Client Direct Loan Products - Complete Guide

Products Gude

Below is a comprehensive list of products across all of our investors.

If you want more information about a specific product, you will need to:

1. Find the AE contact information to reach out (complete list here).
2. If there are multiple lenders, email them using BCC (we outline how in this knowledge article).
3. After you have gotten responses back from AEs, you can submit a support ticket here if you need additional guidance moving forward.

If you find out a Lender is no longer offering that product, submit a ticket on our Scenario Request Form, and we will update this article.

Click on the Loan Product below to get more information about that product.

TABLE OF CONTENTS

• $100 DOWN
• $7,000,000 OO/2ND HOME
• 1 MONTH BANK STATEMENT
• 1-YEAR TAX RETURNS
• 10/1 ARM
• 100% GIFT DP
• 1099 ONLY
• 12-MONTH BANK STATEMENT
• 15 FIXED
• 15 FIXED HB
• 203(H) DISASTER VICTIMS PROGRAM
• 24-MONTH BANK STATEMENT
• 30 FIXED
• 30 FIXED HB
• 30 FIXED HB I/O
• 30 FIXED I/O
• 40 FIXED W 10-YEAR I/O
• 5/1 ARM
• 5/1 ARM HB I/O
• 5/1 ARM I/O
• 7/1 ARM
• 7/1 ARM I/O
• 95% 1,500,000 NO MI
• ADJUSTABLE RATE HECM
• ADJUSTABLE RATE MORTGAGES
• ADVANTAGE ITIN
• ADVANTAGE PROGRAMS
• AFFINITY LOAN PROGRAM
• AGGRESSIVE ASSET INCOME
• ASSET DELETION 101%
• ASSET DELETION 7 YEAR
• ASSET DEPLETION
• ASSET PROGRAMS
• ASSET UTILIZATION
• ATR IN FULL
• BANK STATEMENT PROGRAMS
• BANKRUPTCY
• BRIDGE LOAN (CURRENTLY LISTED PROPERTY)
• CALPLUS CONVENTIONAL
• CALPLUS CONVENTIONAL WITH ZIP
• CALPLUS FHA
• CALPLUS FHA WITH ZIP
• COMMUNITY SECONDS
• COMMUNITY MORTGAGE | CDFI
• CONSTRUCTION LOANS
• CONDOTELS
• CONVENTIONAL PROGRAMS
• CROSS- COLLATERAL
• DACA
• DAISY
• DEBT SERVICE COVERAGE RATIO PROGRAM (DSCR)
• DEPARTING RESIDENCE
• DOCTOR LOAN
• DOWN PAYMENT / CC ASSISTANCE
• DPA ADVANTAGE
• ECONOMIC OPPORTUNITY MORTGAGE
• ENHANCED RELIEF (HIGH LTV)
• EXPANDED CRITERIA
• EZ ADVANTAGE
• FHA 15
• FHA 15 HB
• FHA 203(k)
• FHA 30
• FHA 30 HB
• FHA PROGRAMS
• FIXED-RATE HECM
• FIXED-RATE LOANS
• FLEXIBLE ADVANTAGE 
• FOREIGN NATIONAL
• GOOD NEIGHBOR NEXT DOOR
• GSFA PLATINUM
• HECM FOR PURCHASE 
• HELOAN
• HOME EQUITY LOAN OPTIMIZER
• HOME POSSIBLE
• HOME READY
• HOMEONE
• HOMESTYLE RENOVATION
• ITIN
• IMMIGRANT PROGRAMS
• INVESTOR ADVANTAGE
• INVESTOR ADVANTAGE ARM
• INVESTOR CASH FLOW "NO INCOME"
• INVESTOR NIV NO DSCR
• INVESTOR PROGRAMS
• IQM AGENCY PLUS (NON-QM FULL DOC)
• IQM ASSET QUALIFICATION
• IQM BANK STATEMENT
• IQM BANK STATEMENT PREMIER
• IQM INVESTOR
• JUMBO 10/1
• JUMBO 30
• JUMBO 30 I/O
• JUMBO 5/1
• JUMBO 5/1 I/O
• JUMBO 7/1 
• JUMBO 7/1 I/O
• JUMBO EXPRESS
• JUMBO MAX
• JUMBO PLUS
• JUMBO PRIME
• JUMBO PROGRAMS
• LAND LOAN
• LLC LLP INC. & TRUST
• LONG-TERM HARD MONEY
• MANUFACTURED HOME
• MULTI-FAMILY
• MYHOME
• NO CONDO APPROVAL REQUIRED 
• NO INCOME DOCUMENTS / NO RATIO
• NO FICO NON-TRADE CREDIT
• NO INCOME ASSET QUALIFIER
• NO SEASONING CASH-OUT REFI
• NON-OCCUPANT CO-BORROWERS (JUMBO)
• NON-OWNER BUSINESS PURPOSE 
• NON-PERMANENT RESIDENT ALIEN
• NON-PRIME CREDIT ISSUES
• NON-RESIDENT ALIEN
• OO/2ND HOME BUSINESS PURPOSE
• OUTSIDE OF DODD-FRANK
• OUTSIDE OF DODD-FRANK PLUS
• OVER 5 UNITS, MIXED-USE, OFFICE & RETAIL SPACE
• P&L W/CPA LETTER ONLY
• PLATINUM BANK STATEMENT
• PORTFOLIO PRIME
• PORTFOLIO SELECT BANK STATEMENT
• REVERSE MORTGAGE
• REVERSE MORTGAGE/ HECM PROGRAMS
• RSU INCOME
• SINGLE-FAMILY GUARANTEED LOAN
• SINGLE-FAMILY GUARANTEED LOAN (STREAMLINED ASSIST REFI)
• SMARTEDGE
• SMARTEDGE PLUS
• SMARTFUNDS
• SMARTSELF
• SMARTSELF PLUS
• SMARTTRAC
• SMARTVEST
• STEAP
• UNISON/EQUITY SHARE
• USDA PROGRAMS
• USDA STREAMLINED ASSIST REFI
• USDA/ RURAL HOUSING
• VA 15 FIXED
• VA 30 FIXED
• VA HB 15
• VA HB 30
• VA PROGRAMS
• VERIFICATION OF EMPLOYMENT
• VOE ONLY
• ZIP

$100 DOWN

For this program, the borrower must purchase a HUD-foreclosed home. To take advantage of this program, the borrower will be required to use FHA financing to purchase the property. The normal down payment for an FHA home loan is 3.5%. The main reason HUD offers the $100 down payment program is to sell HUD foreclosed homes and get owners into them quickly.  

Lenders:

$7,000,000 OO/2ND HOME

This program is for A and A- borrowers with a maximum LTV of 65% Collateral should be located in an area where there is an abundance of recent comparable properties exhibiting both similar characteristics containing little to no adjustments and close proximity. 

Lenders: 

1 MONTH BANK STATEMENT

For this program, the borrower must provide only 1 month of bank statements that show the regular receipt of income. The borrower may or may not need tax returns.The borrower will usually need to be self-employed for at least 2 years. For the 1-month bank statement program, the borrower will usually need an above-average credit score. 

Lenders: 

1-YEAR TAX RETURNS

This program is for Jumbo loans.  It is best for self-employed borrowers who are in their current business for 2 years. The maximum DTI is 47%, gift funds are ok after 10% of the borrower’s own funds are submitted. No extensions are allowed, and the lender will accept YTD P&L income with bank statements. 

Lenders:

10/1 ARM

A 10/1 Arm is a loan with a fixed rate for the first 10 years which includes principal and interest.  After the 10-year span the interest rate can change in addition to the monthly payment. (190 cc)

Lenders:

100% GIFT DP

This is an FHA Loan that allows the borrower to obtain their down payment through a gift from one of the following sources: A relative, a fiancée, and as their sole residence. Borrowers can purchase HUD homes for 50% off the list price, with a low $100 down payment. The borrower can use any type of mortgage loan for the purchase, and a VA loan can be used to purchase for 100% financing. 

Lenders:

1099 ONLY

2 Years 1099’s Max LTV 75% purchase 70% refinance (not available for “D Credit” borrowers) with a maximum loan amount of $2,000,000.  

Lenders: 

12-MONTH BANK STATEMENT

For this program, the borrower must provide 12 months of bank statements that show the regular receipt of income. The borrower may or may not need tax returns. The borrower will usually need to be self-employed for at least 2 years. 

Lenders:

15 FIXED

A 15-year fixed mortgage is a home loan that has a fixed interest rate for a 15-year term. The interest rates will be lower but will have a higher monthly payment which will pay off the loan faster and build equity quicker.  

Lenders:

15 FIXED HB

A 15-year fixed high balance is a conventional loan with a fixed interest rate that is subject to high-cost loan limit areas. The home needs to be in a high-balance mortgage county in order to qualify for this type of loan.  

Lenders:

203(H) DISASTER VICTIMS PROGRAM

This program provides mortgage insurance to protect lenders against the risk of default on mortgages to qualified disaster victims. These individuals are eligible for this program if their homes are in an area that was designated by the President as a disaster area if their homes were damaged or destroyed to an extent that reconstruction or replacement is necessary. 

Lenders:

24-MONTH BANK STATEMENT

For this program, the borrower must provide 24 months of bank statements that show the regular receipt of income. The borrower may or may not need tax returns. The borrower will usually need to be self-employed for at least 2 years.

Lenders:

30 FIXED

A 30-year fixed-rate mortgage has a fixed interest rate for a 30-year term. It is the most common type of mortgage loan to finance a property because the repayment period is long and monthly payments are low and flexible. This type of loan is great for borrowers who are looking to live in their property long-term with low payments.

Lenders:

30 FIXED HB

A 30-year fixed high balance is a conventional loan, subject to high-cost loan limit areas. The home needs to be in a high-balance mortgage county in order to qualify for this type of loan. 

Lenders:

30 FIXED HB I/O

A 30-year fixed high balance I/O will have lower payments during the initial phase of the loan and will be significantly higher during the final period. This type of loan is subject to high-cost loan limit areas. The home needs to be in a high-balance mortgage county to qualify for this type of loan.

Lenders:

30 FIXED I/O

A 30-year fixed I/O loan will have lower payments during the initial phase of the loan and will be significantly higher during the final period. This type of loan is great for borrowers who are looking to lower their monthly payments.

Lenders:

40 FIXED W 10-YEAR I/O

A 40 Fixed w 10-year I/O is a loan where the borrower pays interest for the first 10 years and the payments are then amortized for the next 30 years.

Lenders:

5/1 ARM

A 5/1 Arm is a loan with a fixed rate for the first five years which includes principal and interest. After the 5 year span the interest rate can change in addition to the monthly payment. 

Lenders:

5/1 ARM HB I/O

This loan is identical to a 5/1 ARM I/O, aside from the high balance qualifications. 

Lenders:

5/1 ARM I/O

5/1 Arm Interest only has a fixed interest rate for the first 5 years of the loan and during the same 5-year period, only interest payments are required.

Lenders:

7/1 ARM

A 7/1 Arm is a loan with a fixed rate for the first 7 years which includes principal and interest. After the 7-year span, the interest rate can change in addition to the monthly payment.

Lenders:

7/1 ARM I/O

7/1 Arm Interest only has a fixed interest rate for the first 7 years of the loan and during the same 7-year period only interest payments are required. 

Lenders:

95% 1,500,000 NO MI

This loan is for borrowers who need a loan up to 1,500,000 with 95% LTV and will not be required to obtain Mortgage Insurance. 

Lenders:

ADJUSTABLE RATE HECM

Adjustable rate HECM allows more flexibility on accessing the home’s equity as well as featuring lower rates. The rate is subject to change starting from the beginning of the loan. The homeowner can choose to receive home equity in monthly payments. 

Lenders: None

ADJUSTABLE RATE MORTGAGES

Common borrowers that use adjustable rate mortgage ARMs are for borrowers who need a lower rate and payment early in the loan term. Because lenders consider the lower payment when qualifying the individual, the borrower can purchase a more expensive home than they could with a fixed rate, higher initial monthly payment loan. ARMs also allow borrowers to take advantage of falling rates without refinancing. (See 5/1 ARM, 5/1 ARM I/O, 5/1 ARM HB I/O, 10/1 ARM, 7/1 ARM, 7/1 ARM I/O)

ADVANTAGE ITIN

This program is for self-employed borrowers and is used for purchase and rate and term only. Needs 640 Min fico, VOE for the wage earner, 2 years tax returns, and 2 years business license.

Lenders: 

ADVANTAGE PROGRAMS

The advantage program is for borrowers who cannot provide tax returns because of a high amount of write-offs. This program is also great for wage earners who cannot provide full documentation.

Lenders: None

AFFINITY LOAN PROGRAM

A loan option for medical professionals (doctors, dentists, and veterinarians) who are purchasing their first home, a move-up property or refinancing an existing home. Cash-out is not permitted, 720 FICO, 47% max DTI.

Lenders: None

AGGRESSIVE ASSET INCOME

A program for employed and self-employed borrowers. Must use post-closing reserves for calculation of income. Minimum of $500,000 needed to qualify. 

Lenders:

ASSET DELETION 101%

No rate adjustments. Maximum LTV 80% and maximum loan amount $3,000,000. The borrower needs lamt x 101% liquid assets net of Down payment and closing costs.

Lenders:

ASSET DELETION 7 YEAR

Maximum LTV 80% maximum loan amount $2,000,000. Borrowers must have PITIA for 7 years.

Lenders: 

ASSET DEPLETION

Borrowers seeking to supplement their qualifying income using documented assets. Employed, retired, unemployed (Athas <55 age) Max LTV 80% - Max loan amount $2M. Need PITIA x 7 years. Large scale assets used as monthly income in place or in addition to other income. Need $500K post close; amortize funds at 5% over a period based on their age between 10-30 years.

Lenders: 

ASSET PROGRAMS

Asset programs are for borrowers who need to use assets in place or in addition to their income to qualify for a loan (without liquidating those assets). Asset programs can usually be combined with most other programs: W2, Bank Statement, etc.
(See Asset Utilization, Aggressive Asset Income, Asset Depletion)

ASSET UTILIZATION

This program utilizes assets as a qualifier in lieu of income. 

Lenders:

ATR IN FULL

ATR in Full is a rule established to set minimum standards that a lender must use to determine that consumers can repay the mortgage they get.

Lenders:

BANK STATEMENT PROGRAMS

Common borrowers that use Bank Statement Loans-

Bank Statement programs are for self-employed borrowers who need to use business or

personal bank statements to document their income, sometimes even in place of tax returns.
 (See 1 Month Bank Statement, 12 Month Bank Statement, 24 Month Bank Statement, Platinum Bank Statement, Portfolio Select Bank Statement, iQM Bank Statement,iQM Bank Statement Premier)

BANKRUPTCY

Loan options are available for borrowers who have filed for bankruptcy.  

Lenders: 

BRIDGE LOAN (CURRENTLY LISTED PROPERTY)

A short-term loan is taken out by a borrower against their current property to finance the purchase of a new property. Usually, a 6-12-month term. 

Lenders: 

CALPLUS CONVENTIONAL

The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30-year fixed interest rate than the standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs. 

Lenders:

CALPLUS CONVENTIONAL WITH ZIP

This program is a CalHFA Conventional first mortgage up to 97% LTV with built-in assistance for closing costs. Additional fees will apply to loans over $453,100. Max LTV of 95% for loans over $453,100. ZIP is 3% or 4% of the first mortgage loan amount. HomeReady Guidelines apply to this program. Borrowers may have a monthly premium, single premium or split premium (LO: appeal to compensate for DTI) If your borrower's DTI is not eligible, try split premium mortgage insurance. LO must inform Genworth using CalHFA to get reduced rates. A huge benefit to this program is that the borrower must only meet CalHFA income limits and will get reduced Mortgage Insurance.

Lenders:

CALPLUS FHA

The CalPLUS FHA loan program is a fully amortized 30-year fixed interest rate. It is also combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Lenders: 

CALPLUS FHA WITH ZIP

CalPLUS with ZIP is an FHA Insured first mortgage with built-in assistance for closing costs. Additional fees will apply to loans over $453,100. This program does not affect LTV. It is possible to resubordinate ZIP if rate & term. 

Lenders:

COMMUNITY SECONDS

Community Seconds mortgages permit Fannie Mae lenders to leverage public, nonprofit, and employer funds to finance down payment and/or closing costs. A Community Seconds mortgage is a subordinate mortgage that is used in connection with a first mortgage delivered to Fannie Mae. For most purchase transaction mortgages delivered to Fannie Mae, no minimum contribution from the borrower’s own funds are required on one-unit properties. A Community Seconds loan may provide the necessary funds for all or part of the down payment,

closing costs, and property renovations. 105% LTV.  

Lenders:

COMMUNITY MORTGAGE | CDFI

 Lenders:

CONSTRUCTION LOANS

A construction loan is a short-term loan used to finance the building of a home or another real estate project. The builder or home buyer takes out a construction loan to cover the costs of the project before obtaining long-term funding. Because they are considered relatively risky, construction loans usually have higher interest rates than traditional mortgage loans.

See this Knowledge base article

CONDOTELS

This program is for borrowers needing to finance “Condotels” which is a hybrid of a condominium and hotel that is being operated as a commercial hotel even though the units are individually owned. Minimum $100,000 loan amount. LTV Limits vary by property and loan amount.

Lenders: 

CONVENTIONAL PROGRAMS

Common borrowers that use conventional loans. Conventional loans are for the borrower with a decent credit score of 620+ (in most cases) and at least a 5% down payment. A 20% down payment will eliminate PMI. The borrower will also need to have <40% DTI.
(See Fixed Rate Loans, Adjustable-Rate Mortgages, VA Programs, FHA Programs, Jumbo Programs)

CROSS- COLLATERAL

A loan that uses the collateral of an existing loan to secure a new loan. 

Lenders: 

DACA

The DACA program is known as Deferred Action for Childhood Arrivals. It is a relief program that gives certain undocumented youth who came to the U.S. as children. It allows holders to have a social security card, driver's license, and work permit. Lenders would have to determine residency status before granting a loan. FHA allows financing for DACA holders who want to purchase a home.

Lenders:

DAISY

Daisy is a down payment assistance program to help cover closing costs needed for down payment and combine it with secondary financing.

Lenders: None

DEBT SERVICE COVERAGE RATIO PROGRAM (DSCR)

The DSCR program is used to qualify a borrower by analyzing the source of their income for stability and continuity.

Lenders:

DEPARTING RESIDENCE

A loan is available for borrowers during selling their primary residence or retaining the property to convert it to a second home or investment property. There are different requirements depending on whether you will be obtaining an FNMS, FHLMC, FHA or VA loan.

Lenders:

DOCTOR LOAN

A doctor loan is a low-down payment mortgage available to physicians, dentists and other eligible medical professionals. IT doesn’t require any mortgage insurance and are often considered jumbo mortgages as it is a higher loan balance than conventional and FHA loans. 

Lenders: 

DOWN PAYMENT / CC ASSISTANCE

DP/CC Assist Programs are for borrowers who need assistance obtaining funds to meet their minimum down payment requirements and paying closing costs. Depending on the program, there are credit score requirements (generally a minimum 640) income limits, and geographic restrictions. 

Lenders: None

DPA ADVANTAGE

DPA Advantage is designed to provide down payment assistance equal to 2% of the purchase price to a wide variety of eligible borrowers. This program is offered by a governmental entity and may be used with the FHA 203(b) program or any of our FHA renovation programs. 

Lenders:

ECONOMIC OPPORTUNITY MORTGAGE

The EOM program is designed for low- to moderate-income households who are interested in purchasing a home or refinancing their existing mortgage. It is also available for borrowers looking to purchase or refinance a property in a qualifying census tract. EOM helps make home ownership more affordable. With competitive interest rates and no private mortgage insurance (PMI) required, the EOM Program is a perfect home loan program that provides lower monthly payments versus traditional loan programs. If the borrower has a limited credit history, the EOM program allows for alternative non-traditional credit items, such as utility and rent payments, to be considered when approving the loan.

Lenders: None

ENHANCED RELIEF (HIGH LTV)

This program provides refinance opportunities to borrowers with existing Freddie Mac mortgages who are making their mortgage payments on time yet LTV for a new mortgage exceeds the maximum allowed standards. 

Lenders: None

EXPANDED CRITERIA

Expanded criteria mortgage loan is a first-lien mortgage underwritten to the same high credit standards as a conventional conforming mortgage loan. 

Lenders: 

EZ ADVANTAGE

This is an asset depletion program that must cover 60 months PITI. Min fico 641 and max LTV is 60%.

 Lenders: 

FHA 15

FHA 15 year is a program common among first-time home buyers. The 15-year fixed loan is amortized over 15 years. 

Lenders: 

FHA 15 HB

FHA 15-year is a program common among first-time home buyers. The 15-year fixed loan is amortized over 15 years. This type of loan is subject to high-cost loan limit areas. The financed property must be in a high-balance mortgage county in order to qualify for this type of loan.

Lenders:

FHA 203(k)

An FHA 203(k) loan is a type of government-insured mortgage that allows the borrower to take out one loan for two purposes – in particular, for home purchase and home renovation. An FHA 203(k) loan is wrapped around rehabilitation or repairs to a home that will become the mortgagor’s primary residence. An FHA 203(k) is effectively an FHA construction loan.

Lenders:

FHA 30

FHA 30-year is a program common among first-time home buyers. The 30-year fixed loan is amortized over 30 years. 

Lenders:  

FHA 30 HB

FHA 30 year is a program common among first time home buyers. The 30-year fixed loan is amortized over 30 years. This type of loan is subject to high cost loan limit areas. The home needs to be in a high balance mortgage county in order to qualify for this type of loan. 

Lenders:

FHA PROGRAMS

Common borrowers that use FHA loans. FHA are federally insured loans for borrowers who might not have excellent credit or a large down payment. FHA loans have flexible lending requirements than conventional loans, which makes it easier to qualify, yet still must-have for insurance premiums and Annual MIP for the life of the loan.
 (See FHA 30, FHA 15, FHA 30 HB, FHA 15 HB)

FIXED-RATE HECM

A fixed-rate HECM is a loan where you will know the interest rate for the entire lifespan of the loan. This program also requires that the borrower receives all of the loan proceeds in a lump sum at the time of closing. 

Lenders: None

FIXED-RATE LOANS

Common borrowers that use fixed-rate loans. Fixed-rate loans are for borrowers who want to keep their mortgage payments predictable and stable.
(See 40 Fixed w 10 Year I/O, 30 Fixed, 30 Fixed I/O, 15 Fixed, 30 Fixed HB, 30 Fixed HB I/O, 15 Fixed HB)

FLEXIBLE ADVANTAGE 

The flexible advantage program is for self-employed or 1099 borrowers with low credit scores looking to refinance their property. 

Lenders: None

FOREIGN NATIONAL

The Foreign National Program is tailored to the unique challenges foreign nationals have funding loans. Income verification letter from employer or CPA accepted. No tax returns required. Foreign credit report allowed. LTVs up to 75%. Only 30 days’ sourcing and seasoning of assets for LTVs up to 50% and Various Visa types accepted. 

Lenders:

GOOD NEIGHBOR NEXT DOOR

For this program, the borrower must be purchasing a HUD foreclosed home. Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, the borrower must commit to live in the property for 36 months as their sole residence. Borrowers can purchase HUD homes for 50% off the list price, with a low $100 down payment. The borrower can use any type of mortgage loan for purchase, and a VA loan can be used to purchase for 100% financing. 

Lenders: 

GSFA PLATINUM

GSFA’s Platinum Program provides applicants with down payment and/or closing cost assistance in the form of a non-repayable grant up to 5 percent of the total loan amount. This is a gift in the true sense, which means it is not a second mortgage, does not create a lien against the property, and there are no terms for repayment. Any home being purchased under the program must serve as the applicant’s primary residence; the program is designed to help individuals purchase homes, not investment properties. Additionally, all applicants must fall under the Program’s Income Limits, have a credit score of at least 640, and a maximum debt-to-income ratio of 50 percent. Unlike most down payment assistance programs, there is no requirement for applicants to be first-time homebuyers. 

Lenders: None

HECM FOR PURCHASE 

This program is a reverse mortgage that allows homeowners who are 62 years or older to purchase a new principal residence using loan proceeds from the reverse mortgage. It is a flexible repayment feature which allows borrowers to repay as much or as little monthly or make no monthly principal or interest payments. This allows more savings and retirement assets as well as improves cash flow. 

Lenders: None

HELOAN

This is a loan against home equity. This program has a fixed interest rate and provides the borrower with one lump sum withdrawal.

Lenders: 

HOME EQUITY LOAN OPTIMIZER

Home Equity Loan Optimizer (HELO) provides access to home equity for those who may not qualify for an FHA loan.

Lenders:

HOME POSSIBLE

Freddie Mac Home Possible is a 97% LTV program. This program assists low- to moderate-income borrowers with loans made for certain low-income areas. At least one borrower must be a first-time home buyer, but there are ` limits or geographic restrictions. Much like HomeReady®, down payments can come from a variety of flexible sources. The minimum down payment required is 3%. 

Lenders: 

HOME READY

This is a Fannie Mae program designed for low-to-moderate-income borrowers with down payments as little as 3%. With this program, the cash for the down payment and closing costs can come from multiple sources such as gift funds and grants. HomeReady mortgages are a line of conventional home loans offered by Fannie Mae that are meant to help low- and moderate-income borrowers buy or refinance. HomeReady loans reduce the typical down payment and mortgage insurance requirements, but they're also more flexible about allowing contributions from other people. 

Lenders:

HOMEONE

HomeOne mortgages is a low down payment option that serves the needs of more first-time homebuyers, along with no cash-out refinance borrowers. This mortgage solution allows you to help more first-time homebuyers achieve the milestone of homeownership, regardless of their income levels or geographic location. This loan is for purchases and no cash-out refinances. No borrower geographic or income limits apply. Homebuyer education is required for purchase transactions when all borrowers are first-time homebuyers. One-unit properties with fixed rate financing only. Standard 35% mortgage insurance coverage required for LTVs > 95%. Custom mortgage insurance coverage available with a credit fee in price. Home One allows both Affordable Seconds® and other secondary financing per Single-Family Seller/Servicer Guide Bulletin requirements. HomeOne allows 3% minimum down payment. 

Lenders: 

HOMESTYLE RENOVATION

A HomeStyle Renovation loan is a long-term renovation loan backed by Fannie Mae and available to owner-occupied homeowners as well as small buy-and-hold investors. HomeStyle combines the purchase and rehab of a property together as a single loan.

Lenders: 

ITIN

ITIN  (individual tax identification number) loans are designed for borrowers who do not have a social security number, but can provide an ITIN number as an alternative form of identification. You can expect a down payment of 15-25% and will need a 2 year work history. Foreign nationals, ITIN holders and people covered by the DACA Act are not United States citizens, but they can obtain mortgage loans in this country. This group of people will not qualify for Fannie, Freddie and FHA mortgages, so lenders that offer them mortgages typically either keep them in portfolio or sell them into the secondary market. Therefore, a foreign national, ITIN holder or Dreamer will have a much better chance of finding a mortgage for a non-citizen if they work with a broker.

 Lenders:

IMMIGRANT PROGRAMS

Immigrant programs are available for borrowers who were not born US nationals.
 (See Non-Resident Alien, Non-Permanent Resident Alien, Foreign National. ITIN)

Lenders: 

INVESTOR ADVANTAGE

Investor advantage is a program for investment properties only that allows no personal income to qualify and it is best for investors with various credit challenges. These investors are trying to purchase more or refinance what they currently have. This program can pertain to self, non-self-employed and retired borrowers. 

Lenders: 

INVESTOR ADVANTAGE ARM

Investor advantage ARM is a program for investment properties only that allows no personal income to qualify and it is best for investors with various credit challenges. These investors are trying to purchase more or refinance what they currently have. This program can pertain to self, non-self-employed and retired borrowers. This is also an adjustable-rate mortgage. 

Lenders:

INVESTOR CASH FLOW "NO INCOME"

No income is required for this program, cash out must be for business purposes. 

Lenders:

INVESTOR NIV NO DSCR

This is a standard loan for the following type of borrowers: Non-prime, business purpose, hard money, long-term and bridge. 

Lenders:

INVESTOR PROGRAMS

Investor programs are for borrowers who do not intend to use the property as their primary residence, but plan to use the property for eventual financial gain: Rentals, “fix & flip” etc.
(See Investor Advantage, Investor Advantage ARM, Investor Cash Flow “No Income”, IQM Investor)

IQM AGENCY PLUS (NON-QM FULL DOC)

This program is designed for high-credit quality borrowers with jumbo and conforming loans that fall outside the parameters for qualified mortgages. 

Lenders: 

IQM ASSET QUALIFICATION

With this program, borrowers are qualified based on abundant verified liquid assets. Qualified loan amounts up to $3 million, minimum 600 credit score, not employment or income on 1003, DTI not required, 4506 not required. 

Lenders: 

IQM BANK STATEMENT

This program is for self-employed borrowers using bank statements with or without asset amortization.  Self-employed borrowers must provide business or personal bank statements for a 12-month period. Loan amounts up to $3,000,000 and DTI up to 50%. The borrower may use asset amortization to obtain additional qualifying income. IQM is considered a high-risk loan.  

Lenders: 

IQM BANK STATEMENT PREMIER

This program is for self-employed borrowers. Qualifications are 680 credit score minimum, 43% DTI. The borrower will also need 6 months of minimum reserves. Borrower cannot use cash out from property as reserves, and reserves cannot be waived. 

Lenders: None:

IQM INVESTOR

This program is designed for the experienced real estate investor who is purchasing or refinancing investment properties which he or she holds for business purposes. The borrower is qualified based on the cash flows of the subject property ONLY, regardless of the number of properties owned by the investor. The borrower must have 600 minimum credit score, but the DTI is not calculated. 

Lenders: 

JUMBO 10/1

A Jumbo 10/1 ARM is a loan with a fixed rate for the first 10 years that includes principal and interest.  After the 10 year span the interest rate can change in addition to the monthly payment. The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit.  

Lenders:

JUMBO 30

A 30-year fixed jumbo mortgage is a home loan that will be repaid over 30 years at a fixed interest rate. The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit. 

Lenders: 

JUMBO 30 I/O

A 30 Jumbo I/O is a 30-year fixed interest-only loan that will have lower payments during the initial phase of the loan and will be significantly higher during the final period. This type of loan is great for borrowers who are looking to lower their monthly payments than paying off the loan.  The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit of $484,350. 

Lenders:

JUMBO 5/1

A Jumbo 5/1 Arm is a loan with a fixed rate for the first 5 years which includes principal and interest.  After the 5 year span the interest rate can change in addition to the monthly payment. The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac

loan purchase limit. 

Lenders:

JUMBO 5/1 I/O

A Jumbo 5/1 I/O is a loan that will have lower payments during the initial phase of the loan

and will be significantly higher during the final period. This type of loan is great for borrowers who are looking to lower their monthly payment. ARM is a loan with a fixed rate for the first 5 years which includes principal and interest.  After the 5 year span the interest rate can change in addition to the monthly payment. The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit.  

Lenders:

JUMBO 7/1 

A Jumbo 7/1 ARM is a loan with a fixed rate for the first seven years which includes principal and interest. After the 7 year span the interest rate can change in addition to the monthly payment. The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit.  

Lenders:

JUMBO 7/1 I/O

A Jumbo 7/1 I/O is a loan that will have lower payments during the initial phase of the loan and will be significantly higher during the final period. This type of loan is great for borrowers who are looking to lower their monthly payment. ARM is a loan with a fixed rate for the first seven years which includes principal and interest.  After 7 years, the interest rate can change in addition to the monthly payment. The amount of the jumbo mortgage will exceed the current Fannie Mae and Freddy Mac loan purchase limit.  

Lenders:

JUMBO EXPRESS

Jumbo Express is an option for a borrower who needs a loan for primary residence or second home. Depending on the property type. LTV’s start at 75% and go as high as 85% and credit scores starting as low as 680.  

Lenders:

JUMBO MAX

Jumbo max loans are also available for primary residence and second homes. Depending on the property type, the LTV starts at 70% and goes up to 90%. Credit scores start at 680 minimum depending on property type and loan size. Maximum loan amount $3,000,000, and no PMI is required.

Lenders:

JUMBO PLUS

Jumbo plus offers loans for primary residence, second home and investment borrowers. The maximum loan amount is $2,500,000, with LTV as low as 70% going up to 80% depending on the property type and amount of loan. Credit scores as low as 700 to 760 depending on property type and loan amount.  

Lenders:

JUMBO PRIME

Up to $3,000,000 loans for owner-occupied properties, LTV varies by loan size. Borrowers must have prime credit. 

Lenders:

JUMBO PROGRAMS

Jumbo loans are for borrowers that need to take out loans that exceed the conforming loan limit, and the high balance limit. Borrowers will need to have an above-average credit score as the lowest usually accepted for a Jumbo loan will be 680/700, depending on the lender. Jumbo loans are traditionally only available for owner-occupied properties and require a full 20% down payment.
(See Jumbo 30, Jumbo 30 I/O, Jumbo 5/1, Jumbo 5/1 I/O, Jumbo 7/1, Jumbo 7/1 I/O, Jumbo 10/1, Jumbo Express, Jumbo Max, Jumbo Prime, Jumbo Plus)

LAND LOAN

A loan to purchase land that doesn't have a property built on it

Lenders: 

LLC LLP INC. & TRUST

Limited Liability Partnerships, Incorporations, and Trust Holders. All parties to the entity must sign - investment property only. 

Lenders:

LONG-TERM HARD MONEY

A traditional hard money loan is usually a 12-month term, this option gives borrowers options of 2-5-year terms. This loan can be interest only or interest and some principal with a balloon payment at the end of the term. 

Lenders: 

MANUFACTURED HOME

This program is for borrowers who seek to purchase a manufactured home instead of a traditionally built home. Each lender will have different qualifications for the borrower.

Lender: 

MULTI-FAMILY

A multi-family home is a property with two to four separate living units within the same structure as a duplex. Can qualify for a fixed rate mortgage, ARMS, and government financing such as FHA and VA loans. 

Lenders: 

MYHOME

The MyHome Assistance Program is a deferred payment, simple interest rate, subordinate loan that may only be used with a CalHFA first mortgage. Your low to moderate-income first-time homebuyer can use this loan for down payment and/or closing cost assistance. Loan amount = 3.5% of the sales price or appraised value (whichever is less) with 2.5% simple interest (added to balance every year). This program is for first time homebuyers only and may be combined with ZIP program. MyHome cannot be combined with School program. This loan is required to take 2nd lien position (if using ZIP, ZIP will then be moved to 3rd lien position). The borrower can use MyHome funds for down payment or closing costs. If combining with ZIP, use ZIP for closing, and use MyHome for down payment. Interest accrues and there is no monthly payment for MyHome. The payment is not included in DTI. 

Lenders: 

NO CONDO APPROVAL REQUIRED 

All programs 80% LTV maximum. No restricted areas. 

Lenders:

NO INCOME DOCUMENTS / NO RATIO

A no-ratio mortgage is a mortgage program in which a borrower's income isn't used or reported in qualifying the borrower for the mortgage. The loan is made based on the borrower's down payment, credit score or assets. Self-employed individuals can have fluctuating income and are eligible for a variety of tax deductions. These loans are unregulated and do not meet the Consumer Credit Protection Act requirement to verify the borrower’s financials. 

Lenders:

NO FICO NON-TRADE CREDIT

This program is available to borrowers who do not have a current FICO score or a way to provide traditional credit report data. 

Lenders: 

NO INCOME ASSET QUALIFIER

This program allows clients to qualify based on their properties cash flow. There is not personal income or tax returns required to qualify. This program is great to build a portfolio of income generating properties. 

Lenders: 

NO SEASONING CASH-OUT REFI

This type of cash out refinance does not require the “seasoning” period that most loans do. The borrower does not have to have owned the property and made the traditional 6 mortgage payments on the loan to access its equity. 

Lenders:

NON-OCCUPANT CO-BORROWERS (JUMBO)

This Jumbo program allows non-occupant co-borrowers to assist the primary borrower in qualifying for the loan. The non-occupant co-borrower does not need to be a family member.

Lenders:

NON-OWNER BUSINESS PURPOSE 

This program is for wage earners and self-employed. It does not require no TRID documents which makes this program unique. It also has no income requirements, no reserves or asset requirements. This is a great option for single unit or multi-unit properties up to four units. 

Lenders: 

NON-PERMANENT RESIDENT ALIEN

A borrower living in the United States without a green card but has a social security number. These residents are in the U.S. for a non-permanent employment project or position yet are still interested in purchasing a home in the U.S. 

Lenders: 

NON-PRIME CREDIT ISSUES

Non-Prime loans do not fit into the restraints of government lending standards, so they are not qualified mortgages. These loans are temporary to help the borrower before they can qualify for a regular prime loan. They are made for borrowers who have past credit events in forms of foreclosure, bankruptcy, short sale, or late payment collections. 

Lenders:

NON-RESIDENT ALIEN

A borrower who has a green card and a social security number. 

Lenders:

OO/2ND HOME BUSINESS PURPOSE

This is a Hard Money bridge loan available only in Arizona, California, Colorado, Idaho, Montana, New Mexico, Oklahoma, Oregon, Texas, Utah, and Wyoming. 51% of proceeds MUST be for business purposes. 

Lenders: 

OUTSIDE OF DODD-FRANK

This program is for investment properties. No Reserves. Up to 75% LTV. Up to $5,000,000 loan amounts. Interest only is available and there are no pre-payment penalties. Stated income for 1-4-unit properties: Investment, Business Purpose O/O, Foreign Nationals, Fix & Flip. 

Lenders: 

OUTSIDE OF DODD-FRANK PLUS

This program is for borrowers who are looking to finance 5 to 35-unit properties: Investment, Business Purpose, Loans to business entities and trusts. Up to 75% FLV, mixed use, interest only is available. Up to $3,000,000 loan amounts. 

Lenders: None

OVER 5 UNITS, MIXED-USE, OFFICE & RETAIL SPACE

This loan is for borrowers who want to finance a property with over 5 units of office & retail space. 

Lenders:  

P&L W/CPA LETTER ONLY

This program is for self-employed borrowers to qualify for a loan using their Profit & Loss Report and a letter from their CPA. Borrower must be self-employed for at least 2 years. Maximum LTV 75% purchase – 70% refinance (not available for “D Credit” borrowers) Maximum loan amount $2,000,000. 

Lenders:  

PLATINUM BANK STATEMENT

For this program, 12 months Bank statements are acceptable proof of income for loans up to $3,000,000. Acceptable Credit scores as low as 660, with LTV’s maxing at 95%. This program is for primary residences and second homes.  

Lenders:

PORTFOLIO PRIME

Portfolio Prime is a jumbo loan for A+ borrowers. 

Lenders:

PORTFOLIO SELECT BANK STATEMENT

This program is for borrowers who otherwise might “just miss” the requirements of conventional underwriting and will accept bank statements as proof of income. Loans to $3,000,000. Credit Scores as low as 600, up to 90% LTV with no Mortgage Insurance. 

Lenders:

REVERSE MORTGAGE

A reverse mortgage is a loan available to homeowners who are 62 years or older which allows them to access a portion of their home equity and use it as collateral. 

Lenders:  

REVERSE MORTGAGE/ HECM PROGRAMS

Common borrowers that use Reverse Mortgage/ HECM ProgramsReverse Mortgages are for borrowers over the age of 62 who want to borrow funds against their home equity while still maintaining ownership of the home. (See Reverse Mortgage, Adjustable Rate HECM, Fixed Rate HECM, HECM for Purchase)

Lenders:  

RSU INCOME

This loan allows the borrower to use Restricted Stock Units to qualify for their loan. The RSU’s must have been granted and vested (reported as income) for the previous 2 years with the current employer to qualify. In addition to the vesting requirement, the continuance of RSU awards must be verified. The additional RSU awards must be of an amount that is consistent with the RSU qualifying income. 

Lenders:  

SINGLE-FAMILY GUARANTEED LOAN

This program assists approved lenders in providing low- and moderate-income households the opportunity to own a decent property in a rural area. 

Lenders:  

SINGLE-FAMILY GUARANTEED LOAN (STREAMLINED ASSIST REFI)

This program is a USDA direct and guarantees borrowers a streamline option available to help them reduce their payments quickly and easily. It gives borrowers an opportunity to get lower monthly payments regardless of negative equity. 

Lenders:  

SMARTEDGE

For borrowers qualifying full-doc with non-agency/ non-qm features. Loan amounts up to $3,000,000. 4+ years major derogatory credit. 1x30x12 housing. DTI up to 50%, 620 min. FICO. $2M Cash Out at 85% LTV, $1M Cash in hand. Up to 15 financed properties and appraisal transfers permitted. Use asset amortization (asset depletion) to qualify. 90% LTV Purchase/Rate & Term. No Mortgage Insurance, with optional Interest Only 

Lenders:  

SMARTEDGE PLUS

Same as Smart Edge except 0x30x12 housing and 2-4 years major derogatory credit. 

Lenders:  

SMARTFUNDS

For borrowers with significant eligible assets that can't qualify with traditional documentation. Net residual assets > 60 months of total monthly obligations + reserves. LTVs up to 90% for Purchase & Rate/Term and up to 85% Cash Out – No Mortgage Insurance. Primary residences and second homes. No DTI calculation and optional Interest Only. Simply put, the lender will add up all of the borrower's eligible assets and subtract the entire loan amount and closing costs. Then the lender will compare that to their total monthly obligations over 5 years plus reserve requirements. If qualifying assets are greater than their total obligations and reserves, they qualify. 

Lenders:  

SMARTSELF

For borrowers using Bank Statements and/or Asset Amortization to qualify. Loan amounts up to $3,000,000. Borrowers may use 12- or 24-month bank statements or asset depletion to qualify. No tax transcripts or tax returns required, DTI up to 50%, 620 minimum FICO score. 90% LTV Purchase/Rate & Term – No Mortgage Insurance required. 

Lenders:  

SMARTSELF PLUS

This program is the same as Smart Self except: Loan amounts up to $1,00,000. 2-4 years major derogatory credit with 85% LTV Purchase/Rate & Term - No Mortgage Insurance required. 

Lenders:  

SMARTTRAC

For borrowers who have derogatory credit such as bankruptcies or multiple 30-day lates. Bankruptcy, Short Sale, Deed-in-Lieu: 12 months seasoning. 620 min. FICO – all occupancy types accepted. $1,000,000 Cash Out at 80% LTV, $1,000,000 Cash in hand. Up to 15 Financed Properties and up to 45% DTI; 50% with 3 months of additional reserves. 

Lenders:  

SMARTVEST

For experienced Real Estate Investors with Multiple Financed properties and Complex Finances. Loan amounts up to $1,000,000. No TRID disclosure required, DTI is not calculated - use cash flow analysis instead. No tax transcripts or tax returns required with 640 minimum FICO score with interest only option. 

Lenders:  

STEAP

STEAP is a School Teacher and School Employee Assistance Program. The STEAP assistance loan is a deferred payment and interest (3.25%) silent second mortgage loan of up to 4% of the sales price. These funds can be used to satisfy the minimum down payment requirement and help pay buyer closing and settlement costs. 

Lenders:  

UNISON/EQUITY SHARE

An equity share loan; the lender provides this loan alongside your main mortgage in return for a share of any profits the borrower obtains when they sell the home or repay the loan. 

Lenders: 

USDA PROGRAMS

USDA loans are for borrowers who are purchasing a home in a “rural” area. The area must lay within a USDA-approved county/ region. Most USDA loans require a minimum credit score of 640 and an adjusted household income of 115% of the area median income. (See USDA Streamlined Assist Refi, USDA/ Rural Housing)

USDA STREAMLINED ASSIST REFI

This program is a refinancing option for existing USDA borrowers. Lower payment options are available even if you have no equity. No credit check is required and there are no DTI limits. 

Lenders:

USDA/ RURAL HOUSING

These programs are backed by the United States Department of Agriculture. They are available to borrowers with low to average income. These programs provide 100% financing to borrowers, which means no down payment. Reduced Mortgage Insurance, and below market mortgage rates are some additional perks of this program. Borrower must have a minimum credit score of 640. They also must meet income requirements, which vary by county. (Manufactured homes less than 12 months old may be eligible).  

Lenders:

VA 15 FIXED

A VA 15 fixed is a 15-year fixed rate loan that requires no down payment. This program does require an upfront VA funding fee which can be rolled into the loan or paid by the seller. 

Lenders: 

VA 30 FIXED

A VA 30 fixed is a 30-year fixed rate loan that requires no down payment. This program does require an upfront VA funding fee which can be rolled into the loan or paid by the seller. 

Lenders: 

VA HB 15

A VA High Balance 15 year is a 15-year fixed rate loan that requires no down payment. This program does require an upfront VA funding fee which can be rolled into the loan or paid by the seller. It is subject to high cost loan limit areas, which means the home is required to be in a high balance mortgage county in order to qualify. 

Lenders: 

VA HB 30

A VA High Balance 30 year is a 30-year fixed rate loan that requires no down payment. This program does require an upfront VA funding fee which can be rolled into the loan or paid by the seller. It is subject to high cost loan limit areas which means the home is required to be in a high balance mortgage county in order to qualify. 

Lenders: 

VA PROGRAMS

Common borrowers that use VA loansVA loans are for active or retired Veterans who have served 90 or more consecutive days of active service during wartime. They are also for those who served at least 181 days of active service during “peacetime” or spent 6 years of service in the National Guard or Reserves. VA loans are also available to the spouse of a service member, or the widow/widower of a service member who has died in the line of duty or as a result of a service-related disability (See VA 30 Fixed, VA 15 Fixed, VA HB 30, VA HB 15).

VERIFICATION OF EMPLOYMENT

Mortgage lenders will verify employment by contacting the employer directly and reviewing recent income documentation. 

Lenders:  

VOE ONLY

VOE Only program only needs two years of employment verified, and a voice verification on the day the loan will fund. The program does not require any income documents and is open to borrowers with credit scores of at least 650. 

Lenders: 

ZIP

Z.I.P (Zero Interest Program) is a deferred loan, not a grant. It is a silent second lien that will be 3-4% of the first mortgage amount to assist with closing costs, mortgage insurance etc. Cannot be used toward down payment or debt. Borrower pays the loan off when they sell/refi/ or have maintained residence for 30 years. HB fees apply and vary. Can be combined with MyHome or School Program. First-time home buyers only. Zip is not a separate program; it must be used in addition to other DP assist programs. 

Lenders: