We understand that not every borrower is the same. Everyone has different credit, income, assets, debt to income ratios, and the list goes on and on. When you work with us, we make it easier to find a loan program you can qualify for. Here are some of the many loan programs we offer & some of the minimum requirements for each program.
Loan Programs we Offer
Down Payment
Assistance Loans
Home Equity
Lines of Credit
Standalone Home Equity Lines of Credit
5 Day Home Equity Lines of Credit
Conventional Loans
Great for borrowers with good/excellent credit who want to buy their primary home, a secondary residence, or an investment property.
Minimum Requirements:
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First Time Home Buyers purchasing a Owner Occupied Home must have a minimum of 3% Down Payment + Closing Costs.
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Repeat Home Buyers purchasing a Owner Occupied Home must have a minimum of 5% Down Payment + Closing Costs.
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Buyers purchasing a Secondary Homes must have a minimum of 10% Down Payment + Closing Costs.
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Buyers purchasing an Investment Home must have a minimum of 20% Down Payment + Closing Costs
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If the borrower is putting 20% down on their primary/secondary purchase, they may be eligible for an Appraisal Waiver. Must be a 1 unit Single Family Residence.
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If the buyer's down payment is 3%-9.99%, up to 3% of Sales Price can be negotiated in Seller Credit to cover the buyer's closing costs. If the down payment is 10%-25% up to 6% of Sales Price can be negotiated in Seller Credit & if the down payment is greater than 25% down, the seller can contribute up to 9% of sales price. Seller Credit cannot be applied towards buyer's down payment.
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Must have a minimum Credit Score of 620 to get started.
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Max Debt to Income Ratio of 50% or less.
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W2 employees must have a 2 year work history. Time enrolled in school counts as long as they are a W2 Full Time Employee.
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If Self Employed or 1099 income earner must have 2 years Tax Returns reporting Self Employed Income if business has been active for less than 5 years. If business has been active for more than 5 years, 1 year Tax Returns might suffice.
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Other Income must have a continuance of 3 years or more
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Must meet other Conventional Guidelines. Additional requirements may apply.
FHA Loans
FHA loans are one of the easiest loans to qualify for. It's a great program for borrowers who don't have the best credit and/or have a high debt to income ratio who are looking to buy an owner occupied home.
Minimum Requirements:
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3.5% Down Payment + Closing Costs for Borrowers who have a 580+ Credit Score
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10% Down Payment + Closing Costs for Borrowers who have a 500-579 Credit Score
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Up to 6% of Sales Price can be negotiated in Seller Credit to cover buyer's closing costs. Seller Credit cannot be applied towards buyer's down payment.
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56% or less Debt to Income Ratio. ***Spousal Debt is Included in ratios even if spouse is not included on loan.
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W2 employees must have a 2 year work history. Time enrolled in school counts as long as they are a W2 Full Time Employee.
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If Self Employed or 1099 income earner must have 2 years Tax Returns reporting Self Employed Income.
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Other Income must have a continuance of 3 years or more
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Can only have 1 FHA loan at a time.
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Must meet other FHA Guidelines. Additional Conditions may apply.
USDA Loans
Great for low to mid income families looking to buy a home in a rural area looking to put 0% Down on a Primary Residence. However, there are still closing costs involved.
Minimum Requirements:
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0% Down + Closing Costs
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Up to 6% of Sales Price can be negotiated in Seller Credit to cover buyer's closing costs. Seller Credit cannot be applied towards buyer's down payment.
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620+ Credit Score Minimum Credit Score.
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Mortgage Payment cannot exceed 29% of the qualifying income.
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41% or Less Debt to Income Ratio. ***Spousal Debt is Included in Ratios even if spouse is not included on loan.
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If applicants have a 680+ credit score, Mortgage Payment might be able to exceed 29% but cannot not exceed 32% of qualifying income. Debt to Income Ratio might be able to exceed 41% but cannot exceed 44% of qualifying income.
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Home must be located in an eligible area.
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Household income cannot exceed program's limits based on the county the home is being purchased in. Household Income Includes Family Members who will be residing in the home even if they're not being included on loan.
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W2 employees must have a 2 year work history. Time enrolled in school counts as long as they are a W2 Full Time Employee.
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If Self Employed or 1099 income earner must have 2 years Tax Returns reporting Self Employed Income.
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Other Income must have a continuance of 3 years or more
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Must meet other USDA Guidelines. Additional Conditions may apply.
VA Loans
This loan is made specifically for our veteran's and their surviving spouses looking to buy their primary home.
Minimum Requirements:
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0% Down + Closing Costs
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Up to 4% of Sales Price can be negotiated in Seller Credit to cover the buyer's closing costs.
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No Maximum Debt to Income Ratios with AUS approval with a 620+ Credit Score. ***Spousal Debt in Ratios even if spouse is not included on the loan.
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If Veteran only has one credit score, the Maximum Debt To Income Ratio is 41% or less with a minimum Credit Score of 580. ***Spousal Debt in Ratios even if spouse is not included on the loan.
- If Veteran has no credit, the Maximum Debt to Income Ratio is 35% or less. ***Spousal Debt is included in Ratios even if spouse is not included on the loan.
- Three non-traditional or traditional credit tradelines must be established with 12 months history and no delinquencies At least one of the three non-traditional tradelines must be established by housing payments. The remaining two non-traditional tradelines must come from utility bills including but not limited to gas, electricity, water, internet, telephone etc.
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W2 employees must have a 2 year work history. Time enrolled in school counts as long as they are a W2 Full Time Employee.
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If Self Employed or 1099 income earners must have 2 years Tax Returns reporting Self Employed Income.
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Other Income must have a continuance of 3 years or more
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Must meet other VA Guidelines. Additional Conditions may apply.
CalHFA Loans
One of California's most popular Down Payment Assistance program! You can qualify for this program using Conventional or FHA financing. CalHFA provides a Secondary loan called MyHome that is 3.5% of the sales price of the home or appraised value (whichever is less) for their down payment. Borrower can also obtain a 3rd loan called ZIP that will provide borrower with an additional 2%-3% they can apply towards their closing costs.
Minimum Requirements:
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All applicants must be a First Time Home Buyer & must occupy the residence.
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CalHFA FHA requires a 640+ Credit Score with a Debt to Income Ratio of 45% or less and a 700+ with a Debt to Income Ratio of 50%-46%.
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CalHFA Conventional requires a 680+ Credit Score with a Debt to Income Ratio of 45% or less and a 700+ with a Debt to Income Ratio of 50%-46%
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Loan(s) are not forgivable and total loan amounts become due once the borrower sells or refi's their home or their 30 years are up whichever comes first.
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Applicants combined income cannot exceed the program's qualifying income limits. Limits vary depending on the county the buyer is purchasing in.
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Must meet other FHA or Conventional Guidelines. Additional Conditions may apply.
GSFA Loans
Another one of California's most popular Down Payment Assistance program! You can qualify for this program using Conventional or FHA financing. GSFA offers buyers who need housing with up to 5% of the loan amount of for Down Payment/Closing Costs.
Minimum Requirements:
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Applicants does not have to be a First Time Home Buyer to qualify.
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Applicants cannot have any ownership interest on any other property
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All applicants must occupy the residence.
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Must have a 640 Credit Score & Maximum Debt to Income Ratio of 50% or less.
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The Platinum standard product applies to the majority of homebuyers. It provides assistance, up to 5%, in the form of a 15-year fully amortizing Second Mortgage. The note rate on the Second Mortgage is the same as the note rate on the First Mortgage and has monthly payments.
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For Platinum "Select" qualifying homebuyers, the assistance is provided in two forms. Up to 3.5% in assistance is provided in the form of a 15-year fully amortizing Second Mortgage Loan. The note rate on the Second Mortgage is the same as the note rate on the First Mortgage and has monthly payments. An additional 1.5% in assistance is available in the form of a Gift that never has to be repaid. Must have an occupation in health care, public safety and education to qualify for Platinum "Select".
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Must meet other FHA or Conventional Guidelines. Additional Conditions may apply.
Empowered DPA Loan
The Empowered Down Payment Assistance Loan offers their assistance in the form of forgivable grant in the amount of either 2% or 3.5% of the purchase price.
Minimum Requirements:
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Applicant must meet 1 of 3 options:
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First time home buyer
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Equal to or less than 140% of medium household income limits
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Must be current/retired employment or volunteered/non-paid member. First Responders, State Employees & Educational Employees.
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Applicants must have a 620+ Credit Score with a Debt to Income Ratio of 48.99% or less.
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Must be used with an FHA loan.
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Non-occupant co-borrowers are allowed.
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Must meet other FHA Guidelines. Additional Conditions may apply.
CHENOA Loans
This loan program offers a Repayable option and a Forgivable option that is up to 5% of base loan amount that can be used for down payment/closing costs.
Minimum Requirements:
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Applicants does not have to be a First Time Home Buyer to qualify.
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Applicants cannot have any ownership interest on any other property.
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All applicants must occupy the residence.
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Must have a 600 Credit Score & Maximum Debt to Income Ratio of 56% or less.
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Must be used with an FHA Loan
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Repayable Assistance Option: This loan has a 10-year term with an interest rate 2% higher than the interest rate on the FHA first mortgage. This loan does require a monthly payment on the second mortgage.
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Forgivable Assistance Option: This loan has a 30-year term with an interest rate of 0% (0% APR). This loan does not require a monthly payment on the second mortgage. Forgiveness is determined by the DPA amount: 3.5%: Forgivable after 36 consecutive, on-time payments on the FHA first mortgage. This forgiveness period resets if the borrower makes a late payment, but the borrower has the full 30-year term to meet the forgiveness conditions. This loan may also be forgiven at the end of the 30-year term if the previous forgiveness condition has not been met. 5%: Forgivable after the initial 120 consecutive, on-time payments on the FHA first mortgage. This forgiveness period is terminated if the borrower has a payment that is 60+ days late, but the loan will remain with a 30-year term, 0% interest rate (0% APR), and no monthly payment. Both forgivable loan options may be forgiven at the end of the 30-year term if the previous forgiveness conditions have not been met, even if the borrower made late payments on the FHA first mortgage. The loan will need to be repaid upon transfer of ownership or refinance if it is not already forgiven.
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Must meet other FHA guidelines. Additional conditions may apply.
No Ratio Loans
This loan is perfect for those who have a 12 Month Housing History and have significant savings for down payment and reserves but don't meet all the requirements for a Standard mortgage.
Minimum Requirements:
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Must have a 720+ Credit Score + 20% Down Payment + Closing Costs +12 Months in Reserves
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Must have a 680+ Credit Score + 25% Down Payment + Closing Costs + 12 Months in Reserves
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Must have a 660+ Credit Score + 30% Down Payment + Closing Costs + 12 Months in Reserves
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Seller can contribute up to 6% of sales price towards buyer's closing costs. Seller Credit cannot be applied towards buyer's down payment.
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Only eligible for Primary and Secondary Homes.
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Each Additional Financed Property owned requires 2 months Additional PITIA for Subject Property OR Financed Property listed on REO
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Cannot have any 30 Day Lates in the Last 12 Months on their Primary Residence and/or Subject Property Mortgage if refinancing.
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Borrower cannot have more than 20 financed properties.
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Maximum Loan Amount $2,000,000
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Additional conditions may apply.
Bank Statement Loans
In some cases, a borrower’s tax returns don’t tell the whole story. The borrower’s income is derived using the most recent 12 or 24 months of personal and/or business bank statements. There are multiple options to calculate the borrower’s net qualifying income to make qualifying easy!
Minimum Requirements:
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740+ Credit Score + 10% Down Payment + Closing Costs.
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700+ Credit Score + 10% Down Payment + Closing Costs.
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660+ Credit Score + 20% Down Payment + Closing Costs.
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Up to 9% of sales price can be negotiated in Seller Credit towards buyer's closing costs if buyer is purchasing a primary or second home & buyer is putting 25% Down. Up to 6% of sales price can be negotiated in Seller Credit towards buyer's closing costs if buyer is putting 10% Down. For investment properties, up to 3% of sales price can be negotiated in Seller Credit towards buyer's closing costs. Seller Credits cannot be applied towards buyer's down payment.
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Maximum Debt to Income Ratio 50%
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Must have 12-24 months of Bank Statements.
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Loan Amounts up to $1M
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Loan Amounts over $1M require higher down payment amounts.
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Additional conditions may apply.
DSCR Loans
Perfect for Real Estate Investors seeking to expand their property portfolio. In today’s Airbnb/VRBO rental environment, this popular program has become wildly successful!
Minimum Requirements:
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700+ Credit Score + 20% Down Payment + Closing Costs.
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660+ Credit Score + 25% Down Payment + Closing Costs.
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640+ Credit Score + 30% Down Payment + Closing Costs.
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Loan Amounts up to $2M. Loan amounts over $1.5M will require a 40% Down Payment with a 640+ Credit Score, a 35% Down Payment with a 660+ Credit Score and a 30% Down Payment with a 680+ Credit Score.
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First time investors are allowed. However, additional conditions may apply.
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A certain amount of Gift Funds may be allowed.
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Additional condition may apply.
1099 Loans
The 1099 Loan product is for borrowers who are paid in the form of commissions or as an independent contractor and receive 1099(s). Can qualify with 1 or 2 Years of 1099 income.
Minimum Requirements:
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740+ Credit Score + 10% Down Payment + Closing Costs.
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700+ Credit Score + 15% Down Payment + Closing Costs.
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660+ Credit Score + 10% Down Payment + Closing Costs.
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Maximum Debt to Income Ratio is 50%
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Up to 9% of sales price can be negotiated in Seller Credit towards buyer's closing costs if buyer is purchasing a primary or second home & buyer is putting 25% Down. Up to 6% of sales price can be negotiated in Seller Credit towards buyer's closing costs if buyer is putting 10% Down. For investment properties, up to 3% of sales price can be negotiated in Seller Credit towards buyer's closing costs. Seller Credits cannot be applied towards buyer's down payment.
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Additional conditions may apply.
ITIN Loans
ITIN Loans are for Borrower's who have a valid Individual Taxpayer Identification Number, in lieu of a social security number, who want to purchase or refinance a home. The program allows multiple options for income documentation, including standard full doc and bank statements.
Minimum Requirements:
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Must have a 660+ Credit Score + 20% Down Payment + Closing Costs + 6 months reserves.
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First Time Homebuyers must have a 680+ Credit Score + a 12 month rental history.
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Maximum Debt to Income is 43%. Exceptions can be made for Debt to Income Ratios that are 50% under with a full file review and are subject to case by case depending on what compensating factors the applicants may have.
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All applicants must have 2 open tradelines reporting for 24-months with activity in the last 12 months; OR 3 open tradelines reporting 12-months with activity in the last 12 months
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If W2 Wage Earner, applicant must have a a minimum of 4 years continuous work history in the United States.
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Borrowers who are self-employed must be self employed for 2-years; however, 1-2 years is acceptable with 2-years previous employment in same line of work and no gaps.
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Gift funds are allowed for funds to close. A minimum of 5% contribution from Borrower’s own funds is required for primary residence and 10% for second home and investment properties.
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Loans up to $1.5mm
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Additional conditions may apply.
Don't see a loan program you meet the minimum requirements for?
We only advertise our most popular loan programs on our website & we may have a loan product that's right for you. If you're someone who has a significant amount of savings (usually at least 20%+ Down Payment however, it could be greater) and you also have good credit, give us a call to see if there's a loan program we can offer you. As a Mortgage Broker, we work with numerous banks/lenders that offer hundreds of different loan programs and we may just have the type of financing you need. Schedule your call today to find out what loan programs you may be eligible for.
Let's Work Together.
Not sure what loan program is the right fit for you? Contact us today and we'll guide you in the right direction.