We can help you find your dream home.
A mortgage loan from Home Loan Investment Bank will get you a great low rate, and our experts will provide personal assistance every step of the way.
| FHA Loans* | VA Loans* | RI Housing Loans* | Conv. Loans* | Jumbo Loans* | |
|---|---|---|---|---|---|
| Minimum Down Payment |
3.50% |
0% |
0% |
3.00% |
10.00% |
| Typical Down Payment |
3.50% - 5.00% |
0% |
0% |
5.00% - 20.00%+ |
10.00%- 30.00% |
| Max. Loan Amount |
$426,650 (2-4 Units can be higher) |
$424,100 |
$424,100 (Max Purchase Price) |
$424,100 (2-4 Units can be higher) |
Primary - $2,000,000 2nd - $1,000,000 |
| Mortgage Insurance |
YES: 1.75% Up-Front, financed and 0.85% annualized (paid monthly) |
NO: But has Up-Front Funding Fee financed (usually 2.15%) |
YES for some programs |
YES: If < 20% down |
YES: if < 20% down |
| Additional Requirements |
Max. debt to income ratio 43% if FICO < 620
|
Eligible Veteran & Residual Income |
Must be 1st Time Buyers if using 100% financing |
N/A |
See Loan Officer |
| Occupancy |
Owner: 1-4 Units, Condo, PUD |
Owner: 1-4 Units, Condo |
Owner: 1-4 Units, Condo, PUD |
Owner / Investor / 2nd Home: 1-4 Units, Condo, PUD |
1-2 Unit & Condo Owner and 2nd Homes |
| Minimum FICO Score |
Per AUS and 580 | Per AUS and 620 |
Per AUS and 620 |
Per AUS and 580 |
660 |
| Bankruptcies |
2 years |
2 years |
FHA or Conv. Guidelines |
4 years |
4 years |
| Foreclosures |
3 years |
3 years |
FHA or Conv. Guidelines |
7 years |
7 years |
| Short Sales |
3 years | 3 years |
FHA or Conv. Guidelines |
4 years |
4 years |
| Special Programs |
203k Rehab | N/A | Extra assistance for 1st time homebuyers | Home-style Renovation | N/A |
*Subject to credit approval.
