Conforming Loans – (up to $417,000)  Zero Closing Cost Option Available

Zero Closing Cost Option Available

• Current Guidelines

• Minimum 620 Credit score
• Maximum Loan Amount $417,000 SFR, $533,850 for 2 units, $645,300 3 units; $801,950 4 units
• Maximum DTI 45% - Not to exceed 50%
• Maximum 90% LTV (Min 720: 85% min – 700) with MI (DTI has to be 41% for MI companies to approve credit) for purchases and rate and term refinance. Loan has to be fully underwritten by the MI company for an additional 72-96 hours of turn time. Guidelines are tighter and it is increasingly difficult to obtain MI.
• Cash Out Max LTV 80%. (No limit on cash out) (If there is a 2^nd mortgage/HELOC that was not apart of original purchase and is currently open, must be cash out regardless if the balance is zero or the number years they had it. If it has been closed for at last 12 months, ok to be no cash out.)
• House must be owned for at least 12mths in order to use new appraisal value for cash out transactions.
• 2^nd home 80% LTV Cash out
• 1 day off MLS is ok for rate and term. 6 months for cash out. Loan application must be taken after listing has been cancelled.
• 30 and 15 year fixed product as well as 3,5,7,10 year arms (Arms have interest only option)
• Minimum 2 months of principal, interest, taxes and insurance needed for reserves
• Max cash out on investment property is 75% ltv, must have a minimum of 6 months reserves for payment
• Pricing adjustments will apply on all loans below a 740 credit score.
• Can purchase up to 4 properties (3 rental and 1 primary). If borrower owns more than 4 financed properties, the loan is not eligible.
• CH 7 discharged 4 years / Ch 13 BK must be discharged at 2 years. F/C 7 years. Consumer credit counseling like a BK Ch 13
• 80% LTV and below – all down payment can be gifted (must be sourced and seasoned 2 months), 80% LTV and above have to have 5% of own funds. 

(These products are available at par or with a no closing cost option. Third party and escrow impound account costs still may apply)

Non Conforming – ($417,001 - $2,000,000) Money back Guarantee

Zero Closing Cost Option Available

• Current Guidelines 

• Minimum 620 Credit score
• SFR / PUD / Condo as well as 2-4 unit properties allowed
• Maximum loan amount $729,750 (depends on zip code – see list of zip codes) for 1 unit properties. $934,200 for 2 unit, $1,129,250 for 3 unit and $1,403,400 for 4 unit.
• Maximum Cash out 75% LTV (Freddie Mac only). If there is a 2^nd mortgages / HELOC that was not apart of the original purchase and is currently open must be cash out regardless if balance is zero or the number of years they had. If it has been closed for over 12 months

(These products are also available for HARP and FHA products. Shooploop Inc to collect and process all financial documentation in orer to qualify and approve client for all loan programs.)

Private Equity – ($50,000 - $2,000,000)

• DTI Analysis
  • Analyzes your “Debt to Income” or alternatively the Net Present Value “NPV” calculation as allowed by specific lenders to calculate the percentage of income that can be used towards mortgage payments based on your monthly income and expenses.