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More Information
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Conventional Loans
| Loan Limit |
Based on County |
| Property Types |
Single Family, 1-4 Units, Modular, Condominiums |
| Minimum Credit |
620 Fico Score |
| Loan Programs |
40, 30, 25, 20, 15, and 10 year fixed rate options and 1 year, 3/1, 5/1, 7/1 and 10/1 ARM options. Interest Only available. |
| Mortgage Insurance |
Required on loans above 80% Loan to Value |
| Maximum Loan to Value |
Purchase and Rate/Term - 95% Primary, 85% Second Home and Investment Purchase, 75% Investment rate/term refinance
Cash Out Refinance - 85% Primary, 75% Second Home and Investment
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| Income Documentation |
Full Documentation - W-2's, paystubs, Tax Returns for self employed. |
| Seller Contribution |
Primary and Second Home - 3% (90.01-95% LTV), 6% (75.01-90% LTV), 9% (0-75% LTV)
Investment - 2%
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Jumbo
| Loan Limit |
Loans above conforming limit |
| Property Types |
Single Family, 1-4 Units, Modular, Condominiums |
| Credit |
Purchase or Rate/Term Refinance - Primary Residence (660), Second Home (720), Investment Property (720) - reduced minimum scores if loan to value is 75% or less
Cash Out Refinance - Primary Residence (720), Second Home & Investment (720) - reduced minimum scores if value is 70% or less
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| Loan Programs |
30, 20 and 15 year fixed rate options and 5/1, 7/1 and 10/1 ARM option and Interest Only 30 year fixed |
| Mortgage Insurance |
Required on loans above 80% Loan to Value |
| Maximum Loan to Value |
Primary Residence - 90% Purchase and Rate/Term, 80% Cash Out
Second Home - 85% Purchase and Rate/Term, 75% Cash Out
Investment Property - 80% Purchase, 75% Rate/Term or Cash Out
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| Cash Out |
Up to $200,000 |
| Income Documentation |
Full Documentation - W-2's, paystubs, Tax Returns for self employed. |
| Maximum Debt to Income |
45% |
| Sales Concessions |
Seller can pay up to 3% for Primary Residence and Second Home, 2% for Investment Properties |
| Reserves |
2 months PITI - Primary Residence
6 months PITI - Second Home and Investment Properties
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Conventional Loans
| Loan Limit |
Based on County |
| Property Types |
Single Family, 1-4 Units, Modular, Condominiums |
| Minimum Credit |
620 Fico Score |
| Loan Programs |
40, 30, 25, 20, 15, and 10 year fixed rate options and 1 year, 3/1, 5/1, 7/1 and 10/1 ARM options. Interest Only available. |
| Mortgage Insurance |
Required on loans above 80% Loan to Value |
| Maximum Loan to Value |
Purchase and Rate/Term - 95% Primary, 85% Second Home and Investment Purchase, 75% Investment rate/term refinance
Cash Out Refinance - 85% Primary, 75% Second Home and Investment
|
| Income Documentation |
Full Documentation - W-2's, paystubs, Tax Returns for self employed. |
| Seller Contribution |
Primary and Second Home - 3% (90.01-95% LTV), 6% (75.01-90% LTV), 9% (0-75% LTV)
Investment - 2%
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|
Jumbo
| Loan Limit |
Loans above conforming limit |
| Property Types |
Single Family, 1-4 Units, Modular, Condominiums |
| Credit |
Purchase or Rate/Term Refinance - Primary Residence (660), Second Home (720), Investment Property (720) - reduced minimum scores if loan to value is 75% or less
Cash Out Refinance - Primary Residence (720), Second Home & Investment (720) - reduced minimum scores if value is 70% or less
|
| Loan Programs |
30, 20 and 15 year fixed rate options and 5/1, 7/1 and 10/1 ARM option and Interest Only 30 year fixed |
| Mortgage Insurance |
Required on loans above 80% Loan to Value |
| Maximum Loan to Value |
Primary Residence - 90% Purchase and Rate/Term, 80% Cash Out
Second Home - 85% Purchase and Rate/Term, 75% Cash Out
Investment Property - 80% Purchase, 75% Rate/Term or Cash Out
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| Cash Out |
Up to $200,000 |
| Income Documentation |
Full Documentation - W-2's, paystubs, Tax Returns for self employed. |
| Maximum Debt to Income |
45% |
| Sales Concessions |
Seller can pay up to 3% for Primary Residence and Second Home, 2% for Investment Properties |
| Reserves |
2 months PITI - Primary Residence
6 months PITI - Second Home and Investment Properties
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