First Mortgage

Conventional & Government-Backed

Conventional Fixed Rate

Fixed rate & payment for the life of the loan

Best Fits Members Who:

Are looking for a fixed rate of interest and fixed monthly principal and interest payment for the life of the loan.

Features

Fixed monthly principal and interest payment for the life of the loan

Available for purchases, refinances and cash-out refinances

Minimum down payment of 3% for First Time Homebuyer, otherwise 5%

Minimum credit score of 620

Gift funds allowable from relatives, non-relatives with familial relationship, former relatives, domestic partner relatives, or godparents

PMI required when LTV exceeds 80%

Tax and Insurance Escrow required when LTV exceeds 80%

Flood insurance only required if primary structure is in a flood zone

Payoff student loan debt with no cash-out pricing. Cash back cannot exceed lesser of 2% of loan amount or $2,000

Product Overview

Term 10, 15, 20, 30 year fixed Max Loan $832,750 unless in high-cost area Property Types 1-4 unit investment; Owner occupied; Second/Vacation homes Credit Min 620; Conventional: DU Approve/Eligible Occupancy Investment; Principal; Second Home Costs Closing costs & prepaids may be paid by third party if down payment is satisfied DTI Ratios Total: generally 50%; Housing: 28%-35% of gross monthly income Reserves Required on all second homes and investment properties

FHA Loans

Low down payment for first-time homebuyers

Best Fits Members Who:

Would like a minimum down payment, lighter restrictions for source(s) of down payment funds, and more relaxed credit requirements.

Features

3.5% down payment required

Minimum credit score of 620

Available for 15 and 30 year terms

Available for purchases, refinances and cash-out refinances

Gift funds allowable

No prepayment penalty

Assumable

Escrow waiver not permitted

Primary residence only

Product Overview

Term 15 year fixed; 30 year fixed Min Down Payment 3.5% Min Credit Score 620 Property Types 1-4 unit owner occupied Occupancy Principal residence only Max Loan Amount Per FHA county limits Seller Contribution Max 6% toward closing costs and prepaids (not down payment) Housing Ratio Generally 31% (up to 36% with compensating factors) Total DTI Ratio Generally 43% (credit 620-639: max 43%) Chapter 7 2 years from date of discharge Chapter 13 12 months in plan with acceptable payment history Foreclosure 3 years from deed transfer from borrower's name

Qualified Mortgage Requirements

Must be eligible for sale to FHA and pass the QM Points and Fees test for loan to be a QM loan. Streamlined refinances are exempt from QM requirements.

myCUmortgage Overlays

Refer Files with credit score between 620–639

12-month rental history verified by cancelled checks or 3rd party verification

Borrower must be employed with current employer for minimum 12 months

Payment shock cannot exceed 25% of current rent or mortgage payment

Back-end ratio cannot exceed 43%

DU findings used as recommendation – not guaranteed approval

Co-ops and Leaseholds not permitted

Self-Employed Borrowers require 4506-C to obtain tax transcripts

LQCC ordered within 10 days from closing to confirm no change in liabilities

Mortgage Payment History: Proof mortgage is current at close; all mortgages (including non-subject properties) must be current; prior month paid no later than last business day of next month

VA Loans

No down payment for eligible veterans

Best Fits Members Who:

Are looking for affordable financing, no down payment requirements, and competitive non-risk based mortgage rates.

Features

Available in 15 year and 30 year terms

Fixed rate loans for purchases, IRRRLs and cash-out refinances

No down payment

Minimum credit score of 600

Gift funds allowable

No prepayment penalties

Assumable

No monthly MI

Escrow waiver not permitted

Borrower must be a veteran, active duty, reservist or surviving spouse

Product Overview

Term 15 year fixed; 30 year fixed Max Loan Full Entitlement: no max. Partial: calculated from $832,750 limit less prior entitlement used Property Types 1-4 unit owner occupied properties Credit Min score 600; Ch. 7: 2 yrs from discharge; Ch. 13: 12 mo in plan; Foreclosure: 3 yrs from deed transfer Occupancy Principal DTI Ratios Generally 41% total DTI; residual requirement must be met Min Investment No down payment required Sub. Financing No CLTV limits Seller Contrib. Max 6% toward closing costs & points; additional 4% toward funding

USDA Loans

Zero down payment for rural properties

Best Fits Members Who:

Would like no down payment and more relaxed credit requirements, with property in an eligible area and income that meets USDA eligibility criteria.

Features

Zero down payment required

Minimum credit score of 620

30 year fixed term only

0.35% annual mortgage insurance (calculated in monthly payment)

1% one-time guarantee fee (can be included in loan amount)

No down payment required; up to 101% of appraised value can be financed

Gift funds allowable

Assumable loan

Not limited to first-time homebuyers

Primary residence only

Credit Waiver required if running GUS Refer

Product Overview

Term 30 year fixed Down Payment 0% (zero down) Max Loan Amount Limited to 101% of appraised value or purchase price (whichever greater) Min Credit Score 620 Annual MI Rate 0.35% (included in monthly payment) Guarantee Fee 1% one-time (can be financed) Property Types 1 unit owner-occupied only Occupancy Principal residence Housing Ratio Generally 29% (up to 34% with compensating factors) Total DTI Ratio Generally 41% (up to 45% with compensating factors) Seller Contribution Up to 6% toward closing costs and prepaids Bankruptcy Ch. 7: 2 yrs from discharge; Ch. 13: 12 mo in plan with payment history Foreclosure Deed must be out of borrower's name for 3 years Student Loans If $0 on credit, use 0.5% of outstanding balance; if reported, use stated payment

Lender Overlays

Mortgage Payment History: Show proof that mortgage is current at time of close. Confirm all mortgages (including non-subject properties) are current. Prior month must be paid no later than the last business day of the next month. Acceptable documentation: payoff statement, last mortgage account statement, or verification of mortgage.

Non-Conventional (Serviced by our partner PRMG)

Hometown Heroes

Down payment assistance for local heroes

⭐ First Responders Eligible ⭐

Best Fits Members Who:

Are first-time homebuyers who work in essential services (teachers, firefighters, law enforcement, healthcare workers) and need assistance with down payment and closing costs.

Features

Receive 5% down payment assistance or up to $35,000 of the mortgage loan amount

Primary residence only

Minimum credit score of 640

Available with FHA, VA, or Conventional loans

First-time homebuyer within last 3 years

Approval based on county income limits

Product Overview

Occupancy Primary residence only Assistance Amount 5% down or up to $35,000 Min Credit Score 640 Loan Types FHA, VA, Conventional Qualification County income limits apply Ownership History No ownership in primary residence within last 3 years

DSCR Loans

Qualify based on property income, not personal

Best Fits Members Who:

Are real estate investors and first-time homebuyers who want to qualify based on the property's rental income rather than personal income documentation.

Features

No personal income verification required

Qualification based on Debt Service Coverage Ratio

30 and 40-year interest-only options available

Airbnb and short-term rentals accepted

Available for single-family, multi-family, and condos

First-time investors and homebuyers welcome

Minimum credit score of 600

Product Overview

Loan Range $100k to $3M Min Down Payment 20% purchase and refinance Terms Available 30 and 40-year interest-only Min Credit Score 600 Income Verification Based on rental income only Property Types Single-family, multi-family, condos, short-term rentals

Limited Time Condo Review

Simplified condo financing with flexible credit

Best Fits Members Who:

Are looking to purchase a condo with flexible credit requirements and streamlined approval processes.

Features

Minimum credit score of 620 for 75% LTV

Up to 90% CLTV (75/15) with 700 credit score

Condo conversions allowed

Simplified questionnaire and flexible insurance requirements

PRMG has a list of condos approved up to 95% LTV

Construction to Permanent

One-stop financing for new construction builds

Best Fits Members Who:

Are planning to build a new home and want a single loan that converts from construction financing to a permanent mortgage upon completion.

Features

Cover up to 85% of loan-to-cost ratio

Two-time closing process

18 months interest-only payments on drawn funds during construction

Converts to permanent mortgage at completion

1-4 units residential properties

Loan amounts up to $20 million

Minimum credit score of 660

Product Overview

LTC Up to 85% Max Loan Amount $20 million Construction Phase 18 months interest-only on drawn funds Property Types 1-4 unit residential Closing Structure Two-time closing Min Credit Score 660

Fix & Flip Loans

Short-term investor financing for rehab projects

Best Fits Members Who:

Are experienced real estate investors looking to purchase distressed properties, renovate them, and resell quickly with short-term financing.

Features

Cover 70-90% of purchase price plus 100% of rehab costs

Interest-only payments during loan term

Quick closing timelines for competitive offers

No income or tax returns required

Requires experience flipping properties

Minimum credit score of 640

Product Overview

LTV 70-90% purchase + 100% rehab costs Term Length 6-18 months short-term Payments Interest-only during term Min Credit Score 640 Documentation No income or tax verification required Requirements Must have experience flipping properties

Bank Statement Program

Qualifying for self-employed borrowers

Best Fits Members Who:

Are self-employed or independent contractors with multiple 1099 income sources who want to qualify based on bank statements rather than tax returns.

Features

Minimum 10% down payment

Income verification through 12 or 24-month bank statements

Accepts business or personal bank accounts

Ideal for independent contractors and multiple 1099 income earners

Minimum credit score of 640

Product Overview

Min Down Payment 10% Income Documentation 12 or 24-month bank statements Account Types Business or personal bank accounts Min Credit Score 640 Occupancy Primary, second home, investment Best For Self-employed, independent contractors, 1099 income

CPL Letter & P&L Income

CPA-verified income for self-employed borrowers

Best Fits Members Who:

Are self-employed business owners with strong CPA-documented income and can provide professional accounting verification.

Features

15% down payment for self-employed borrowers

Letter from CPA verifying business ownership and percentage

Profit & Loss statement prepared by CPA for 12 or 24 months

Most recent 2 months of business bank statements to support income

Minimum credit score of 640

Product Overview

Down Payment 15% Documentation CPA letter, 2 months bank statements, 12/24 mo P&L Min Credit Score 640 Best For Self-employed business owners Income Verification CPA-verified with recent P&L statements

Jumbo Loans

Financing for premium properties over conventional limits

Best Fits Members Who:

Are looking to purchase a larger home that exceeds conventional loan limits with flexible financing options.

Features

Loan amounts up to $5 million

Minimum credit score of 680

Available for single family homes, condos, and second homes

Up to 90% CLTV available

Competitive rates for premium properties

Product Overview

Loan Amount Up to $5 million Min Credit Score 680 Property Types Single-family, condos, second homes Max CLTV Up to 90% Best For Premium property purchases over conventional limits

Reverse HECM

Turn home equity into retirement income

Best Fits Members Who:

Are age 62 or older and want to access their home equity without monthly mortgage payments while staying in their home.

Features

Age 62 or older to qualify

Pay off existing mortgage and eliminate monthly payments

Available for purchase or refinance

Flexible payout options: lump sum or tenured payments

Option to relocate to a home better suited to your needs

No monthly mortgage payments required

Product Overview

Minimum Age 62 years old Use of Funds Pay off mortgage, access equity, purchase new home Payout Options Lump sum or tenured payments Occupancy Primary residence Monthly Payments None required Loan Type FHA-insured Home Equity Conversion Mortgage

First Mortgage

Conventional Loans

Non-Conventional Loans

First Mortgage Options

Conventional & Government-Backed

Conventional Fixed Rate

FHA Loans

VA Loans

USDA Loans

Non-Conventional (Serviced by our partner PRMG)

Hometown Heroes

DSCR Loans

Limited Time Condo Review

Construction to Permanent

Fix & Flip Loans

Bank Statement Program

CPL Letter & P&L Income

Jumbo Loans

Reverse HECM

How Do I Start the Process?

Conventional Loans

Non-Conventional Loans