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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) with reduced MI / First time homebuyer — as low as 3% down

Owner occupied 1-4 unit — Maximum LTV 95% to $453,100 (conforming loan limit) and up to $679,650 in high cost areas

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

Doctors loans up to 95% which can exclude student loan debt

Combo 1st/2nd lien up to 95% CLTV

Student loan cash-out allows payoff of student loan debt


Features

LPMI (lender paid mortgage insurance)BPMI (borrower paid)Financed MISplit MIRenovation programs availableBorrowers with no credit score allowed with AUS approval


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 LTV 96.5% to county loan limit ($294,515 – $386,400; varies by county)

High balance program

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 payment


Underwriting

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

Manual Underwriting available

Minimum credit score 550

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% to $453,100, but can go higher with veteran equity contribution (25% guarantee)

High balance program

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


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/escrows


Underwriting

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

Manual Underwriting available

Minimum credit score 550

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

Terms

30 year fixed


Programs

Owner occupied — Maximum LTV 100% to $453,100 (but subject to income eligibility)

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 score


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)

Non-QM / Non-conforming

Terms

30 year fixed25 year fixed20 year fixed15 year fixed10 year fixed10/1 ARM7/1 ARM5/1 ARMInterest Only available on Fixed & 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.)Alternative documentation asset depletion, lower credit score maximum, or other non-QM feature)higher debt-to-income ratios (47% ARM and 49.99% FIXED; 38% LTV > 80%)


Underwriting

Manual Underwriting

Minimum credit score 661 (lower loan amount maximum for lower credit score)