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Underwriting

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Conventional Conforming (Fannie Mae and Freddie Mac)

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed10/1 ARM7/1 ARM5/1 ARM


Programs

HomeReady (Fannie Mae) and HomePossible (Freddie Mac) as low as 3% down with reduced MI. Income restrictions apply.

Owner occupied 1-4 unit — Maximum LTV 95-97% to $647,200 (conforming loan limit) and up to $970,800 in high cost areas. As low as 3% down for First Time Homebuyers.

Second home 1 unit — Maximum LTV 90%

Investment property — Maximum LTV 85% (1 unit) / 75% (2-4 units); Maximum number of financed properties is 10

Student loan cash-out allows payoff of student loan debt


Features

LPMI (lender paid mortgage insurance)BPMI (borrower paid)Financed MISplit MIRenovation programs availabletemporarily unavailableBorrowers with no credit score allowed with AUS approval2/1 temporary buydown.Locks up to 12 months for new construction – Additional restrictions may apply.


Underwriting

Automated Underwriting with DU (Fannie Mae Desktop Underwriter) or LPA (Freddie Mac Loan Product Advisor)

Manual Underwriting available

Minimum credit score 620, Maximum debt-to-income ratio 45-50% (follow AUS)

FHA (government insured loan program)

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed


Programs

Owner occupied 1-4 unit — Maximum 96.5% LTV up to $420,800

High balance up to $970,800 (varies by county)

Streamline refinances — no appraisal, no credit docs


Features

Flexible underwriting,Higher debt-to-income ratios possible (no maximum DTI with AUS approval)Gov insurance requires upfront FHA MIP (mortgage insurance) financed in loan + monthly MI premium in payment2/1 temporary buydownLocks up to 12 months for new construction – additional restrictions may apply


Underwriting

Automated Underwriting with DU (Fannie Mae Desktop Underwriter) or LPA (Freddie Mac Loan Product Advisor)

Manual Underwriting available

Minimum credit score 580. No credit scored also allowed

VA (guaranteed by government; entitlement for our nation’s active duty military and veterans)

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed


Programs

Owner occupied — Maximum LTV 100%

High balance up to $1.5m loan amount

IRRRL refi — follow VA / Ginnie Mae guidelines for seasoning)

Cashout refi – up to 100% LTV (additional restrictions may apply)


Features

Flexible underwriting, Higher debt-to-income ratios possible (no maximum DTI with AUS approval)Requires an upfront VA Funding Fee that is financed in the total loan amount. Borrowers with service related disabilities may be exempt from funding feeDisabled veterans with qualifying state property tax exemption can be accounted for in the impounds/escrows2/1 temporary buydownLocks up to 12 months for new construction – additional restrictions may apply


Underwriting

Automated Underwriting with DU (Fannie Mae Desktop Underwriter) or LPA (Freddie Mac Loan Product Advisor)

Manual Underwriting available

Minimum credit score 580. No credit scored also allowed

USDA (Rural Housing Program — subject to USDA property location and income limit eligibility)

Terms

30 year fixed


Programs

Owner occupied

Streamlined Refi


Features

Income eligibility counts other household members, not just buyer/borrower.Requires an upfront USDA Funding Fee that is financed in the total loan amount + monthly mortgage insuranceBorrowers with no credit score2/1 temporary buydownLocks up to 12 months for new construction – additional restrictions may apply


Underwriting

Automated Underwriting with GUS (USDA system)

Lender can run GUS (GUS can now be run by the broker)

Manual Underwriting available when necessary

Minimum Credit Score 620

Jumbo / Non-conforming

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed10/1 ARM7/1 ARM5/1 ARM


Programs

Owner occupied — Maximum LTV 90% to (Max loan $1,000,000, minimum credit score 720)

Maximum Loan Amount of $3,000,000 (subject to different LTV)


Features

Full documentation underwriting (2 years income, full asset verification, etc.)Maximum debt-to-income ratio 43% (must meet QM rules)


Underwriting

Manual Underwriting

Minimum credit score 680 (higher LTV may require a higher score)

Hybrid AUS

Non-QM / Non-conforming

Terms

30 year fixed5/1 ARMInterest Only options may be available


Programs

Owner occupied 1-4 units, up to 90% LTV, up to $3m loan amount

Second Home 1 unit, up to 80% LTV, up to $3m loan amount

Investment property 1-4 units, up to 80% LTV, up to $3m loan amount


Features

12 or 24 month bank statements as income for Self-Employed borrowers (Personal or Business statements allowed)Non warrantable condos allowed – additional restrictions may applyBK and FC seasoning as low as 1 day discharged – Loan amount and LTV restrictions may applyMortgage lates 1x120x12Asset depletion as incomeDSCR (Debt Service Coverage Ratio) – investment only, min 0.75% DSCR calculation (gross rent / PITIA)


Underwriting

Manual Underwrite only

Minimum credit score 640

DTI up to 50%

Buydowns

Terms

15 and 30 year fixed only


Programs

Owner occupied 1-4 units

Second Home 1 unit

Max LTV – Per Agency Guidelines


Features

3/2/1 Temporary Buydown Rate reduction of 3% the first year, 2% reduction the second year, and 1% reduction the third year. Goes to permanent rate in year 4. 3/2/1 option not permitted for USDA transactions.2/1 Temporary Buydown Rate reduction of 2% the first year and rate reduction of 1% the second year. Goes to permanent rate in year 3.1/1 Temporary Buydown Rate reduction of 1% in both the first year and second year. Goes to permanent rate in year 3.1/0 Temporary Buydown Rate reduction of 1% the first year only. Goes to permanent rate in year 2.

The buydown fee MUST be included in the max IPC (Interested Party Conributions) limits as set by each program, along with any other seller credits.

Conventional
  – 90% LTV/CLTV – max 3% IPC
  – 75.01-90% LTV/CLTV – max 6% IPC
  – 75% or less LTV/CLTV – max 9% IPC

FHA – max 6% IPCVA – max 4% IPCUSDA – max 6% IPC


Underwriting

AUS approval

Minimum credit score 620

Qualifying Ratios Follow Agency guidelines for most investors.


3-2-1 Buydown Mortgage Calculator

 
 
 
The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. The values and figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. This calculator does not have the ability to pre-qualify you for any mortgage or loan program. Qualification for mortgages or loans requires additional information such as credit scores and existing debts which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. All information such as interest rates, taxes, insurance, monthly mortgage payments, etc. are estimates and should be used for comparison only. Ark-La-Tex Financial Services, LLC – NMLS#2143 does not guarantee any of the information obtained by any calculator.

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