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Purchase Loan Options

Conforming
Loan amounts up to $417,000 on single family home (higher limits for multi units)
Fixed and ARM programs
Available to 97% loan-to-value, over 80% loan-to-value borrower is required to pay monthly mortgage insurance premiums
5-20% down payment options
3% down payment options available to some borrowers
Primary, vacation, rental and investment occupancies allowed, as well as 2nd homes. Primary, 2nd Home and Investment property options

FHA
Loan amounts to FHA high-balance limits per state
Fixed and ARM programs
Minimum 3.5% down payment; great for first time home buyers!
Gift funds may be used toward down payment and closing costs
No early pre-payment penalties
Credit scores to 600 (*580 or lower in some cases); flexible debt ratios

JUMBO
Fixed and ARM programs; fixed options include 30 and 15 year; fixed ARM options include 5, 7 and 10 year
Purchase, Rate/Term Refinance and Cash-Out options available
Primary, second home and investment property options
Loans to $1,500,000; loans to $3,000,000
Max debt-to-income ratio of 43%

VA
Get cash-out up to 100% of home’s value
Interest Rate Reduction Refinance Loans available up to 135% of the property’s value; max cash out to borrowers is $500
No down payment on purchases up to the county limit
No monthly Mortgage Insurance payment
Maximum loan limit varies by state/county
Fixed and ARM programs, rate/term, cash-out
Single-family, PUD attached/detached
2-4 units (not allowed on 2nd home or investment VA IRRRLs)
Condominiums approved by VA
Credit scores down to 580

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