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