How we are helping clients WIN with mortgages in 2023. Here is an overview of what is going on with 1-to-4-unit residential products TODAY. Rates are high but transactions still must get done, Purchase or refinance transactions are always closing.
Keep in mind that depending on the scenario and where you live, not everyone is eligible for some products below, loan amounts, and getting approved on products. Feel free to reach out to verify your scenario.
Conventional and FHA MAX Loan Amounts– ( 1 unit $1,089,300, 2 units 1,394,775, 3 units $1,685,850, 4 units $2,095,200) State and county can determine MAX loan amounts and be different from above.
- Conventional – Min 3 to 5% downpayment, DTI up to 49%, qualify with a 1-year tax return in some cases, gift for down payment, co-signers.
- FHA – 3.5% down up to 4 units, DTI up to 46/56, owner-occupied only, great for house hacking, gift for a down payment, co-signers.
- VA – 0% down up to 4 units, NO MAX loan amount, owner-occupied only, DTI can go up to 80% with AUS approval, BEST loan, great for house hacking, gift for a down payment.
- JUMBO – 10% down, interest only, 1-year tax return, ARMs, co-signers, close in LLC.
- SELF Employed– 10% down, interest only, 1 year self-employed, NO income, 12/24 bank statements, 1-year tax returns, DON’T need w-2, ARMs, close in LLC.
- Investment properties – up to 4 units, 80% LTV, interest only, cash out, new value 6 months, ARMs, NO income/tax returns, VRBO income, qualify off rental income, more than 10 financed properties, close in LLC, NO Pre-pay options.
- HELOC – up to 89% CLTV, primary and investment property options.
- Fix and Flip – 90% LTV and UP, 100% rehab, 24-month term, interest only, NO income, NO experience, NO PRE-PAY, 1 to 4 units, 5+ units.
- DSCR – 80% LTV, NO RATIO, and UP, NO Pre-PAY options, Interest ONLY, VRBO income OK, NO income verified, close in LLC.
- NON-QM – 90% LTV, recent credit event ( MTG late, short sale, foreclosure), NO income, bank statements for qualify, 1-year tax return, 1 year self-employed, interest only, close in LLC, Don’t need w-2, Arms, NO – PRE-PAY
- Construction loan – MAX 90% LTV and lower, 100% of rehab, 2-year term, interest only, NO Pre-pay, 1 to 4 units, have options to include land purchase.
Please reach out with any questions or schedule a FREE consultation to discuss your scenario and needs.
