Conventional Niches 2016-07-19T23:43:27+00:00

Conventional Niches

 

97% LTV Conventional:

  • Owner Occupied only
  • 700 Minimum fico scores
  • SFR only
  • 3% of Borrower’s own funds
  • 41% DTI, 45% DTI (if fico is 740)
  • MI factor 1.15%
  • 2 months’ PITI of cash reserves required
  • Conventional loan amount only

 

95% LTV Conventional

  • Minimum of 660 (huge price adjustment)
  • 2 months’ PITI of cash reserves required
  • Owner Occupied Only
  • 5% of Borrower’s own funds
  • SFR and Condo:
  • Condo: -70% of units o/o
  • No Litigation
  • 15% or less of condo delinquencies on HOA fees

High Balance:

  • 90% Max LTV requires 700 minimum fico score
  • Up to 75% LTV requires 660 minimum fico score
  • 95% Max CLTV
  • 2 Units max 75% LTV with a 740 fico score
  • 5% of borrower’s own funds

 

Loan Amount Reduced:

  • $0 up to $417,000- Conforming
  • $417,001-$625,500- High Balance

 

Foreclosure:

  • 7 years (***3 years for Extenuating Circumstances)

 

Short-Sale and Deed-In Lieu:

FNMA:

  • 2 years for transaction with a maximum LTV of 80%
  • 4 years of transaction with a maximum LTV of 90%
  • 7 years of transaction with a LTV greater than 90%

FHLMC:

  • 2 years of extenuating circumstance
  • 4 years for financial management

 

Bankruptcy:

  • Chapter 7: 4 years from dismissal date
  • Chapter 13: 2 years from dismissal date

 

Lender Pay MI:

  • WE CAN DO THIS!!!

 

No MI Option:

  • 95% Maximum LTV with a 660 Fico