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