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Side-by-side comparison
Agency: Fannie Mae and Freddie Mac
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
Jumbo
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
Portfolio Plus:
Income
48% max debt-to-income ratio
Flexible document requirements with multiple qualifying options
Credit History
Flexible requirements
680 FICO = minimum
760 FICO = best pricing
Loan Types
5-7-10 year Fixed/Arm Combos
30 year fixed
80% Loan-to-Value
Summary
Very good pricing on all programs
Exceptions to Guidelines allowed
GOAL: transition to Agency or Jumbo
Non-Agency: Common Sense Lending
Income
50% max debt-to-income ratio
Flexibility to use multiple income options including:
-
bank statement qualifying
-
asset qualifying
-
investment property cash flow
Credit History
Very flexible guidelines
i.e. 1 day out of bankruptcy
As credit improves, pricing improves
620 FICO = minimum
760 FICO = best pricing
Loan Types
Fixed Rate 30 years
5-7 year Fixed + 23-25 year ARM
90% Loan-to-Value
Summary
Common sense underwriting
Competitive common sense pricing
Exceptions to Guidelines allowed
Individuals, Family Trust, LLC vesting
GOAL: transition to PORTFOLIO