Program Benefits Requirements Conventional 640 minimum credit score required lowest rates available very fast underwriting (quicker closings) automated underwriting provides instant approvals LTV’s up to 95% on purchase and refinance for owner-occupied & second homes LTV’s up to 80% for non-owner occupied homes 680+ required for over 90% LTV Mortgage Insurance required over 80% loan to value. Full documentation only FHA 620 minimum credit score required 96.5% LTV on purchase or no cash out refinance 95% LTV for cash out refinance Low mortgage insurance coverage 620+ credit for automated approvals Manual Underwriting – less restrictive credit requirements Very low 30 year fixed rates Seller can pay all closing costs FHA Streamline refinance requires less documentation when refinancing FHA to FHA Requires mortgage insurance at all LTV’s Only for owner-occupied homes Can only have 1 FHA loan active at a time Full documentation only VA 620 minimum credit score required Up to 100% financing No mortgage insurance Less restrictive credit guidelines The seller can pay all closing costs Streamlined refinance with less documentation when refinancing from VA to VA 100% LTV Cash Out Refinance Low 30 year fixed interest rates Must be VA eligible VA Jumbo loans available Owner-occupied homes only Can only have 1 VA loan active at a time USDA Rural Loans 620 minimum credit score required 101% Loan to Value Higher debt to income allowances Low 30 year fixed interest rates Closing costs can be included into loan or paid by the seller True $0 down payment loan Great USDA refinance options The property must be in an eligible USDA rural location Income restrictions apply based on the size of family and county. Only government loan in the nation that offers 100% financing for non-military buyers Jumbo Loans Loans above the conforming loan limits – over $484,350 Many 5% Down and 10% Down payment options. 95% Jumbo Loans – $2.0 mil. 90% Jumbo Loans – $3.0 mil. Purchase and Rate/Term Refi 700 credit score required No PMI – mortgage insurance. Single loan and combo “piggyback” loan options Full Documentation Fixed rates and ARM available Cash out refi options up to 90% LTV. *95% cash out available to Fla homeowners. Special VA Jumbo Loans for eligible Vets Super Jumbo Loans Loans above the conforming loan limits – over 3 million 720 credit score needed Full Documentation Fixed rates and ARM First Time Buyers 620 minimum credit score required 100% financing on many programs No reserve requirements Gifts allowed Great for buyers with limited assets No first-time buyer class FHA, USDA, VA and FHA HUD $100 Down Full Documentation Required