Conventional
Conventional loans work well for purchase or refinance transactions and are often used to finance primary homes, secondary homes, and investment properties. The terms and conditions of conventional loans are fully in line with guidelines created by the Fannie Mae and Freddie Mac agencies. Conventional loans are considered very affordable, with down payments as low as 3%, though typical requirements for down payments are usually somewhere between 5% to 25%.
A&D Mortgage is a specialist in conventional loans and will guide you through the entire loan process.
Program highlights:
- Loan amounts up to $647,200
- A conventional loan can be used to finance a property in a high-cost area
- 15-, 20-, 25- & 30-year fixed rate
- Down payments as low as 3% depending on loan amount
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Other Programs
HomeReady
- Down payments as low as 3%
- FICO 620
- Low income
- First-time or repeat home buyers
- Homeowner education helps to understand and manage the long-term financial commitments of homeownership
Full Doc Non-QM
• FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-on-hand $1 million, no limit for CLTV < 55%
• DTI up to 55%
• 30 & 40 Year Fixed, 5/6 & 7/6 ARM
• Traditional income
• 2-year credit event allowed
• Super Prime & Prime programs
• Condos up to 85% CLTV
• Condotels up to 70% CLTV
• NY up to 85% CLTV
12/24 Months Bank Statements
• No Score or FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-on-hand $1 million, no limit for CLTV < 55%
• 30 & 40 Year Fixed
• 3 months reserves
• Gift Funds for reserves allowed
• 12 months from bankruptcy or foreclosure
• Mortgage history 0 x 60 x 12
• Combination of business and personal bank statements allowed
• Condo and condotels allowed
Asset Utilization
• FICO 660
• Up to 80% CLTV
• Cash-out up to 75% CLTV
• Savings and checking 100%
• Securities at 100%
• Retirement at 70%
• Income calculation - all eligible assets divided by 60
• Super Prime & Prime programs