Agent Count: 57
Agent Count: 57
Agent Count: 57
Loan Programs
FHA
Credit Score
580
Down Payment
3.5%
Debt to Income
54%
Closing Cost
4%-6%
Key Points:
FHA Upfront Cost: 1.75% (One-Time Fee, Can be added to the loan)
Mortgage Insurance:
Lifetime of the Loan if Downpayment lower than 10%
Removes after 11 years if downpayment is more than 10%
Example:
Loan Amount $500,000 x .55%
$2,750 per year / 12 months = $229.17 per month
Must be Primary Residence for at least 1 year
1-4 Units
2 Years Tax Returns Required
Gifts Allowed:
Only need Gift Letters if Deposit is 50% more than Monthly Income
Example: Monthly Income: $5,000 (any deposit more than $2500 will need LOX)
All loan programs Requires 3 Open Trade lines (open accounts)
New York High Cost Area Conforming Loan Limits:
1 Unit - $1,149,825
2 Unit - $1,472,250
3 Unit - $1,779,525
4 Unit - $2,211,600
Debt to Income:
Front End: 31%
Back End: 54%
Waiting Period:
Bankruptcy - 2 Years
Short Sale - 3 Years
Foreclosure - 3 Years
CONVENTIONAL
Credit Score
620
Down Payment
5%
Debt to Income
49%
Closing Cost
3%-5%
Key Points:
Mortgage Insurance - Removes at 20% equity (80% LTV)
Downpayment:
1-2 Units = 5%
3-4 Units = 20%
Can be Primary OR Investment Rental
First Time Home Buyer Benefits:
Income below AMI: AREA MEDIAN INCOME (Link)
Better Interest Rates and LLPA Savings
New York High Cost Area Conforming Loan Limits:
1 Unit - $1,149,825
2 Unit - $1,472,250
3 Unit - $1,779,525
4 Unit - $2,211,600
Front End DTI 43%
Back End DTI 49%
Waiting Period:
Bankruptcy - 4 Years
Short Sale - 4 Years
Foreclosure - 7 Years
HOMEREADY & HOMEPOSSIBLE
Credit Score
620
Down Payment
3%
Debt to Income
49%
Closing Cost
3%-5%
Key Points:
Available to Both: First Time Homebuyer or Repeat Buyers
Conventional Loan with 3% Downpayment
INCOME: Must be BELOW 80% of AREA MEDIAN INCOME (Link)
Mortgage Insurance - Removes at 20% equity (80% LTV)
Downpayment:
3% - 1 Unit
15% - 2 Units
Mandatory Homeownership Education
Can be Primary OR Investment Rental
New York High Cost Area Conforming Loan Limits:
1 Unit - $1,149,825
2 Unit - $1,472,250
Waiting Period:
Bankruptcy - 4 Years
Short Sale - 4 Years
Foreclosure - 7 Years
HOMEONE
DSCR - No Income Check
DEBT SERVICE COVERAGE RATIO
Credit Score
620
Down Payment
3%
Debt to Income
49%
Closing Cost
3%-5%
HomeOne is an excellent option for first-time homebuyers, without income restrictions.
Must be First Time Homebuyer
Must be primary residence for least 1 year
Conventional Loan with 3% Downpayment
Mortgage Insurance - Removes at 20% equity (80% LTV)
Mandatory Homeownership Education
Only available for Single Family
Credit Score
720
Down Payment
20%
Closing Cost
5%-7%
No Income
Check
Designed to assist new and experienced real estate investors in financing their properties, qualifying based on the cash flow generated by the investment.
Key Points:
No Income Check: No Tax Returns
Qualification: Rental Income must cover the Mortgage Payment (Appraisal)
Investment Only (cannot be for primary residence)
Downpayment:
1 Unit = 20%
2+ Units = 25%
Reserves:
3-6 Months of reserves required (depends on lender and your FICO)
Prepayment Penalty (6 month Interest) if refinanced within 1-5 years*
Gift Funds Allowed
Borrower Paid Compensation
Loan Amount:
Up to $3 Million
Bank Statement Loan
Credit Score
720
Down Payment
20%
Debt to Income
49%
Closing Cost
5%-7%
Key Points:
No Income Check: No Tax Returns
Qualification: 12 or 24 Months of Bank Statements (Personal & Business)
(No NSF) Non-sufficient funds Transactions in past 24 months
Can be Primary OR Investment Rental
Downpayment:
1 Unit = 20%
2+ Units = 25%
Reserves: 3 Months of reserves required
Prepayment Penalty (6 month Interest) if refinanced within 1-5 years*
Borrower Paid Compensation
No Gift Funds allowed
Loan Amount:
Up to $4 Milion
Non-QM 1099
Credit Score
720
Down Payment
20%
Debt to Income
55%
Closing Cost
5%-7%
Key Points:
We can use 90% of your 1099 GROSS Income
1099s for 2 years
1 year history with same employer
20% Downpayment = 6 Months of reserves required
25% Downpayment = No Reserves required
Gift Funds Allowed
Prepayment Penalty (6 month Interest) if refinanced within 1-5 years*
With no prepayment penalties on owner-occupied home
Borrower Paid Compensation
Loan Amount: Up to $4 Million
​
-
1099s for the last 2 years from the same employer – Stability is the key to getting mortgage approval. ​
-
Paystub showing their YTD income -OR- Acknowledgement from their employer that their 1099 income matches what they report help us to know they can afford the loan. If they do not have a YTD paystub, a written Verification of Employment works too.​
-
Proof that they do not have mandatory expenses – Mandatory job expenses differ from the optional expenses they write off. ​
-
Letter from their CPA regarding their expenses –Most 1099 contractors have expenses – it comes with the territory.
HELOC
Credit Score
680
Down Payment
0%
Debt to Income
49%
Closing Cost
3%-5%
Key Points:
HELOC - Home Equity Line of Credit
ARM - Adjustable Rate Mortgage
Current Loan:
Does NOT affect first mortgage
No Late payment on first mortgage allowed
Combined Loan to Value = 90%
Draw Period = 3,5, or 10 years
(After First Draw at closing, borrower must wait 90 days for next draw)
First 3,5, 10 years Interest Only Payments
Repayment Period = 10-20 years
Cash Out:
Primary Residence - loan up to $500,000
Rental Investment - loan up to $350,000
FHA Limited 203(k)
Credit Score
580
Down Payment
3.5%
Debt to Income
54%
Closing Cost
4%-6%
Key Points:
1 Loan = Purchase + Renovation
Up to $75,000 for Renovation
​
Appraisal:
An appraiser assesses the
current value of the property
and the estimated value after repairs.
Contractor Estimates:
The borrower obtains detailed estimates
from licensed contractors
for the required work.
FHA Upfront Cost: 1.75% (One-Time Fee, Can be added to the loan)
Mortgage Insurance:
Lifetime of the Loan if Downpayment lower than 10%
Removes after 11 years if downpayment is more than 10%
Example:
Loan Amount $500,000 x .55%
$2,750 per year / 12 months = $229.17 per month
Must be Primary Residence for at least 1 year
1-4 Units
2 Years Tax Returns Required
Gifts Allowed:
Only need Gift Letters if Deposit is 50% more than Monthly Income
Example: Monthly Income: $5,000 (any deposit more than $2500 will need LOX)
All loan programs Requires 3 Open Trade lines (open accounts)
New York High Cost Area Conforming Loan Limits:
1 Unit - $1,149,825
2 Unit - $1,472,250
3 Unit - $1,779,525
4 Unit - $2,211,600
Debt to Income:
Front End: 31%
Back End: 54%
Waiting Period:
Bankruptcy - 2 Years
Short Sale - 3 Years
Foreclosure - 3 Years
ITIN
Individual Taxpayer Identification Number
Credit Score
680
Down Payment
20%
Debt to Income
50%
Closing Cost
4%-6%
Key Points:
For individuals who have a Tax ID
but do not have a Social Security Number.
​
A valid ITIN card or IRS ITIN letter and
an unexpired government photo ID required.
Non-permanent residents allowed
1-4 Units
2 Years Tax Returns Required
Gifts Allowed:
borrower must contribute at least 5% from their own funds
on primary and second home and at least 20% on investment.
3 months of reserves required
Loan Limit:
$1.5 Million
Waiting Period:
Bankruptcy - 2 Years
Foreclosure - 2 Years