.
•Analysis of current business activity through a review of the year-to date (YTD) financial statement.
•Bwr's federal income tax returns must reflect at least one year of self-employment income.
Conventional HomeReady (FNMA)
•Bwr is not required to be FTHB.
•Max. LTV 97% for Fixed-Rate and 95% for ARM-Rate (1Unit)
•Min. credit score of 660.
•Flexible source of funds can be used for the down payment and closing costs with no min. contribution required from the bwr’s own funds.
•Total annual qualifying income limit is 80% of area media income.
•DU and Income Eligibility Lookup Tool allows property and income eligibility.
Conventional HomePossible (Freddie Mac)
•Primary residence only
•Max. LTV 97% for Fixed-Rate and 95% for ARM-Rate (1Unit)
•Min. credit score of 660.
•No min, contribution is required from bwr personal funds on purchase transactions regardless LTV.
•Total annual qualifying income limit is 80% of area media income.
•LP and map-based HomePossible Tool allows property and income eligibility.
Piggyback Loans
•Conventional First Lien and Heloc as a second lien.
•HELOC Primary 1 Unit Max CLTV 95% with Credit Score 680+
•Second Home: Max CLTV 90%.
•Reserves: 6-36 mos dependent upon occupancy, LTV, loan amt. Additional Financed REO additional 6 mos/property.
Jumbo Loans
•Primary 1 Unit Max. LTV 89.99% with Min. credit score 740.
•Available terms 20,25,30 Yr Fixed.
•Reserves: 6-36 mos dependent upon occupancy, LTV, loan amt and FTHB status. Additional Financed REO additional 6 mos/property.
•Business funds for down payment permitted.