Conventional Loans

Conventional Loans With DTI Up To 50%

A Conventional Loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA). The Conventional Loan is the most common used Mortgage for its flexibility of Debt Ratios, Mortgage Insurance, and Down Payment.


WHO QUALIFIES??


• Must be 18 years or older
• U.S. Citizens
• Green Card Holders (non U.S. Citizen)
• H-1B Visa & EAD Card Holders (non U.S. Citizen)


LOAN DETAILS:


  CRITERIA

LOAN DETAILS

CREDIT

MINIMUM 620 FICO

DEBT-TO-INCOME

50% MAXIMUM DTI

DOWN PAYMENT

20% WITHOUT MORTGAGE INSURANCE(MI) 3% DOWN PAYMENT WITH MI

 OCCUPANCY

OWNER OCCUPIED | 2ND HOME | INVESTMENT

TERMS

30 YEAR FIXED

TRANSACTIONS

PURCHASE | REFINANCE

ELIGIBLE PROPERTIES

SFR| CONDO| PUD| 1-4 UNITS

HAVE BANKRUPTCY?

MUST WAIT 4 YEARS

HAVE FORECLOSURE?

MUST WAIT 7 YEARS

INCOME [IF SALARIED]

2 YRS OF TAX RETURNS & W2s & 30 DAY PAY STUBS W/ YEAR-TO-DATE

INCOME [IF SELF-EMPLOYED]

2 YEARS OF FED TAX RETURNS & MOST CURRENT PROFIT&LOSS STATEMENT

EMPLOYMENT VERIFICATION

IF W2, 2 YEARS OF VERIFIED WORK HISTORY IF 1099, 2 YEARS OF EMPLOYMENT VERIFIED BY A CERTIFIED PUBLIC ACCOUNTANT

PROOF OF IDENTITY

PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD

Notable Exceptions:

● Recent college graduates only need 1 month of pay stubs
● Multiple Bankruptcies have a 6 year waiting period
● Short sale with no mortgage lates have no waiting period
● Self-employed for 5 years or more only require 1 year of tax returns



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