Loan Programs
VA Program
Purchases/Refinances
  • 620 minimum score
  • 100% LTV Purchases
  • 100% rate/term refinances
  • 90% cash out refinances
  • 29%/43% debt ratios
  • No more than 30 day payment on a mortgage in the last 12 months
  • Up to 6% seller concessions
  • No seasoning on how long seller has owned the property
  • Appraisal - once VA eligibility is established VA will assign an appraiser to appraise the property.
  • Need DD214 and/or green eligibility form. If no eligibility form we can obtain using DD214.
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