11 Mortgage

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

Renovation (Fannie Mae Homestyle) to 97% LTV

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)

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

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

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

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)