CRITERIA

FHA

VA

USDA

CREDIT

AS LOW AS 500 FICO

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DEBT-TO-INCOME

MAX 54.99% DTI

MAX 60% DTI

MAX 60% DTI

DOWN PAYMENT

AS LOW AS 3.5%

0% IF FICO 600+

AS LOW AS 0%

5% IF FICO <600

OCCUPANCY

PRIMARY RESIDENCE

PRIMARY RESIDENCE

PRIMARY RESIDENCE

TERMS

FIXED & ARM AVAILABLE | DEPENDENT ON THE LENDER

TRANSACTIONS

PURCHASE | REFINANCE (CASH OUT/ RATE&TERM / STREAMLINE)

PURCHASE | REFINANCE (IRRRLs AND CASH OUT)

PURCHASE | REFINANCE (RATE&TERM / STREAMLINE / STREAMINE - ASSIST)

ELIGIBLE PROPERTIES

SINGLE FAMILY MANUFACTURED HOMES | DOUBLE WIDE | PUD NOT IN MOBILE HOME PARKS | FEE SIMPLE ONLY | CONDOS APPROVED BY EACH AGENCY

STRUCTURAL ENGINEERS REPORT

REQUIRED

NOT REQUIRED

REQUIRED FOR PURCHASE | NOT REQUIRED FOR REFI

HAVE A CH 7 BANKRUPTCY?

WAIT 2 YEARS SINCE DISCHARGE

WAIT 2 YEARS SINCE DISCHARGE

WAIT 3 YEARS SINCE DISCHARGE

HAVE A CH 13 BANKRUPTCY?

1 YEAR OF ON TIME PAYMENTS

1 YEAR OF ON TIME PAYMENTS

1 YEAR OF ON TIME PAYMENTS

HAVE A FORECLOSURE?

MUST WAIT 3 YEARS FROM COMPLETION

MUST WAIT 2 YEARS FROM COMPLETION

MUST WAIT 3 YEARS FROM COMPLETION

INCOME [IF SALARIED]

2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB

INCOME [IF SELF-EMPLOYED]

2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED

ASSETS

PAST 60 DAYS OF ALL ASSET ACCOUNTS

EMPLOYMENT VERIFICATION

PROVE EMPLOYMENT FOR PAST 2 YEARS

PROOF OF IDENTITY

PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD