Property Loans
Posted on October 2, 2012
Tags: misc
1 FHA
- 96.5% financing
- Flexible credit scores down to 580 FICO
- Debt ratios up to 56.99%
- Can use gift funds as down payment
- Cash-out refinance up to 80%
- Primary residence only
2 USDA
- Up to 100% Financing
- County limits on income
- Must be in USDA eligible area
- Primary residence only
3 HomeReady
- 3% down payment (97% financing)
- Allow co-borrower flexibility. All borrowers do not have to reside in property.
- Income limits apply
- Lower mortgage insurance coverage
- Up to 50% debt ratio
- Supplemental income allowed (such as rent from tenants)
4 Home Possible
- 3% down payment (97% financing)
- Allows co-borrower flexibility. All borrowers do not have to reside in proprty.
- Income limits apply
- Lower mortgage insurance coverage
- Up to 50% debt ratio
- 2-family homes eligible at 95% financing
5 Conventional
- Up to 97% financing for 1st time Home buyers
- Up to 95% financing up to $647,200 loan size
- High Balance Loans (per county limits max.) up to $970,800
- 80.01% - 95% financing (borrower is required to have a min of 5% of their own funds)
- 80% financing or less (all can be a gift)
6 Investor Cash Flow
- Qualify solely on the cash flow of the subject property
- No income, no employment, no tax returns, no landlord history required
- Up to 80% LTV (Min FICO 680)
- No Min DCSR: 75 LTV; 700 FICO min
- Non-Permanent resident aliens
- Vacant Properties: use 100% of market rents
- Up to 15 finances properties allowed
- One-four units no additional LLPA
7 1099 Only & Bank statement (12 & 24 months)
- Tax returns not required
- Up to 90% LTV
- DTI up to 55%
- One year self-employment required
- IRS forms 1099s only: 25% expense ratio
- Personal or business bank statements may be used
- Three methods to qualify incl. 50% uniform expense ratio
- Supplemental income allowed (W2, asset depletion, SSI)
