Loan Programs
FHA Program
Purchases/Refinances
  • 620 minimum FICO score 620-639 score rate adjustments apply
  • 96.5% LTV Purchases (only 3.5% down!)
  • 97.75% LTV rate/term refinances
  • 85% LTV cash out refinances
  • 29%/43% debt ratios…(exceptions up to 50% on the back end ratio with compensating factors)
  • No more than 30 day payment on a mortgage in the last 12 months to qualify
  • Up to 6% seller concessions (seller can pay the pre-paids too!)
  • Down payment can be a gift from a family member (must source the gift)
  • Down payment CAN be borrowed (must be a secured loan i.e car, furniture, or savings account loan. Will need the terms and promissory note from the loan and the payments must be included in their debt ratio calculations)
  • FHA licensed appraiser required
  • Seller must own the property a minimum of 90 days prior to a contract
VA Program
Purchases/Refinances
  • 620 minimum FICO score
  • 100% LTV Purchases
  • 90% LTV rate/term refinances
  • 90% LTV cash out refinances
  • NO PMI
  • VA funding fee ranging from 0-3.3% depending on the veteran's status and prior veteran benefit usage.
  • 29%/43% debt ratios...(exceptions up to 50% on the back end ratio with compensating factors)
  • No worse than a one 30 day late payment on a mortgage in the last 12 months to qualify.
  • Up to 6% seller concessions (closing costs and prepaids)
  • Appraisal ordered by VA.
Select Mortgage Group Ltd.
3040 Presidential Dr Fairborn, Ohio 45459
(888)438-6020 Toll Free (937)912-8676 Fax