FHA Loan Guidelines

VA Loans Program Guidelines

550 minimum middle credit score for all borrowers on the loan – purchase
620 minimum middle credit score for all borrowers on the loan – one-time close construction loan
No foreclosure or short sale within three years of contract ratification date
No Chapter 7 bankruptcy discharge within two year of contract ratification date
No mortgage delinquency in the last 12 months for a FHA Streamline Refinance

Maximum loan limit is established by The Department of Housing and Urban Development and is determined by the County where the property is located and by the household units. Click here for loan limits in your area
Base Loan amount is determined by the purchase price of the house, less the down payment (minimum 3.50% down required). The Base Loan can’t exceed maximum HUD loan limits
Total Loan amount is the purchase price, less the down payment, plus the FHA 1.75% Upfront Mortgage Insurance Premium (UFMIP)

Mortgage Term of More Than 15 Years
Base Loan Amount	LTV	MIP (bps)	Duration
Less than or equal to $625,500	< 90.00% > 90.00% but < 95.00% > 95.00%	80 80 85	11 years Mortgage term Mortgage term
Greater than $625,500	< 90.00% > 90.00% but < 95.00% > 95%	100 100 105	11 years Mortgage term Mortgage term
Mortgage Term of Less Than or Equal to 15 Years
Base Loan Amount	LTV	MIP (bps)	Duration
Less than or equal to $625,500	< 90.00% > 90.00%	45 70	11 years Mortgage term
Greater than $625,500	< 78.00% > 78.00% but < 90.00% > 90%	45 70 95	11 years 11 years Mortgage term

As determined by Automated Underwriting System or AUS with DTI ratios up to 56%. Requires a Desktop Underwriter “Approved/Eligible” or Loan Prospector “Accept” findings
Manual Underwrite acceptable with DTI ratios up to 31% front end and43% back end

Owner-occupied properties
Existing attached and detached single-family residences
New construction with permanent financing only
PUD's (i.e. Townhomes)
Condo-units. HUD, FHA, FNMA or FHLMC approved project
Log cabin homes, provided Appraisal Report lists other comparable log cabin homes that have recently sold in the area

All loans must be fully documented per Agency Guidelines
For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

3.50% down payment required with a minimum 580 middle credit score
10% down payment required with a minimum 550 middle credit score
Seller contribution toward buyers closing costs and escrows up to 6% of the purchase price
Closing cost help can come from flexible sources including family member gifts and loans against a 401k retirement account