Fixed Rate Loans
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30-, and 15-year terms are all available with fixed rate.
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Buy a home with as little as 5% down (primary home).
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Refinance up to 95% of your primary home's value.
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Monthly payments remain the same for the entire loan term.
Adjustable Rate Loans
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3/1, 5/1, and 7/1 ARM's. Monthly payments based on a 30 year repayment schedule.
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The rate stays fixed for the first 3, 5, or 7 years (depending on chosen term), and then adjusting annually thereafter.
FHA Loans
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3.50% minimum down payment required on purchase.
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Minimum credit score usually 620.
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Post-bankruptcy qualifying - 2 years after.
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Post-foreclosure qualifying - 3 years after.
VA Loans
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Competitive interest rates that are routinely lower than conventional rates.
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Sellers can pay up to 6 percent of closing costs and concessions.
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Higher allowable debt-to-income ratios than for many other loans.
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Down payment as low as 0%.
Jumbo Loans
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Credit: 700+ FICO
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Max Debt-To-Income (DTI) Ratio of 43%
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Reserves: Minimum of 6 months reserves and proof of disposable income
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Owner occupied: up to 85% LTV if Purchase | Up to 75% LTV if Refinance
FHA 203K Loans
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Loan limit up to $75,000
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No minimum project cost with Limited 203(k) loan
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Eligible projects: minor remodeling and non-structural repairs, such as redesigning a kitchen, painting rooms or purchasing new flooring
USDA Loan
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The borrower needs to live in the house throughout the lifetime of the loan
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All homes need to be located in a rural area and approved by the USDA
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30 year fixed ONLY
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Minimum 640 FICO for purchase and rate & term refinance
Reverse Mortgage
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NO FICO NEEDED!
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LTV based on age and equity
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62 years of age or older
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Occupancy: Owner Occupancy required