Interest Rate
3.15% APR
Credit Score
750
LTV
90%
Max Loan
$3,000,000
The scenario above is for the purpose of displaying the most recent rates for the above type of loan. This figures may not represent what is offered today and or at the time of rate lock. Please request a quote for the most accurate info.
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
Min 15% down for home purchases w Mtg. Ins.
Financing up to 85% loan-to-value (LTV) w Mtg. Ins.
Flexible sources of down payment funds
No minimum contribution from borrower’s own funds
Borrower is not required to be a first-time buyer
No geographic restrictions on loan amounts
Non-occupant borrowers permitted
Cancellable mortgage insurance (restrictions apply)
Loan Purpose:
- Purchase
- Rate and Term Refinance
- Cash – Out Refinance
- Lease Buyout
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.
Loan Type Available
- 30 year fixed
- 30 year fixed I/O
- 15 year fixed
Fixed rate loans are the long term financing of choice for most homebuyers today. 30 year fixed rates are at all time lows which makes qualifying for a home loan a lot easier. Also, low fixed rates mean you can qualify at the note rate means buyers can qualify for more house.
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.
Down Payment
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Reserves
Reserves are savings balances that will be there after you close on your home purchase. Conventional loans may require zero or up to six month’s reserves depending on your debt-to-income (DTI) ratio, credit score, LTV, and the specific loan program.
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.
Q & A
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