Loan Program Matrix – Maryland Loan Programs Available to You

ProgramDown Payment3rd Party ContributionCredit ScoreOccupancyProgram Notes
Conventional Loan5%>90% = 3%
75.01 - 90% = 6%
75% or less = 9%
620Primary, 2nd Home, or Investment-Lender Paid Mortgage Insurance available.
-Non-Owner occupied co-signers allowed.
-Mortgage insurance can be removed without financing.
Conventional 97%3%3%620PrimaryAt least 1 borrower must be a First Time Homebuyer
FHA3.5%6%600
580*
Primary OnlyBorrower friendly, less restrictive guidelines.
Allows for higher debt ratios. Co-signers allowed.
USDA0%No cap620Primary OnlyReduced mortgage insurance.
Geographical income restrictions apply.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeaction.do
Closing Costs and prepaids may be financed up to appraised value.
VA0%4%600
580*
Primary OnlyFor active service men and women and veterans.
No monthly mortgage insurance.
203k Rehab loan Streamline and Full3.5%6%620Primary OnlyAllows homeowner to complete repairs on home.
Similar guidelines as standard FHA loans. Borrower can choose contractor.
Fannie Mae Homestyle Renovation5%3%640Primary OnlyAny type of renovation is allowed.
10% of value allowed to be Do-it-Yourself work.
https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-product-matrix.pdf
Jumbo20%
________________

10%
3%700
________________

710
Primary, 2nd Home, Investment PropertyAllows buyers to obtain loans above the county loan limit. Loan amounts up to $4 Million.
80-10-1010%3%720PrimaryHelps avoid mortgage insurance. Co-signers not allowed.
CONSTRUCTION-TO-PERM-FINANCING
FHA3.5%6%660PrimaryAllows for lot acquisition/construction with single closing.
VA0%4%660PrimaryAllows for lot acquisition/construction with single closing.
Conventional10%6%680PrimaryAllows for lot acquisition/construction with single closing.
*with exception

 


Have any questions about one of the loan programs listed above? Give us a call at 443-692-8800 so we can help!

 

 

Are you thinking of buying or selling a home, or have a friend or family member who is? Contact The Pivec Group today by calling 443-692-8800 or visiting our website! We look forward to hearing from you and helping you find YOUR dream home!Loan Program Matrix