Loan Matching
FHA
VA
Conventional
Funding Fee
DP of 3.5% Max LTV 96.5%
No DP Required
No Min FICO
Must Be Primary Residence
Min FICO 620
2nd or Investment Allowed
DTI 45% or Less
MIP Required
Must Be Primary Residence
No 2nd Homes
DTI 43% or Less
Min FICO 500
Large DP to avoid PMI
Acceptable COE
FNMA Guidelines
DP of 3% or More
No 2nd Homes
FHA Streamline
CONS
PROS
Limited Documents
No Cash Out
No Manufactured
Current FHA Borrowers Only
MIP Upfront Again
Lower Monthly Payment
No Appraisal
Condo does not need FHA approval
620 Min FICO
Faster Time to Close
Out of Pocket Closing Costs
Strict Rules
VA IRRRL
CONS
PROS
No Minimum FICO
No Appraisal Needed
Seasoned Loan
No Cash Out
0.5% Funding Fee
Limited Income Docs
No Investment
New rate must be at least 0.5% lower
Lower Mortgage Payment
Are Assumable
No Limit for DTI
No Manufactured
30 Due in 12 Porfolio
CONS
PROS
Balloon loan due in 12yrs
Lower Payment
Cumulative no more than 1 million
No Manufactured
Conventional Purchase
Max 43% LTV
Loan Max $700k
Fixed Rate
Less Documents Required
1-4 Unit Investments
Conventional Refi
Not FNMA
ARM
CONS
PROS
DTI 49% or Lower
DP as low as 3%
Increased Mortgage Payment
Short Term Ownership
30 Year Term Only
Fair or Better FICO
Lower Initial Interest Rate
Unpredictable Interest Rates
Standard MI Guidelines
5/1 or 7/6 Option
Potential Lack of Affordability
Possible Lower Payments
First Time Homebuyer Portfolio
CONS
PROS
No 2+ Unit Homes
Max DTI 43%
Min FICO of 680
Homeownership Education Required
No FNMA LLPA's
Only 30 Year Option
Must be Primary
3% Down Payment
Cannot Own Home in last 3 Years
Reduced MI
Gift Funds Allowed
No Manufactured Homes
Home Ready
CONS
PROS
Must be Primary
Gift Funds Allowed
80% of the area Mid income
Min FICO 620
Mattress Money
Boarder Income not allowed on 2+ Units
Max DTI 50%
Must have 3% Down Payment
No FNMA LLPA's
Homeownership Education Required
Reduced MI
No Investment Properties
Jumbo Fixed Rate
CONS
PROS
No Manufactured Homes
Fixed Rate
Max DTI 43%
$2 Million Max
LLPA's Apply
Min FICO 700
No Gift Funds
Primary Home
Portfolio Product
Min 5% DP
Secondary Home
No Investment Properties
Jumbo No MI
CONS
PROS
15, 20, 30 Year Terms
Non-Occupying Co-Borrower Allowed
12 Month Reserves Required
Min FICO 700
70% on Non-Liquid Assets
No Escrow Waver
No MI Due to 80% LTV
Min 5% DP
Competitive interest rates
Max DTI 43%
Full Appraisal
No Cashout
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