For Information Contact:
Giancarlo Di Fazio MLO
NMLS: 1913560
Email: gdifazio@nexamortgage.com
Phone: (949) 312-0103
PURCHASE LOANS
When selecting a home loan, it's important to consider your credit score and down payment, as well as the type and intended use of your property. Setting a timeline can also help you narrow down your options. Our team can assist you in eliminating unsuitable loans and pinpointing the ones that fit your needs. Contact us today to get started!
VA LOANS
Our guide on VA home loan requirements is unmatched in its scope and comprehensiveness. We will answer frequently asked questions about VA home loan requirements and provide a step-by-step process for securing VA loans. The guide also covers the VA loan requirements for active and retired.S. Military members who hold a Certificate Eligibility, ensuring that all necessary information is provided to applicants. Please check the rates for VA loans.
USDA LOANS
To be eligible for USDA loans, prospective homebuyers need to meet the USDA home loan requirements. Mortgage lenders provide 100% financing to qualified individuals looking to purchase homes in areas designated by the USDA across the United States. Based on the USDA home loan requirements, the property must be in a USDA-designated area. Applicants for USDA loans must meet specific eligibility criteria, including qualifying for the loan, meeting minimum credit score requirements, and adhering to maximum front-end and back-end debt-to-income ratio caps. DTI (Debt to Income ratio) can't be higher than 43%.
FHA LOANS
FHA Home Loans, supported by the government, have more lenient credit score requirements than conventional loans. HUD manages loans that enable homebuyers with credit scores as low as 500 FICO to qualify. It is a common misconception that FHA loans are only for borrowers with poor histories, but they actually serve a wider range of borrowers.
CONVENTIONAL lOANS
If you’re a W2 wage earner without additional businesses or 1099 income, you’re eligible for W2-only income mortgages. The lending criteria for these mortgages entail specific requirements and guidelines. For FHA, VA, and Conventional loans, there’s no necessity for tax transcripts (1040s) if applicants are W2 employees and the automated underwriting system (AUS) doesn’t mandate it. Moreover, FHA, VA, and Conventional loans no longer mandate complete income tax transcripts (4506-T) for W2 employees. However, this exemption doesn’t apply if borrowers are self-employed or if over 25% of their income comes from commissions or self-employment. Additionally, individuals with rental income from multiple properties aren’t eligible for W2-only income mortgages
NON-QM LOANS
Bank Statement loans 12 months
DSCR mortgage loans, debt-service coverage ratio mortgages, is a type of no-income verification mortgage loan program.
ITIN Individual taxpayer identification numbers are issued to wage earners or self-employed business owners who file U.S. income tax returns and is obligated to file U.S. income tax returns.
No-doc loans are mortgage loans that do not require income documentation or income tax returns. No-doc mortgage loans require at least a 20% down payment and reserves. Reserves are one month of principal, interest, tax, and insurance or PITI.
REVERSE MORTGAGE
Homeowners over 62 with home equity can qualify for FHA reverse mortgage loans. The lender can give a lump sum or line of credit on home equity. Borrowers don't make mortgage payments but must pay property taxes and insurance. older the homeowner, the higher the loan to value cash out refinance they can get.
JUMBO MORTGAGE
The term jumbo or non-conforming mortgage means any loan amount one dollar or greater above the county conforming loan limit. The county conforming loan limit is put in place each year by FHFA. They compile nationwide information based on the average sale price and create the home price index (HPI). Then, the following year, the conforming loan limit is based on this information. For 2023, most counties have a conforming loan limit of $726,200. Some counties nationwide have higher loan limits because the median home price is well above the national average.
FHA 203 REPAIR LOANS
FHA 203k loan are called rehab mortgage loans. With an FHA 203k Loan, homebuyers can purchase a property that needs repairs. Lenders will lend the cost of the home plus the repair costs all in one mortgage loan. There are two different types of FHA 203k loans. The streamlined FHA 203k loan has a maximum construction loan limit for the cost of repairs to $35,000. Homeowners can do minor repairs such as the following with the streamline FHA 203k loan.
The full standard FHA 203k Loan has no construction budget limit.
DACA LOANS
Mortgage loans for Deferred Action for Childhood Arrivals (DACA) similarly to other home loans. The lender will assess your eligibility and determine the amount you can borrow. You will then make monthly payments until the loan is paid off. qualify for the DACA recipient program, you must meet certain criteria, including being physically in the country on June 15, 2012, and being the age of 31 as of that date. Additionally, you must be in school or a veteran of the United States Armed Forces, have no criminal, and understand that DACA does not provide a path to legal citizenship or lawful status. However, you can remain in the country upon renewal every two years.