Loans

Loans

  • Up to 97% financing on speciality programs with restrictions.  95% for all other qualified borrowers on purchase and limited cash out refinance transactions
  • Cash out refinance transactions maximum LTV (loan to value) is 80%
  • The down payment can be gifted with certain restrictions
  • Seller can pay 3% of the buyers closing costs and pre-paid items on a LTV (loan to value) greater than 90%.  Seller can pay up to 6% on LTV of 90% or less
  • PMI (Private Mortgage Insurance) is required on an LTV (loan to value) that exceeds 80%.  This will be dropped upon request when the LTV reaches 80% or automatically when the LTV reaches 78%
  • Requires a blended credit score of 620 or greater.  The rate and PMI premiums are affected by the scores and loan risk
  • No geographic or income restrictions
  • Guideline Debt to Income Ratios are 28% for front end ratio and 36% for back end ratio.  The front end ratio is the proposed new mortgage payment divided by the total income.  The backend ratio is the proposed new mortgage payment plus all monthly recurring debts divided by the total income 
  • Exceptions to the guideline ratios can be obtained with compensating factors up to a maximum of 50% for the back end ratio.  This will be determined by the AUS (Automated Underwriting System) findings
  • Financing available for primary residence, second homes and investment properties.  This includes site built and manufactured housing.  Some restrictions may apply for investment and second homes
  • Maximum loan limits do apply.  These are adjusted annually 
  • Financing for proposed and existing manufactured housing.  Single wide and larger is accepted
  • Construction to Permanent financing available

  • Government  loan program. 
  • Maximum LTV (loan to value) for purchase transactions is 96.50% of the appraised value or sales price, whichever is less.  Some refinance transactions may allow up to 97.50%.  Cash out refinance maximum LTV is 80%
  • Maximum loan limits do apply depending upon geographic location of the property
  • The down payment can be gifted with certain restrictions
  • Seller can pay 6% of the buyers closing costs and pre-paid items
  • Requires a blended credit score of 580 or greater.  Some investor overlays may apply
  • No geographic or income restrictions
  • Guideline Debt to Income Ratios are 29% for front end ratio and 41% for back end ratio.  The front end ratio is the proposed new mortgage payment divided by the total income.  The backend ratio is the proposed new mortgage payment plus all monthly recurring debts divided by the total income
  • In Community Property States, a non-purchasing spouse’s debts will be included with the borrower debts in the debt to income calculations.  The non-borrowing spouse has to grant permission for their credit report to be pulled to determine all open debts are included.  The credit score is not a factor in the loan decision.  This would be required for any borrower (s) that are not divorced but may be separated or where community property settlements have not been finalized
  • Exceptions to the guideline ratios can be obtained with compensating factors.  Exceptions to guideline ratios may apply.  This would be determined by the AUS (automated underwriting system) findings
  • Up Front Mortgage Insurance Premium of 1.75% of the loan amount will be charged and can be financed into the loan
  • Monthly MIP (Mortgage Insurance Premium) of .55% is applied and is for the life of the loan.  This will be escrowed as part of the monthly payment
  • Financing available for primary residence only.  This includes site built and manufactured housing 
  • You cannot have more than one home financed with FHA with some limited exceptions
  • Financing for proposed and existing manufactured housing.  Double wide or larger is accepted
  • Construction to Permanent financing available

  • Government  loan program
  • Maximum LTV (loan to value) for purchase and refinance transactions is 100% of the appraised value.  If the property appraises for more than the sales price or refinance balance, borrower can roll in all or part of the closing costs and pre-paid items
  • No cash out is allowed for any transaction
  • Property must be located in an eligible area.  In most cases this is for property located outside of the city limits in MSA (Metropolitain Statistical Area) areas.  For rural designated Parishes or Counties it would be for all properties typically whether inside or outside of the city limits
  • Seller can pay 6% of the buyers closing costs and pre-paid items
  • Requires a blended credit score of 620 or greater
  • Geographic and income restrictions apply.  All household income has to be considered for occupants that are 18 years of age or older
  • Guideline Debt to Income Ratios are 29% for front end ratio and 41% for back end ratio.  The front end ratio is the proposed new mortgage payment divided by the total income.  The backend ratio is the proposed new mortgage payment plus all monthly recurring debts divided by the total income 
  • In Community Property States, a non-purchasing spouse’s debts will be included with the borrower debts in the debt to income calculations.  The non-borrowing spouse has to grant permission for their credit report to be pulled to determine all open debts are included.  The credit score is not a factor in the loan decision.  This would be required for any borrower (s) that are not divorced but may be separated or where community property settlements have not been finalized
  • Exceptions to the guideline ratios can be obtained with compensating factors.  This would be determined by the AUS (automated underwriting system) findings
  • Up Front Guarantee Fee of 1.00% of the loan amount will be charged and can be financed into the loan
  • Annual RD Fee of .35% is applied and is for the life of the loan.  This will be escrowed as part of the monthly payment
  • Financing available for primary residence only.  This includes site built and manufactured housing 
  • You cannot have more than one home financed with  Rural Development.  You can’t own another property without meeting certain criteria
  • Financing for proposed and existing manufactured housing.  Single wide or larger is accepted
  • Construction to Permanent financing available

  • Government  loan program
  • Maximum LTV (loan to value) for purchase and refinance transactions is 100% of the sales price or appraised value, whichever is less. 
  • Only qualified veterans and surviving spouses are eligible.  We can check eligibility for the applicant
  • Seller can pay all customary closing costs for  the buyer.  Some costs are not allowed to be paid by the veteran and are required to be paid by the seller
  • Requires a blended credit score of 580 or greater.  Investor overlays may apply
  • No geographic or income restrictions
  • Loan must be in veteran’s name and spouse only unless co-borrower is a veteran and eligible
  • Guideline Debt to Income Ratios are 29% for front end ratio and 41% for back end ratio.  The front end ratio is the proposed new mortgage payment divided by the total income.  The backend ratio is the proposed new mortgage payment plus all monthly recurring debts divided by the total income
  • In Community Property States, a non-purchasing spouse’s debts will be included with the borrower debts in the debt to income calculations.  The non-borrowing spouse has to grant permission for their credit report to be pulled to determine all open debts are included.  The credit score is not a factor in the loan decision.  This would be required for any borrower (s) that are not divorced but may be separated or where community property settlements have not been finalized
  • Exceptions to the guideline ratios can be obtained with compensating factors.  Exceptions to guideline ratios may apply.  This would be determined by the AUS (automated underwriting system) findings
  • Up Front VA Funding Fee will be charged and can be financed into the loan.  The amount of the fee will vary depending on veteran’s eligiblity, service and discharge type
  • No monthly MIP/PMI associated with this loan
  • Financing available for primary residence only.  This includes site built and manufactured housing 
  • Financing for proposed and existing manufactured housing.  Double wide or larger is accepted
  • Veteran may have an existing VA home loan.  Eligibilty maximum limits would have to be calculated to determine if enough eligibility is left for a second VA home
  • Construction to Permanent financing available

  • Single, Double or Triple Wide home financing available with Conventioal and Rural Development loan programs.  Loan to Value will be dependent upon loan program guidelines
  • Double or Triple Wide home financing available with FHA or VA loan programs.  Loan to Value will be dependent upon loan program guidelines
  • Cash out refinance transactions have reduced loan to value limits for all loan types
  • The down payment can be gifted with certain restrictions based upon loan program selected
  • Manufacutured home has to be permanently affixed to the land.  Financing is not available for the home only
  • The real estate has to be in the name (s) of the buyers
  • An improvement survey will be required for all proposed manufactured housing
  • Existing manufactured housing may require an engineer’s report to certify the foundation meets loan program requirements
  • Proposed manufactured homes may include all costs for setup of the home as long as the appraised value supports all costs.  This may include dirt work, foundation, electrical, plumbing/septic, water, decks, steps, porches, carports and any other items to make the home live in ready
  • Any structure that will be placed adjacent to the manufactured home has to stand independently and can’t be attached to the home
  • For existing manufactured housing, the home has to have been placed on the property by the dealership that it was purchased from and not moved after the initial setup and completion
  • We must be able to verify the HUD Certification Label (s) and home Serial Number (s)

Printable Forms

FIRST TIME HOMEBUYER EDUCATION COURSES

Fannie Mae HomeView Education Course
HomeView Homeownership Education Course

ReadyNest by MGIC
Homebuyer education options for successful homeownership

Louisiana Housing Corporation Education Course
Homebuyer Education

Department of Housing and Urban Development (HUD)
Framework Homeownership​