Agency & Jumbo Mortgages:  80% of mortgages are funded here

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Agency:  Fannie Mae and Freddie Mac

 

Jumbo:

Income

50% max debt-to-income ratio

Standardized document requirements

No flexibility

Credit History

Restrictive requirements

640 FICO = minimum

740 FICO = best pricing

Loan Types

Fixed Rate 10-15-20-25-30 years

Fixed/ARMS 5-7-10 years/30 yr term

95% Loan-to-Value

Summary

Best pricing on all programs

No exceptions to Guidelines allowed

Individuals or Family Trust vesting

Income

43% max debt-to-income ratio

Standardized document requirements

No flexibility

Credit History

Very restrictive requirements

700 FICO = minimum

760 FICO = best pricing

Loan Types

Fixed Rate 15-30 years

Fixed/ARMS 5-7-10 years/30 yr term

90% Loan-to-Value

Summary

Excellent pricing on all programs

No exceptions to Guidelines allowed

Individuals or Family Trust vesting