1) No Employment Seasoning for W-2 salaried and Full-Time Hourly Employees
a) Only count base pay, no overtime/commissions/bonus income
b) Need only two current pay stubs
c) New job can be in a different field/career than prior job
2) Second/Vacation Homes Up To 80% LTV/CLTV
a) Maximum loan amount on first mortgage is $500K (dependent on credit score)
b) Maximum loan amount on second mortgage is $100K (dependent on credit score)
c) Total U.S. Bank CFD loans/lines can not exceed $500K
d) Not available in Tier-1 states
3) Manufactured Double-Wide Homes Up TO 80% LTV
a) 680-mid for all borrowers
b) Maximum loan size $200K
c) Subject property must be permanently installed, no vinyl/wood skirting, property must be detitled
4) Purchase Money to 90% LTV/CLTV
a) 10% down payment money can be derived from family member gift funds, 401K loans, loans taken against assets (cars, boats, motor homes, etc.) or a signature loan. We will count the other/new loans in the DTI calculation.
b) 10% down payment loans/funds can not be in the form of a mortgage against the property.
c) Requires 750 credit score, max loan amt. of $500K
5) Purchase Money to 85% LTV/CLTV
A) 660 credit score
6) Stated 80% LTV up t0 $417,000
7) FHA 580+ Credit Score
TreyThomas
Mt Pleasant, SC
Cell: 843-367-3128