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FHA (Federal Housing Administration)

Not all FHA Loans are Created Equally.

A government loan is an FHA  USDA Nearly all FHA lenders require a minimum 600 middle credit score, this program does not. This program does not have a Tradeline (credit report accounts) overlay or Debt-to-Income (DTI) overlay and does require Form 4506-T (IRS Transcripts) for W-2 Wage Earners. Cash Out OK to 85% Loan-to-Value (LTV)

  • Credit Scores:
    • Minimum credit scores
      • 500 with Automated Approval - 1 Credit Score OK for Primary Borrower
      • 560 with Manual Underwrite - 1 Credit Score OK for Primary Borrower
  • Property Types:
    • Single Family Residence (SFR)
    • Manufactured Homes OK
    • Non-traditional credit (Rent, Utility Bills, etc) for Streamline Refinance OK
  • Gift funds allowed
  • Escrow holdback OK
    • Down payment
    • Closing cost
  • HUD REO OK
  • Manual underwrites & Blended RatiosOK

 

Conventional

  • Fannie Mae Home Ready
  • Freddie Mac Home Possible
  • Fannie Mae DU Refi Plus
  • Freddie Mac Relief Refinance
  • Open access.
  • Escrow holdback allowed

Jumbo

  • $2,500,000 Maximum Loan Amount
  • 700 Credit Score Required
  • Terms:
    • 30 Fixed Rate, Fully Amortized
    • ARM's
    • 5/1 ARM, Fully Amortized
    • 7/1 ARM, Fully Amortized
    • 3/1 ARM, Fully Amortized
  • Maximum LTV - 80%

VA

  • Cash out to 100%
  • Manufactured Homes OK
  • Credit:
    • 500 Minimum credit score with Automated Approval
    • 560 Minimum credit score with Manual Underwrite Approval
    • Foreclosures - 2 Years Seasoned
    • Short Sales - 2 Years Seasoned
    • Bankruptcy - 2 Years Seasoned

Non-Agency

  • Credit:
    • 560 Minimum Credit Score
    • Foreclosures - 1 Year Seasoned
    • Short Sales - 1 Year Seasoned
    • Bankruptcy - 1 Year Seasoned
    • Loan Modification - 1 Year Seasoned
  • Alternative income documentation OK
  • Terms:
    • 30 Fixed Rate, Fully Amortized -10 year Interest-Only Available
    • ARM's
      • 5/1 ARM, Fully Amortized
      • 7/1 ARM, Fully Amortized
      • 3/1 ARM, Fully Amortized
  • Cash Out:
    • Owner Occupied
    • Second home
    • Non-Owner Occupied / Investment property

Mortgage Pre Qualification Form - Credit Check Not Required

USDA.

  • Minimum Credit Score 580
  • 100% Maximum LTV
  • Manual Underwrites Available
  • No Maximum Loan Amount
  • USDA Streamlined Streamlined - assist
  • Cash Out Available
  • Manufactured Homes OK

Mortgage Pre Qualification Form - Credit Check Not Required

 

We are not in any way affiliated with FHA, VA, Fannie Mae, Freddie Mac, etc. However, If you need help with your down payment, here is a link to the official HUD (Housing of Urban Development) website for a list of downpayment assistance programs for each and all states