Loan Porgam Guidelines

This is intended for industry professionals and is not intended for and should not be shared with consumers.
These guidelines do not list all requirements in some cases. Further restrictions may apply.

Bridge loan

  • 12 Month Term
  • Interest Only Payments
  • Intended for borrowers that do not need long term financing.
  • Also good for using equity
    from existing home for new
    purchase.

homeready

  • 3% Down Payment
  • No FTHB Requirement
  • 80% AMI Income Limit
  • Homebuyer Education Required
  • Reduced MI Coverage
  • No Rate Adjustments Due To Credit Score
  • Conventional Guidelines Apply
    (See Above)

down payment assistance

  • 620 Minimum Credit Score
  • Income Limits Apply
  • Homebuyer Education Required
  • Primary Residence Only
  • No FTHB Requirement
  • Co-Signers Allowed
  • Assistance can be up to 5% of total loan amount depending on credit
  • Forgivable 2nd Lien (after 3
    years)

Conventional

  • 5% Down Payment
  • 620 Minimum Credit Score
  • 50% Max Debt Ratio
  • 3% Max Seller Contributions (6% If Putting 10% or More Down)
  • Gift Funds Allowed
  • MI Not Required with 20% Down $726,200 Loan Limit

Homestyle renovation / FHA 203k

  • 5% Down Of Sales Price (Plus
    Renovation Costs)
  • 620 Minimum Credit Score
  • Primary Residence, Purchase Transaction or Refinance
  • Licensed Contractor Required
  • Limited To Specific Counties

USDA

  • No Down Payment
  • 580 Minimum Credit Score
  • 45% Max Debt Ratio (50% For 680+ Credit Score)
  • Monthly MI For Life Of Loan
  • 6% Max Seller Contribution
  • Gift Funds Allowed
  • No FTHB Requirement
  • Income Limits Apply

FHA

  • 3.5% Down Payment (580 FICO)
  • 10% Down Payment (550 FICO)
  • 550 Minimum Credit Score
  • 56% Max Debt Ratio
  • 6% Max Seller Contribution
  • Gift Funds Allowed
  • Monthly MI For Life Of Loan
  • $531,300 Loan Limit (Varies By County)

VA

  • No Down Payment
  • 550 Minimum Credit No Monthly MI
  • Gift Funds Allowed
  • $2.5M Loan Limit

Jumbo

  • 10% Minimum Down Payment
  • 680 Minimum Credit Score
  • 43% Max DTI
  • Requires Reserves After Closing

No Income Loan

  • 20% Down Payment
  • 740 Minimum Credit Score
  • 12 Months Reserves
  • Lower FICO = Higher Down
  • Payment down to 680 FICO