Program

Benefits

Drawbacks

• 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 90% for non owner occupied homes
• Stated income available with reduced LTV’s for 680+ credit scores

• Mortgage Insurance required for over 80% LTV
• Mortgage Insurance is sometimes higher than government loan programs
• Automated Underwriting is only options. More restrictive approval guidelines

• FHA
• HOPE for HOME OWNERS (H4M)

• 97% LTV on purchase or no cash out refinance
• 95% LTV for cash out refinance
• Very low mortgage insurance coverage
• 580+ credit for automated approvals
• Manual Underwriting – less restrictive credit requirements
• Very low 30 year fixed rates
• Accepts Mobile Homes
• Accepts non us citizens
• Down payment assistance allows 100% financing
• Seller can pay all closing costs
• 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

• >Up to 100% financing
• No mortgage insurance
• Less restrictive credit guidelines
• Seller can pay all closing costs
• Streamlined refinance with less documentation when refinancing from VA to VA
• Low 30 year fixed interest rates

• Must be VA eligible
• Owner occupied homes only
• Can only have 1 VA loan active at a time
• Takes longer process than other loan programs

• >100% Loan to Value
• Higher debt to income allowances
• Less stringent credit requirements
• Seller can pay all closing costs
• Low 30 year fixed interest rates
• No mortgage insurance

• Property must be in an eligible USDA area
• Income restrictions apply based on size of family

• No Income requirements
• No asset requirements
• No minimum credit scores required
• Up to 65% LTV on refinances
• Close in a matter of days

• Highest Rates
• Lender typically charges more points

• High LTV income producing purchase loans
• Low rates for income producing properties
• loans for non income producing properties
• Low rates for commercial loans

• Loans typically take longer to close than residential
• Appraisal and title fees are typically required upfront

• Finance purchase price and rehab expenses
• Fast closings
• Easy draw schedules
• Interest reserves. No payments required for first six months
• Incentives for repeat business

• Higher interest rates than conventional loans
• Typically upfront points financed into loan

• Loans above the conforming loan limits
• Stated income loans available
• Foreign National Okay
• Stated Income Allowed

• Rates are higher than conforming rates

• Loans above the conforming loan limits
• Stated income loans available
• Foreign National Okay
• Stated Income Allowed

• Rates are higher than conforming rates

• 100% financing
• No reserve requirements
• Gifts allowed
• stated income to lower LTV’s

• Full Documentation Preferred

• No Doc Loans
• Stated Loans
• Loans up to $5M

• Interest rate are higher than conventional Financing

• Singlewide & Doublewide okay
• 100% Purchase & 95% cash out refinance
• Stated Loans
• No minimum loan amount

• Lower rates if land is owned. Higher rates if property on rented land.
• 580+ credit for best terms

• Land only purchases
• stated income available
• Interest only (for lower payments)

• 100% financing not available on land

• No income requirements
• No asset requirements
• No employment requirements

• Higher Rates than traditional financing

• No need to verify income or assets
• Interest only available
• 30-40 year fixed rates available

• Must state income. Not a no doc loan
• Interest rates higher than conforming rates

• Full doc options
• Stated Income and No doc available
• 30 year fixed rates, Arms, Interest only available

• Same flexible credit standards as normal FHA loans
• Can be behind on mortgage payments
• Allows current lender to write down mortgage balance
• Allows 2nd liens to remain in place
• Combined LTV over 100% allowed
• Non US Citizens allowed
• Secure 30 year fixed loan

• Must refinance due to ARM adjusting
• Must be behind in payments within last 12 months
• Can only refinance loans that are not already FHA insured loans

• No Income | No Credit Requirements
• Get lump sum or payments over time

• Must be 62 or older
• must be primary residence