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Blog posted On September 20, 2018

CMG Financial

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
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

 

Please refer to the product guidelines for complete details.