Understanding Your Home Loan Options
Mortgage Loan Highlights for Home Buyers and Investors
No Tax Returns Needed
P& L Loan Program
660 Min Fico
20% Down Payment
Profit and Loss Statement Required
No Tax Returns needed
No W-2' needed
Use on Owner Occupied Homes, 2nd Homes and Condos
Purchase, Refinance, Cash-Out
Gifts allowed for Down Payment and Closing Costs
*For qualified borrowers. Restrictions may apply.
Verification of Employment Loan
FHA VOE Loan
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620 Min Fico
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3.5% Down Payment
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No Tax Returns needed
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No Pay Stubs needed in some situations
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No W-2's needed
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Verification of employment required
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Use on Owner Occupied Homes, 2nd Homes and Condos
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Purchase, Refinance, Cash-Out
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Gifts allowed for Down Payment and Closing Costs
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*For qualified borrowers. Restrictions may apply.
Alternative Loan Option
Mobile Home Financing
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600 Min Fico
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5% Down Payment
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Must also qualify through mobile home park
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Mobile homes built after 1976
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Purchase
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Gifts allowed for Down Payment and Closing Costs
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*For qualified borrowers. Restrictions may apply.
Loan Amounts up to $3M
Bank Statement Loan Program
Qualify with 12 months of statements regardless of LTV or loan amount
LTV as high as 85% for cash-out refinances*
LTV < 65% = Unlimited cash-out
No tax returns | No 4506C
FICO as low as 600 (or 660 for Interest Only)
Gift funds allowed for reserves
*For qualified borrowers. Restrictions may apply.
15% Down Payment
ITIN Home Loan Program
Minimum 700 FICO Up to 85% LTV
620 - 699 FICO up to 80%LTV
Only 1 year of employment/income history in the US required, including self-employment.
Gifts for down payment allowed.
Primary residence, second home and investment properties allowed.
Cash on hand allowed (no sourcing or seasoning, but funds must be deposited in a bank account prior to final approval.)
*For qualified borrowers. Restrictions may apply.
Veteran Loan - Zero Down Payment
VA Loan
580 Min Fico
Zero Down Payment
No Mortgage Insurance
Use on Owner Occupied Homes and Condos
Purchase, Refinance, Cash-Out
Gifts allowed for Closing Costs
*For qualified borrowers. Restrictions may apply.
Zero Down Payment
USDA Loan Program
620 Min Fico
Zero Down Payment
Use On: Owner Occupied Homes
You can: Purchase | Refinance | Cash-Out
Income limits apply. Based on County where home is located and household size.
Home to be purchased must be located in an eligible rural area as defined by USDA
Investor Loan Program
DSCR Loan
Qualify based on cash flow of the subject property
LTV as high as 85% for purchase and R/T refinance (80% for cash-out refinance)*
No DTI calculated
DSCR < 1.00
Qualify for an I/O loan using I/O payment
No income | No employment verification | No tax returns | No 4506C
Borrower can own unlimited financed properties
*For qualified borrowers. Restrictions may apply.
Most Common
FHA Loan
3.5% Down Payment
580 Min Fico
Use on Owner Occupied Homes, 2nd Homes and Condos
Purchase, Refinance, Cash-Out
Gifts allowed for Down Payment and Closing Costs
*For qualified borrowers. Restrictions may apply.
Traditional Loan
Conventional Loan
620 Min Fico
3% Down Payment (First Time Buyer Only)
5% Down Payment
Use on Owner Occupied Homes, 2nd Homes and Condos
Purchase, Refinance, Cash-Out
Gifts allowed for Down Payment and Closing Costs
*For qualified borrowers. Restrictions may apply.
Documents Needed to Get Started
Documents needed will vary based on the Loan Program you apply for.
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W-2 only 2022 + 2023
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Tax Returns 2022 + 2023 (if Self Employed)
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Most recent 1 month pay stubs
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Last 2 months bank statements
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or Asset Statement where down payment will come from
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Clear copy of photo ID
IF REFINANCING...
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Mortgage Statement
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Homeowners Insurance
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