All Loan Products
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FHA Loans
FHA Loan Benefits
- Low down-payment options
- Flexible income and credit requirements
- Higher debt to income and Loan to Value options
- No income restrictions
FHA Loan Requirements
Minimum 3.5% down payment (possibly more depending on credit score)
Credit Scores down to 500 (most lenders are minimum credit score of 580 but at Exclusive Mortgage we want to help as many families get into their dream home as possible)
Debt-to income ratios allowed to 45% housing expense and 56.99% total debt to income (credit scores can reduce these in some situations)
FHA approval of the property (FHA has some extra safety items that the property must meet at appraisal)
Mortgage Insurance, which is built into the loan which includes an upfront mortgage insurance as well as a monthly mortgage insurance payment
Conventional Loans
Conventional Loan Benefits
- Low down-payment options (as low as 3% down, however any down payment less than 20% the loan will include mortgage insurance)
- No up-front mortgage insurance or PMI when have 20% equity or more
- No income restrictions
- Low rates for qualified borrowers
Conventional Loan Requirements
Minimum 3% down payment (possibly more depending on credit score)
Credit Scores down to 620 (most lenders are minimum credit score of 640 but at Exclusive Mortgage we want to help as many families get into their dream home as possible)
Debt-to income ratios allowed to 45% housing expense and 50% total debt to income (credit scores can reduce these in some situations or require cash reserves to qualify)
Meet Fannie Mae or Freddie Mac guidelines
USDA Loans
USDA Loan Benefits
- 100% financing of the purchase price
- Credit Scores down to 540
- Zero down payment options available
- Low rates for qualified borrowers
USDA Loan Requirements
Property must be defined as rural by the USDA map
Credit Scores down to 540
Must be a lower to moderate income levels for the area median to qualify
Allows for First-time and repeat homebuyers
Jumbo Loans
Bank Statement Loans - Self Employed
Are you a Self-Employed entrepreneur who can’t get a mortgage loan through the normal loan channels? Then call Exclusive Mortgage we can qualify you based on your business or personal bank statements. We can use your monthly deposits as income and open home ownership to individuals whose tax documents do not allow them to qualify for a conventional or government backed loan.
Bank Statement Loan Benefits
- LTVs to 85% with no MI
- Credit scores starting at 680
- Purchase and cash-out or rate-term refinance
- Must be self-employed for 24 months
- Loans up to $3 million
- 12 or 24 months Personal OR Business bank statements
- No tax returns
- 1099 option available
DSCR Loan - Investor Cash Flow
Are you an investor trying to grow your rental property cash flow, but do not qualify by Fannie Mae or Freddie Mac guidelines? Call Exclusive Mortgage today we have a solution for you. No personal incomes are necessary, and we will not ask for complicated income statements or tax returns. Approval is based on credit score and property cash flow.
DSCR Loan Benefits
- Credit scores starting at 680
- Properties can be in LLC’s name
- Up to 80% LTV
- Loans up to $1.5 million
- Minimum debt service coverage ratio of 1.0
- No debt service coverage ratio
- No limit on total number of properties
- Non-warrantable condos OK
- Short-term rentals and VRBOs allowed
- Purchase and cash-out
