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Blog posted On September 20, 2018
CONVENTIONAL
- 620 FICO, 97% LTV (DU Only)
- Non-occupying co-borrower income allowed (DU & LP)
- Manufactured Homes
- Transferred Appraisals
- TBD approvals
- Texas Cash-Out
- NY CEMAs
- Leaseholds
HOMEREADY
- 620 FICO, 97% LTV
- Standard & high balance loan amounts
- Occupying borrower may have ownership in another property
- Reduced MI coverage
- No income limits in low income census tract
- Boarder income allowed
- Non-occupant co-borrower allowed
- Homebuyer education required
HOME POSSIBLE
- 620 FICO, 97% LTV
- Standard loan amounts only
- Occupying borrower may not have any ownership in another property
- Reduced MI coverage
- LP determines income eligibility
- No reserves or minimum borrower contribution on 1-unit property
VA
- Purchase, IRRRL & Cash-Out Refinances
- 600 FICO with AUS Approval
- 1-4 Units
- Manufactured homes with 660 FICO
- Leaseholds
- 1 Credit score is acceptable with AUS approval
- 600 FICO for true cash in hand
- Manual underwrites per VA requirements
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FHA
- Purchase, Streamline, Rate/Term, Simple & Cash-Out Refinances
- 600 FICO with AUS approval
- 1-4 Units
- Manufactured homes with 660 FICO
- Leaseholds
- Standard and high balance loan amounts
- 1 Credit score is acceptable with AUS Approval
- Good Neighbor Next Door & HUD $100 down program
- Manual underwrites per HUD requirements
USDA
- 640 FICO
- GUS approval only
JUMBO
- 8 Jumbo products available
- 660 FICO
- $5.0 million max loan amount
- 15, 20 & 30 year fixed rate, 5/1, 7/1 & 10/1 ARM (ARM interest only options available, geographic restrictions apply)
- 90% LTV with no MI
- All occupancies
- First time homebuyer and non-occupant co-borrowers allowed
- Financing available for Non-warrantable Condos and Condotels
ALL IN ONE
- Interest only first lien home equity line of credit
- 700 FICO
- Primary and Second Home
- Purchase, Rate/Term & Cash-Out
- 80% LTV
- Loan amounts to $2.0 million
- Geographic restrictions, See product guidelines for complete details
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Please refer to the product guidelines for complete details.