Conventional Products
Standard Conventional
- 5% & Up Down Payment
- No income restrictions
- PMI is based on Credit score, Loan amount, & LTV
- 620 minimum credit score
Home Ready/ Home Possible
- Must be a first-time homebuyer.
- 3% Down Payment
- Loan has income limits and Area Restrictions
- Minimum of 620 Credit score
- Buyer must complete a one-time homebuyer education course.
Renovation / Home-style (Fixer Upper) loan
- One-Time close loan
- All other conditions, refer to “Standard Conventional” bullets.
- Call for additional information on this product.
FHA Loan Product
- 3.5% Down Payment required.
- FHA Up-front PMI 1.75%
- FHA Monthly PMI .55% or .5% with a 5% or greater downpayment
- 600 minimum credit score
- Debt to income is determined by an automated underwriting system. (55% is typically max)
USDA Loan Product
- 100% financing (no down payment required)
- USDA guarantee fee 1% of loan amount
- 600 minimum credit score
- Location and income restrictions based on County.
- Income must be determined by ALL household members not just buyer.
- Alabama household income limit for a 1-4 family is $112,450 and 5-8 family is $148,450
VA
- 100% financing (no down payment required)
- NO monthly PMI
- Credit score eligibility is based on approval from VA automated underwriting system.
- VA Funding fee is determined on buyers’ eligibility (2.3-3.6% of loan amount)
- Buyer to provide copy of DD214 or equivalent.
- Certificate of Eligibility will be obtained to determine if buyer is able to get a VA loan.
Common Documents Needed For A Mortgage
• Driver’s license
• Social Security Card
• Full Month of Paystubs
• Last two year’s W-2s
• Last two year’s Tax Returns
• Most recent two-month Bank statements (all pages)
• Social Security / Retirement award letter (if applicable)
• Bankruptcy discharge papers (if applicable)
• Divorce Decree and/or Child Support orders (if applicable)