Basic Information for Purchase Loan Programs
Conforming, FHA, VA, Jumbo, and Niche Programs
Basic Condo Loan Information
Conventional Conforming Loans:
Maximum 1st Lien: $417,000
Primary Residence:
90- 95% LTV - Minimum FICO 620
Property types: Single family 1-2 units, warrantable condos, and PUDs
2nd Liens Available for Single family and PUDs (NO condos):
$10,000 to $100,000-minimum 680 FICO
Over 100K to $150K-minimum 725 FICO 90% CLTV
97% Flex- requires 3% down; can be gifted. MI required. Minimum 680 FICO
Property types: Single family, Condos, and PUDs
2nd liens not allowed
2nd Liens are available: 80/15/5 and 80/10/10. A conforming loan of
$417,.000 can be combined with a 2nd lien up to $100K.
Second Homes:
90% LTV Minimum FICO 680 - no 2nd liens
90% CLTV Minimum FICO 680, with 2nd LIEN must have 700 FICO
Property types: Single family 1unit, warrantable condos, PUDs
Investor:
80% LTV Minimum FICO 620
Property types: Single family 1-2 units, warrantable condos,
FHA Loans
Maximum Loan Amount $271,050
96.5% LTV Primary residence only (unless HUD REO) Minimum Fico 580
Property types: Single family, townhouses, condos
Only required seller paid: $90 for tax service fee
Seller can contribute up to 6% for closing costs and prepaids
Non-occupying co-borrower allowed; ideal for parent buying "kiddie" condo
VA Loans
Maximum Loan Amount $417,000
100% LTV Primary residence only Minimum Fico 580
Property types: Single family, townhouses, VA approved condos
Texas Vet loan available for Veterans with 2 year Texas residency or Texas
was place of deployment
Jumbo Loans
Loan amounts over $417,000
Minimum Fico 700 (for lower scores see Niche Jumbos)
Fixed Products:
90% LTV to $900,000 with no MI
80/90 CLTV to $900,000 with 2nd lien
60/70 CLTV to $1,500,000
3/1, 5/1, 7/1 ARMS available with or without interest only option