Fannie Mae
Fannie Mae Standard 97
FNMA HomeReady
FNMA HomeStyle/HomeReady Renovation
Non-Employment Related assets for income FNMA
Freddie Mac
Freddie Mac HomePossible and HomeOn
Freddie Mac Borrow Smart
Freddie Mac – Choice renovation
Assets as a basis for repayment Freddie Mac
Conforming ARMs
Extended Rate Lock Features
FHA
Delmar 100
FHA 203K Standard
Limited 203K
VA
Spring EQ – HELOC and HELOAN
USDA
Down Payment Assistance
Jumbo Lending Highlights
Reverse Mortgage
DSCR -Non QM
Bank statement program – Non-QM
ITIN
Foreign National – Non-QM
Fix and Flip
Recreational/Lot Loans
Condotel – Non-QM
Interest Only – Non QM
Advantage – 40 Year Loan – Broker
Advantage – Bank Statement Loan -Broker
Expanded Prime
Non Prime
Quorum – HELOC and Bridge Loans
97% LTV
Combined LTV up to 105% with eligible community second.
Conforming loan limits ($766,550)
620 minimum FICO
First time homebuyer program
Property Types: 1 unit principal residence, eligible condos, co-ops, PUDs and
Manufactured Home Advantage
Fixed rate mortgages with a maximum 30 year term eligible
Reserves (if required) may be gifted
Homebuyer education required when all occupying borrowers are first time
home buyers and LTV >95%.
97% LTV (1 unit, purchase only)
Conforming loan amounts ($766,550)
620 minimum FICO
Purchase or Rate/Term Refinance
Income limits 80% AMI
Gifts allowed
25% MI Coverage
Flexible income sources include ADU and boarder income
Non-occupant borrower permitted up to 95% LTV
At least one borrower must complete homeownership education if all
borrowers are FTHB.
Max financed properties – 2
LTV 80% purchase and rate/term and 70% cash-out
Credit score: 680 < = 70% and 720 > 70%
Principal and Second homes only
1-2 unit primary, 1 unit second home, manufactured not eligible
Asset seasoning:
12 months with minimum credit score of 720
24 months with credit less than 720
24 months for cash-out
Minimum asset amount:
Purchase or Rate/Term, the lesser of one and one half times the original
UPB or $500K.
Cash-out – $500K
Eligible assets:
Checking/Savings
Investment in stocks, bonds, mutual funds, CDs, money market and trust
accounts.
Cash value of a vested life insurance policy
Funds from the sale of an investment property.
Asset requirements:
Owned individually by the borrower, or the co-owner of the asset must also
be the co-borrower.
Assets must be liquid and available without penalty.
Income Calculation: Divide “Net documented assets” by the mortgage term.
Percentage of funds allowed:
100% for depository accounts (checking/savings/CD)
70% for stocks, bonds, mutual funds
LTV up to 97%
Conforming loan limits ($766,550)
620 minimum FICO
DTI per LPA Accept
Non-occupant co-borrowers with blended ratios
85% Cash Out*
*Investor specific restrictions apply
Manufactured homes (max 95% LTV)
Financed Properties – 10
Mortgage Insurance Options
Future employment offers & contracts for salaried employees.
Total assistance $3000 ($1500 from both Freddie and lender)
Qualifying income up to 140% of AMI
Purchase only – 1-2 unit properties in specific metropolitan area (MSA)
Can use with HomeOne or Conventional
Must have LP of “Accept”
At least one borrower MUST be a first time homebuyer
Homeownership Counseling through HPF required
Minimum borrower contribution not required
Gift funds allowed
Can be used in conjunction with other DPA programs that meet Freddie guides
FOCUS AREAS:
Atlanta – Sandy Springs – Alpharetta (GA)
Chicago – Naperville – Elgin (IL)
Detroit – Warren – Dearborn (MI)
El Paso – Houston (TX)
The Woodlands – Sugar Land (TX)
McAllen – Edinburg – Mission (TX)
Memphis (TN-MS-AR)
Miami – Fort Lauderdale – Pompano Beach (FL)
Philadelphia – Camden – Wilmington (PA, NJ, DE, MD)
St. Louis (MO, IL)
Max LTV 80%
Purchase and Rate/Term only.
Primary and second home only
1-2 unit primary, 1 unit second home
Divide “Net documented assets” by 240
Ineligible assets:
Virtual currency/Cryptocurrency
Any funds required to complete the transaction (Down payment, closing
costs and reserves)
Any gift or borrowed funds
Any portion of assets pledged as collateral for a loan or otherwise
encumbered
Eligible assets:
Retirement account recognized by IRS (401K, IRA)
Borrower must be sole owner
Borrower has rights to the funds in account and fully vested
Cannot be currently used as a source of income
Lump sum distribution in eligible retirement account
Depository accounts and securities
Assets from the sale of a business
95% LTV/CLTV
620 minimum FICO
All occupancy types
LPA Accept or DU Accept/Eligible
Lock periods for 90, 120, 180, 240, 270 days
Available on Fixed Rate or Adjustable Rate
Acceptable for Convention and Government loans
Upfront lock-in fee is required at the time of lock, but then applied towards
closing cost at the time of funding
Float down options available
Investor specific overlays may apply
Max LTV/CLTV is 100%
600 minimum FICO
Owner occupied only
No First Time Homebuyer requirements
DTI per AUS findings
1 – 2 unit properties (includes Condos/PUDs)
0% borrower contribution from own funds
FHA Max loan amounts apply
Homebuyer education required with FICO scores under 640
Rehabilitation Loan for primary residence 30 year fixed rate
Credit score – Per total scorecard findings (DU or LP)
Primary residence only
Minimum loan amount $40,000
Minimum repair amount $5,000
Purchase and rate/term refinance
Borrower financed payments available during construction
Loan based on As-Improved Value
30 year fixed rate only
Maximum Draws – 5
No minimum repair amount
Max repair amount: $35K including all renovation cost
Minor remodeling and non-structural repairs.
Foundation work not allowed
Maximum Draws 2
540 minimum FICO
Single family, condos, PUDs, 2-4 units, and manufactured homes
IRRRL (streamline refinance)
DTI per AUS approval
Owner occupied
No Annual MI
Funding fee may be waived with service related disability, see certificate of eligibility for details
100% LTV plus Guarantee Fee
580 minimum FICO
Single family, condos, PUDs, and manufactured homes
Purchase
Refinance
Lifetime MI
Property must be in an eligible area
Bond loans, grants, second liens
Assistance for First Time Homebuyers and Subsequent Homebuyers
Mortgage Credit Certificate Program (MCC)
Colorado: Grand County Housing Authority
Florida: FHFC – Florida Housing Finance Corp
Illinois: IHDA, Madison County Homebuyer Program and St Clair County Grant
Kansas: Kansas housing Assistance Program (KHAP)
Michigan – Michigan State House Development Authority
Mississippi: MRB7 – MS Home Corp (MHC)
Missouri: MHDC – Missouri Housing Development Committee
Nebraska: NIFA – Nebraska Investment Finance Authority
North Carolina: NCHFA – North Carolina Housing Finance Agency
Ohio: OHFA – Ohio Housing Finance Agency
South Carolina: Community Works
Tennessee: THDA – Tennessee Housing Development Authority
Texas: Texas State Affordable Housing Corp (FSAHC)
LTV as high as 90% (Limited options available to 95%)
Loan Amounts up to $3,000,000.00*
660 minimum FICO**
DTI limit is 45%
Required reserves as little as 3 months PITIA
Accommodate all types of borrowers; First Time Homebuyers, Non-Permanent
Residents, etc.
Investors, Non-Occupant Co-Borrowers
No MI options for loans with less than 20% down
Ability to include income from Annuitization of Assets
*Credit qualifications must be met to achieve maximum loan amount.
**Restrictions may apply. See full guidelines for limitations.Unlock your homes equity.
FICO based on program.
LTV based on age, rate and program.
Minimum age is 62 in most states.
Broker and Loan Officer need licensed in the state.
No minimum FICO on most products
Max loan proceeds up to $4M
Property must be borrowers’ primary residence.
Property type: SFR, Condo, 2-4 unit (Manufactured home available on some
products).
Financial counseling required.
Properties may be in LLC name
Loan amounts to $2M (Minimum $75K)
680 minimum FICO
Investment properties only
No limit on financed properties
1-4 family properties
Non-Warrantable Condos allowed
Purchase, Cash-Out & Rate/Term
Foreign Nationals Allowed
100% gift funds allowed, LTV restrictions may apply
For self-employed borrowers
UP to 85% LTV
Credit score: 660 primary and 680 investment/2nd home
Max cash out – $500K
Vesting options: Individual, Trust and LLC
Additional feature: 1099 income option
LTV
Full doc 1-2 years 80% purchase/rate term or 70% cash-out
Bank stmt 12-24 months 80% purchase/rate term or 70% cash-out
1099 1-2 years 80% purchase/rate term or 70 % cash-out
Minimum loan amount $100K
Minimum FICO 660
Loan Term: 15-30 year fixed or 30-40 year interest only
Asset depletion allowed and can be combined with other income sources
Reserves required (based on loan amount)
Max DTI 50%, may go up to 55% with 680 FICO and compensating factors
Gifts allowed for primary residence after borrower 5% contribution
No more than 20 acres allowed
Rural properties allowed, LTV reduced by 5%
Max LTV 75% on purchase and 65% cash-out
700 minimum FICO
2nd home and Investment property only
Identification – Passport with photo OR 1-797 AND I-94
Borrowers from OFAC sanctioned countries or diplomatic immunity are
ineligible
ACH debit for payment required
Gift funds are not allowed
Allowable Visa types: B-1,B-2, H-2, H-3, I, J-1, J-2, P-1, P-2, TN, NAFTA
(Canadian or Mexican Professional/Business), Laser Visa (Exclusions for those
participating in States Dept Visa Waiver Program – VWP)
DSCR available with 1:1 ratios or greater. Min FICO 700, Max LTV 75%
(Purchase/RT) 65% (Cash out), Max loan amount $2M – Reserves required
LTV varies based on customer experience as an investor
620 minimum FICO
Loan Term: 12-18 months
Minimum loan amount $50K
Maximum loan amount $7.5M
Property types: SFR, Condo, Multi Family, Townhomes
NOO multi family and 5+ unit apartments programs available
No cash out allowed on heavy rehab
Available in KY, TN, IN, OH
LTV – Purchase 75%, Refinance 65%
Max Loan amount $1.5M
Owner Occupied, 2nd Home and Non-owner available
Full Doc, Alt Doc or DSCR
Short term rental income allowed
Must be at least 500 sq ft.
Property must include a bedroom and fully functioning kitchen
Max LTV – 85%
Max loan amount $3M
Minimum loan amount $75K
680 minimum FICO
Loan Term – 40 years (10 years I/O then 30 year amortization)
Full Doc, Bank Statement and Property Cash Flow available
Interest only
Max loan amount – $3M Minimum loan amount $100K
600 minimum FICO
MI not required
Max DTI – Up to 55% with credit score >680 (full doc)
Bankruptcy seasoning – 12 months
Asset depletion for income allowed
1099 income treated as self-employed
Gift funds allowed. Borrower must contribute 3% regardless of LTV
Non-Occ Co-Borrower not allowed for qualifying
Reserves required
LTV up to 90%
Max loan amount $3M
660 minimum FICO
DTI 50%
Max cash out – $500K
Cash out over $500K requires 720 FICO
Cash out can be used towards reserve requirement
Products – 30 year fixed, 40 year I/O and ARM loans
Occupancy – Primary, 2nd home and Investment
Documentation requirements:
Standard Full Doc
1 year P/L and self employed business bank statement (12 and 24 month)
Ineligible states – AK, MA, MO, NY, WV and HI
LTV up to 80%
Max loan amount $1.5M
620 minimum FICO
DTI up to 50%
Products – 30 year fixed, 40 year I/O and ARM loans
Occupancy – Primary, 2nd home and Investment
Max cash out $500K – can be used towards reserve requirement
Ineligible states: AK, MA, MO, NY, WV, HI
Delmar Financial Company | Delmar Mortgage
NMLS: #30998
1066 Executive Parkway, Suite 100, St. Louis MO, 63141
Delmar Mortgage is an Equal Housing Lender
Toll Free: (888) 866-8734
Mon – Sat: 8:45 AM – 5:15 PM CST
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
Delmar Mortgage Ⓒ 2024
Delmar Mortgage ⓒ 2022
Marketing request information