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List of Products

posted Mar 28, 2014, 8:34 PM by Massey Kouhssari
New Rate Sheets available!

FHA Products

 

  • Follow AUS findings
    • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

FHA High Balance

 

  • Follow AUS findings
  • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

 

 

HA Products

 

  • Follow AUS findings
    • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

FHA High Balance

 

  • Follow AUS findings
  • No doc streamlines
  • FICO's to 620
    • Strict adherence to FHA guidelines with prudent underwriting

 

 

203-K Streamline

  • Max DTI 45%
  • Minimum Credit score is 660
  • Repairs are limited to cosmetic
  • Repair estimates must include supplies and labor costs
  • General Contractor must be used and must be licensed
  • Cannot use more than one contractor
  • Proper building permits must be acquired prior to closing
  • Ineligible properties:  Log homes, Condotels, co-op, manufactured, homes never completed and Mixed use
  • Self Help is not allowed.
  • First draw is limited to 40% and will be distributed approximately 10 days from closing
  • Once loan has closed to issue the draw send bid and settlement statement to SVP of Ops
  • Final draw will be issued by when all work is complete
  • Maximum amount of repair including inspections and supplemental origination is $35,000

Full 203-k

  • Max DTI 45%
  • Minimum Credit score is 660
  • Repair estimates must include supplies and labor costs
  • HUD Consultant is required which can be found at: https://entp.hud.gov/idapp/html/f17cnsltdata.cfm
  • Cannot use more than one contractor
  • Proper building permits must be acquired prior to closing
  • Ineligible properties:  Log homes, Condotels, co-op, manufactured, homes never completed and Mixed use
  • Final draw will be issued by when all work is complete
  • No mortgage payments financed
  • 203-K addendum to the purchase contract is required

 

 

 

Manufactured Homes VA

 

VA CASH OUT
  • Maximum LTV is 100% *Not available in Texas
  • Minimum FICO is 680 if max financing at 100%
  • AUS approval
  • Maximum cash out is $75,000
  • 90% LTV allowed to a 640 - 679 FICO
USDA ·        Minimum Fico: 620 ·        USDA approval required     FHA #: 2790900019 VA #:6405430000 

 

Conventional
  • Minimum Fico: 620
  • DU & LP Accepted
  • Purch / R & T Refi: Up to 95% LTV/CLTV  
  • Cash Out: Max 85% LTV,
  • Max 75% LTV 2nd Homes & NOO

 

 

Conventional High Balance

 

  • Minimum Fico: 620 LTV's up to 90%on O/O;                         700  Max LTV's of 60%
  • Purch/R & T Refi: Max 90% OO Only
  • Cash Out: Max 60% OO Only
  • 620 Fico Required
  • 2nd Home/NOO: 620 Fico Required
  • Max 90%LTV on O/O and 60% on 2nd home and investment
  • Eligible Prop: SFR, PUD and condo
DU Refi Plus
  • Minimum Fico: 580
  • Terms: 10, 15, 20, 25 & 30 yr fixed;
  • 5/1 & 7/1 LIBOR ARM
  • Unlimited DTI
  • Unlimited LTV/CLTV
  • Must be DU A/E
Reverse Mortgages
  • Strictly follow HUD guidelines
 

 

Manufactured Homes VA

 

VA CASH OUT
  • Maximum LTV is 100% *Not available in Texas
  • Minimum FICO is 680 if max financing at 100%
  • AUS approval
  • Maximum cash out is $75,000
  • 90% LTV allowed to a 640 - 679 FICO
USDA ·        Minimum Fico: 620 ·        USDA approval required    

 

Conventional
  • Minimum Fico: 620
  • DU & LP Accepted
  • Purch / R & T Refi: Up to 95% LTV/CLTV  
  • Cash Out: Max 85% LTV,
  • Max 75% LTV 2nd Homes & NOO

 

 

Conventional High Balance

 

  • Minimum Fico: 620 LTV's up to 90%on O/O;                         700  Max LTV's of 60%
  • Purch/R & T Refi: Max 90% OO Only
  • Cash Out: Max 60% OO Only
  • 620 Fico Required
  • 2nd Home/NOO: 620 Fico Required
  • Max 90%LTV on O/O and 60% on 2nd home and investment
  • Eligible Prop: SFR, PUD and condo
DU Refi Plus
  • Minimum Fico: 580
  • Terms: 10, 15, 20, 25 & 30 yr fixed;
  • 5/1 & 7/1 LIBOR ARM
  • Unlimited DTI
  • Unlimited LTV/CLTV
  • Must be DU A/E
Reverse Mortgages
  • Strictly follow HUD guidelines
Stated Income - Alternative Documentation Home Loans & Mortgages
  • Qualified mortgages
  • Jumbo Stated Income loans
  • Credit line option
  • Owner Occupied & Non Owner Occupied properties
  • No 4506
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