Property Types:

• SFR 1 Unit
• Two Units
• 3-4 Units

Income Docs Needed

• 2 years taxes
• Last two pay stubs
• 3 months bank statements
• Source of down payment

For a salaried person, in general, you will want to be prepared to present 2 years federal income taxes, 2 recent pay stubs, and 3 recent bank statements, as well as the source of your down payment.

Debt Ratios

• 35% max full doc
• 45% max w bank statements

A home loan amount that is higher than the conforming loan limit($484,350 in most US counties and as high as $726,525 in some high-cost areas), is generally considered a Jumbo Loan. If the loan amount exceeds $1,000,000, it is a Super Jumbo Loan.

LTV’s & Loan Amounts

• 50% to $2,000,000
• 60% tp $3,000,000
• 70% to $4,000,000

For 2021, the FHFA (Federal Housing Finance Administration) set the baseline conforming loan limit for 1 unit properties at $548,250 for Conventional financing (Fannie Mae & Freddie Mac) and up to $822,375 on high cost counties California. The maximum loan amounts are the 2021 Conforming Loan limits.

Benefits

• Market liquidity
• Indusry standard underwriting standards
• Low Rates

Fannie / Freddie Loans are the most common loan type due to the ease in which lenders can buy and sell these loans in the secondary market. Underwriting is the easy to understand and also common. Lastly, rates are the best the market has to offer.

Best Features

• Low down payments
• Best market rates
• Lower fico requirements

Appraisal Requirements

A home loan amount that is higher than the conforming loan limit($484,350 in most US counties and as high as $726,525 in some high-cost areas), is generally considered a Jumbo Loan. If the loan amount exceeds $1,000,000, it is a Super Jumbo Loan.

Notes:

Self-Employed Mortgage Loans are Non-Conforming loans that offer enhanced mortgage solutions and higher limits for loan amounts above the conforming loan limit of $548,250 for most U.S. counties.