The loan amounts are higher than Conforming limits. The funds, credit, and income requirements become stricter due to increased risk with higher loan amounts. Rates are higher than conforming rates, however we are really competitive on our rates.
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| Credit score: | 740 Min. |
| Property type: | SFR, Condo, Detached PUD’s |
| Occupancy: | Primary residence |
| Down Payment: | 20% Min. ( see Matrix for restrictions ) |
| Loan to Value: | 80% Max. CLTV: 80% |
| Gift Funds | Allowed. No minimum buyer contribution required. |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 36/43% |
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Additional Notes:
- Market Class of property may affect down payment min.
- Loan amounts > $1M require two appraisals
- VOM/VOR required for last 2 yrs. No lates.
- 24 mos. landlord history required to use rental income
- Non-Arms Length transaction (identity of interest) case by case
- 12-16 Mos. reserves required based on loan amount
- Investor Approval is required on all loans
- Condos must be Fannie Mae approved
- Bankruptcy 7 yrs, Foreclosure 7 yrs, Short Sale 7 yrs.
- 4 Max. financed residential properties
This page contains program highlights only. See sidebar links for further information and details.
All program are subject to change at anytime without any further notice