Advantages:

• Bankruptcy not an automatic disqualification
• Lower interest rates
• Down payment is less
• Lower mortgage points and other closing cost requirements
• Resale can be made more quickly
• Is backed by the U.S. government

Features:

• Down payment required
• Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
• Loan Limits are lower than conventional
• MIP required regardless of the Loan-to-Value (LTV)

Advantages:

• No down payment
• VA does not require private MIP
• Limit on the amount of origination fees and closing costs that the lender can charge
• Limit also placed on appraisal fees

Features:

• Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
• Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
• Closing costs can be paid by the lender and the seller.

Advantages:

• No down payment requirement
• Property must be located in an eligible rural area
• Closing costs can be added to the loan amount (if the property appraises high enough to include it at up to 100% of the appraised value)
• Loan government guarantee fee up front and annual
• Low interest rates
• Applicants with a wide range of credit profiles may qualify
• Income eligible applicants who do not qualify for conventional financing may qualify
• Families & individuals that have minimal funds for a down payment and closing costs includes first time homebuyers and repeat homebuyers
• Seller concessions – 6% max
• No cash reserve requirement
• No Non-Allowable costs
• No First Time Homebuyer Requirement
• 30 Year Loan @ competitive fixed rate
• No limit on gift funds

Features:

• Property must be in very good condition and have a high insulation R-factor
• You cannot make over 115% of the median county income to qualify
• Must be able to verify income limits

Program Highlights

• 30 Year Fixed Rate, Primary Residence Only
• 97% Maximum LTV/CLTV with a 620 FICO
• 1-4 Unit Single Family, PUD, Condo Eligible
• Purchase and Rate & Term Renance Available
• Maximum Qualifying Ratio of 50%
• No Minimum Borrower Contribution Required – Gifts Allowed
• Homebuyer Counseling Required
• Mortgage Insurance Required

Borrow Income Limits

• No income limits for properties located in low-income census tracts
• 100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas
• 80% of AMI for properties located in all other census tracts

Program Highlights:

• 10, 15, 20, 25 & 30 Year Fixed Rate Terms Available
• Up to 97% LTV on Primary Homes
• Up to 90% LTV on Second Home
• Up to 85% LTV on Investment Homes
• Limited Condo Review on Primary Homes up to 75% LTV/90% CLTV or 70% LTV/75% CLTV on Second Homes Based Upon Credit Qualifications

Supreme Highlights:

• We take a look at the legal description on the title to determine property type
• We have an entire department focused on project review and condo financing
• We offer multiple condo financing options and work to clear exceptions to achieve warrantable status
• Files that do not require the review are done in about 48 hours and close within our 22 day average.
• Loan amounts from 40k – 2M
• Fixed rates and ARM’s