Home » Products

Eleven Mortgage Wholesale Products

Click the product category button below for product details.

Legend

Terms

Terms for loan types are designated by the clock icon.

Products

Products for loan types are designated by the bookmark icon.

Features

Features for loan types are designated by the clipboard icon.

Underwriting

Underwriting for loan types are designated by the arrow icon.

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%