Residential Loan Programs
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FANNIE MAE AND FREDDIE MAC CONFORMING/HIGH-BALANCE (FNMA/FHLMC) • Up to 97% financing • 100% of down payment and closing costs may be gifted • No credit score required subject to AUS on standard conforming loan limits • Up to 10 financed properties • Appraisal transferred allowed on standard conforming loan limits
Home Ready is an affordable low-down-payment mortgage product designed for creditworthy low- to moderate-income borrowers. • Low down payment – up to 97% LTV financing for home purchases • No first-time buyer requirement • Flexible sources of funds with no minimum contribution from the borrower’s own funds (one-unit properties)
• Low 3.5% down payment • Up to 85% cash out • FICOs from 580 • Flexible credit + underwriting guidelines • Gift funds permissible for 100% of required investment and closing costs • Manual underwriting/AUS Refer
• FICOs from 580 • Flexible credit + underwriting guidelines • Mortgage only credit report accepted • May not need to document funds to close • Variable loan terms down to 240 can help meet NTB test • No appraisal requirement • No income verification
• Minimum 680 FICO • Tax transcripts for W2 • 4506T tax transcripts validated regardless of income source • Follows FHA Guidelines • Double or triple-wide only. No single-wide units. • Min. 400 sq. ft. Must be constructed after 6.15.76 • No new construction or MH condos permitted • Non-traditional credit is not allowed