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FHA,VA,Conventional and USDA Loans. We APPROVE a lot of loans that other lenders will say NO To.

Some great examples:

• Excellent rates for FICOs over 620
• Below 620 ficos down to 580.
• 203Ks to 580 fico
• Half (½%) Down Loans
• USDA Zero Down Loans
• VOE Loans allowed ( For Wage earners only)
• 20% + return ( within 90 days) on flipping allowed for FHA
• Multiple Investment properties OK
• No FICO/No active credit borrowers OK ( with non traditional tradelines)
• HUD properties with $100 down
• 95% conventional financing in restricted markets

Our Instant Online Pre Qual Estimator runs your loan scenario through several loan programs and results are provided instantly about the pre qualification amount and any associated concerns.

Brief Program Guidelines

Half Percent Down payment loan details

 

• 96.5% 1st and 3% 2nd for a total of 99.5% financing
• Fico Scores 620 + Lates in last 12 months are OK( No mortgage lates in last 12 months)
• Fico Scores of 580-620 No lates or new collections in the last 12 months
• DTI allowed up to 47% (FICO 660 and better)
• DTI allowed up to 45% (FICO 620 - 659)
• DTI allowed up to 43% (FICO below 620)
• Collections/charge offs OK and need not be paid for 620 + fico.Fico below 620 and upto 580 per underwriter discretion.
• Qualifying income cannot exceed 120% of HUD median income for county
• 1st = 30 year fixed, fully amortized payment
• 2nd = 15 year fixed, fully amortized payment at 8.25% rate
• Primary residence only
• Full Doc
• The loan can be a true half percent down only if ALL the recurring and Non Recurring closing costs are paid by the seller.

FHA 3.5% Down Payment (620+ Fico)

• DTI allowed up to 47% (FICO 620-680)
• DTI allowed up to 50% (FICO 680-700+)
• DTI over 50% OK per DU Auto approval
• Primary residence only
• 30 day close
• Full Doc
• Lates (other than mortgage lates OK)
• Collections/Charge offs OK and need not be paid on closing

FHA 3.5% down Payment (Less than 620 Fico)

• DTI allowed up to 43%
• No lates or new collections in the last 12 months
• Collections /Chargeoffs OK and need not be paid per underwriter discretion
• Primary residence only
• Full Doc

Scenarios

1)We did a recent purchase for $220000 .The seller credited the entire 6% towards recurring and non recurring closing costs.The borrower had to come in with just $1100 as their down payment.( This is even less than what it would take to rent a home)

2) We did a purchase for $145000.The co borrower had no fico.We needed the income of the co borrower to qualify for the loan.We used electric ,cable and car insurance 12 month history to add tradelines to the co borrowers score and closed the deal

3) We closed a purchase for $410000 with outstanding tax liens and fico at 589.The borrower was on a payment plan with the IRS and had a 12 months satisfactory payment history.

4) We are processing a wage earner loan on stated income basis.FICO is 710 and down payment is 20%.

5) We have done several loans below 620 fico with collections/chargeoffs still outstanding after the loan.If the fico is below 620 , there should be no lates in the last 12 months.

6)For ficos over 620 ,we do not pay any attention to lates or outstanding collections as long as they are not mortgage lates.We have done loans to 55% DTI with 96.5% loan based on excellent credit.

7)There is no profit restriction on 90 day flips for FHA loans.

8) We can do conventional to 95% based on market and credit scores.

9) It is a misnomer that FHA will not do fixers.If the fixer loan is set up as a 203K loan we can do the loan and also include the cost of upgrades in the loan.

10) There are several other typical scenarios we have financed.Each is a little different.Only some loans fit the box to the T.

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