Loan amount: We have access to programs that offer loan amounts in all ranges:

• Conforming (up to $548,250);
• Non-conforming or “jumbo loans” (generally $548,250 or higher); and
• “Super-jumbo loans” (generally in excess of $1 million).
•  Please note that the limits may vary from year to year.  For example, in 2021, the limit increased from $510,400 to $548,250 for single-family residences.  For the most recent conforming loan limits, visit the Federal Housing Finance Agency’s website here.

Loan-to-value ratio (LTV):

• Typical LTVs can range up to 97%.

Debt-to-income ratio (DTI):

• Some lenders accept DTIs above 50%.

Credit score:

• Minimum FICO score requirements can start at 580 or even 500.

Terms: We offer many different payment terms, including:

• 3/1, 5/1, 7/1, 10/1 adjustable rate mortgages (ARMs);
• 5/1, 7/1, 10/1 interest-only ARMs;
• 10, 15, 20, 25, 30, and 40-year fixed rate mortgages; and
• 40-year interest-only fixed rate mortgages (first 10 years is interest-only).
• Note: We can also tailor the term to less traditional increments of 11 or 22 years, for example.

Eligible property types:

• We have programs for traditional property types (single-family residences, 2 to 4 unit properties, and townhouses).
• We also have programs for less traditional property types (co-ops, condo hotels, and non-warrantable condominiums).

Creative ways to show income: Our lenders offer alternative ways for borrowers to show income to qualify. For instance, borrowers can:

• Provide bank statements instead of tax returns;
• Utilize assets to show income (checking accounts, savings accounts, mutual funds, retirement assets);and/or
• Provide proof of less traditional sources of income (cryptocurrency/bitcoin and short-term rental income (including Airbnb income)).

All items are subject to change. Call David A. Krebs at 321-239-2781, click here to submit a message, or click here to book a call.