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Mortgage Programs
A Plus Mortage Solutions
Mortgage Programs
A Plus Mortgage Solutions, Inc. offers a number of different types of mortgage programs.
Below you will find more information about each of them.
Conventional
Underwritten to Fannie Mae & Freddie Mac guidelines. Minimum credit score is 620. Two separate 3% down programs (Standard and HomeReady/HomePossible). Maximum debt ratio 45% with exceptions available to 50%. Less cumbersome gift documentation requirements. Does have a maximum loan limit.
- Requires a minimum of 5% down of borrower’s own funds.
- Requires Mortgage Insurance (MI) if less than 20% is put down.
- MI can be Traditional Monthly or Single-premium, but a minimum 680 middle credit score is required.
- When 20% down or more, a 620 middle credit score is required.
- Appraisals can sometimes be waived when putting 20% or more down.
- Documentation requirements can sometimes be reduced when putting 20% or more down.
- Seller assist is limited to 3% of purchase when borrower is putting down less than 10%. If borrower puts 10% or more down, then 6% seller assistance is permitted.
FHA
Underwritten to HUD guidelines. Minimum 3.50% down. Minimum credit score is 550. Higher debt ratios permitted compared to Conventional (with an automated underwriter approval). Property must meet minimum safety & condition guidelines. Maximum loan limit is lower than that of the Conventional program. No income restrictions. Streamline refinances are permitted.
- Requires 3.50% down, but these funds can be a gift from a blood relative.
- Upfront MI and monthly MI are required on an FHA mortgage regardless of Loan-to-Value and must remain for a minimum of 5 yrs.
- Full 2-2-2 documentation
- Requires that property meets minimum standards for safety and condition as stipulated by HUD. Appraiser determines this.
- Pest Inspection, Water Test and Septic Inspection are typically required.
- Permits a non-occupant to cosign the loan. Must be a relative.
- Allows 6% seller assistance
VA
Underwritten to VA guidelines. Only available to eligible active duty, National Guard, Reserves, Veterans or their surviving spouses. No money down financing is possible. Minimum credit score is a 550. Only Veteran or Veteran & Spouse may be on the loan. Property must meet minimum safety and condition guidelines. Has both debt ratio and residual income requirements. Child Care Expenses are considered an obligation for both debt ratio and residual income calculations. Streamline refinances are permitted. Non-occupant coborrowers are not permitted.
- Requires no money down, but is only available to eligible Veterans. A Certificate of Eligibility must be obtained showing that Veteran has full entitlement. Gift funds are permitted from a blood relative.
- Veteran must pay a Funding Fee which can be financed. If a Veteran has a service-related disability, then he/she may be exempt from the Funding Fee.
- Veterans must meet debt ratio and disposable income requirements.
- Full 2-2-2 documentation
- Requires that property meets minimum standards for safety and condition as stipulated by VA. Appraiser determines this.
- Pest Inspection, Water Test and Septic Inspection are typically required.
- Does not permit coborrowers with the exception of the borrower’s spouse.
- Allows 4% seller assistance
USDA Rural Housing Program
Underwritten to USDA guidelines. No money down financing is possible. Minimum credit score is 640. Only available when property is located in a Rural Development-designated area. Single Family, PUD’s and Condos are eligible. Multi-unit and mobile homes are not eligible. Has household income restrictions for qualifying. Has lower debt ratio guidelines compared to all other programs. Non-occupant coborrowers are not permitted.
- Requires no money down and any funds needed to close can be a gift from anyone and can even be borrowed.
- Has geographic restrictions, but they have a website to make it a little easier to determine eligibility: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
- USDA will not finance mobile homes, properties in flood hazard area nor properties with in-ground swimming pools (although exceptions for in-ground swimming pools can be obtained).
- Has income restrictions which can also be found on the website.
- Upfront Guarantee Fee and monthly Guarantee Fee are required on a USDA mortgage regardless of Loan-to-Value and will remain for the life of the loan.
- Full 2-2-2 documentation
- Requires that property meets minimum standards for safety and condition as stipulated by USDA. Appraiser determines this.
- Pest Inspection, Water Test and Septic Inspection are typically required.
- Does not permit coborrowers and borrowers cannot own any other real estate
- Allows 6% seller assistance.
- Permits debts to be paid at settlement to qualify.
Bank Statement Program
Permits Borrowers to utilize business-related deposits for qualifying averages over a period of time (typically over 12 mos or 24 mos., depending upon the programs) rather than using tax returns for qualifying.
DSCR Program
Permits Borrowers to qualify to purchase investment properties using strictly the cashflow from the subject property. No other income is used for qualifying in this program.
