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USDA
Up to 100% financing available
Up to 6% seller paid closing costs
Closing costs can be financed, if house appraises for more than the sales price
30 year fixed rates only
Primary residences only
As low as 580+ FICO credit score
Minimum two trade lines with 12 months history
Income limits vary by county
No maximum loan limits
Requires upfront and monthly mortgage insurance
Property must be located in USDA eligible area
Conventional
3% minimum down payment required
Amount of seller paid closing costs determined by LTV and occupancy type
Primary, investment and second homes
No area restrictions
Maximum loan limit $510,400 (Fannie Mae counties may exceed this. Please discuss with your loan officer)
Monthly mortgage insurance required when LTV is greater than 80%
Jumbo
Minimum loan amounts greater than $510,400
Maximum loan amount $3,000,000
Maximum LTV 85% primary residence, 80% second home
Minimum 680 FICO score
VA
Up to 100% financing available
Available to veterans, active service members, and eligible surviving spouses
No monthly mortgage insurance
As low as 580+ FICO credit score
Seller can pay closing costs and up to 4% in concessions
Primary residence only
DTI may exceed 50% on case by case basis
No income limit
Requires upfront funding fee – some borrowers may be exempt
Maximum loan limits vary by county
Requires Certification of Eligibility from Department of VA
No area restriction
FHA
Minimum 3.5% down payment
Qualified gifted funds are allowed
As low as 580+ FICO credit scores
Up to 6% seller paid closing costs
Primary residence only
DTI may exceed 50% on a case by case basis
No area restrictions
Requires upfront and monthly mortgage insurance
Maximum loan limits depend on county stipulations
We want you to find success!
Mortgage Do’s and Don’ts
Do...
Keep all records in good order
Keep available – Keep your financial records close at hand in case updates are requested.
Save assets statements – Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA and/or IRS tax transcripts. Hold onto new paystubs as received.
Account for gifts – If you’re receiving any gift money from relatives, they will need to sign a gift letter (we’ll provide) and an account statement evidencing the source, which must be “seasoned” funds.
Maintain Payments in current residence – If you’re renting, continue paying your rent on time and save proof of payment. If you’re selling your current residence, be prepared to show your HUD-1 Settlement Statement. If you’ll be renting your home, you may need to show sufficient equity, a lease and receipt of the first month’s rent and security deposit.
Keep your credit shining –Continue making payments on time. Your credit report may be pulled again, and any negative change to your score could cause you to lose your approval and your home.
Understand that things have changed – Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask for it.
Don't...
Apply for new credit – Changes in credit can cause delays, change in the terms of your financing or even prevent closing. If you must open a new account (or even borrow against retirement funds), please consult with us first.
Change jobs during the process – Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.
Make undocumented deposits – Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your cash deposits separate and small. Avoid depositing cash
Wait to liquidate funds from stock or retirement accounts – If you need to sell investments, tac documents through your employer(s), CPA, and/or IRS tax transcripts, do It now and document the transaction. Don’t take the risks that the market could move against you leaving you short of funds to close.
Be afraid to ask questions – If you’re uncertain about what you need or what you should do, we are here to help you through the process, even long before you intend to buy.
