Loan Products Profile

  • #1 KY RHS Lender
  • #1 MCC Tax Credit Lender
  • #3 KHC Delegated Lender by Volume
  • 2nd Largest Independent Mortgage Banker in KY
  • Fannie Mae Direct Lender Seller/Servicer | Ginnie Mae Issuer
  • FHA Approved DE Lender
  • VA Automatic/LAPP

Stockton Mortgage at a Glance

100+ Mortgage Banking Employees; Licensed Loan Officers, Licensed Processors, Staff Underwriters

General Turn Times on Underwriting of New Files is 24 to 48 Hours

Top RHS Lender in Kentucky for 2010, 2011, 2012, 2013, 2014, 2015 and 2016

In-house Underwriting for the Following Loan Types:

  • FHA | VA
  • Conventional
  • KHC
  • RHS
  • MCC Tax Credits
  • FNMA Home Ready

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

Conventional

  • Gift funds allowed
  • 97% LTV
  • DTI up to 50%
  • One year tax returns for self employed borrowers FHLMC only

Conventional No MI

  • Max LTV: 95%
  • DTI up to 50%
  • Fixed and ARM available
  • $417,000 loan amount max

Conventional 80/15/5

  • Borrower can put as little as 5% down to avoid MI
  • Fixed and ARM Available
  • $424,100 loan amount max on the first mortgage portion
  • 20 year fixed second with no balloon payment

 

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

RHS

  • 100% financing
  • DTI up to 45.99%
  • Single family detached, single family attached, new manufactured homes allowed and approved condominiums
  • 580 minimum credit score
  • No credit score loans available

FHA

  • Max LTV:  96.5% (100% with KHC DAP)
  • DTI up to 56%
  • 90 days seasoning
  • Fixed and ARM available
  • Builder trade allowedCredit scores down to 580 allowed

MCC Tax Credits (call for qualifying details)

  • Doublewide, modular homes and approved condominiums
  • Used to lower qualifying debt ratios
  • Non occupying co-signors are eligible borrowers
  • Great tool for increasing buyer’s annual tax refund
  • Down payments can be gifts from relatives
  • Eligible in all areas of Kentucky and Indiana
  • Seller can pay up to 6% of the borrowers closing costs and pre paids
  • Income limits vary by county
  • Maximum loan amount of $271,050 in most Kentucky  & Indiana counties
  • Previous homeownership allowed in targeted counties
  • Section 8 Voucher
  • KY 38% of annual borrower paid interest
  • No credit score loans available
  • IN Varies between 20%-35%, based on price

FNMA Homestyle (Rehab Loan)

  • Owner occupied, second homes & investment properties
  • Max LTV 95% | $35,000 maximum with all fees
  • Eligible repairs, similar to FHA 203k Streamline

FNMA HomeReady

  • Not just for first time homebuyers but home ownership education is required
  • Income Limits vary based on market
  • The following 1-Unit occupancy/property types accepted: principal residence, including eligible condos, co-ops, PUDs and Manufactured Housing (in accordance with standard MH guidelines)
  • 2-4 Unit principal residence (no condos, co-ops, or manufactured housing) are accepted
  • Gifts, Grants and Community Seconds accepted sources of funds for down payment and closing costs CLTV up to 105% with eligible Community Seconds
  • May own other residential property
  • Max LTV: 97% (1 Unit Purchase)
  • No minimum borrower contribution (1 Unit Purchase)

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

VA

  • 100% purchase financing for eligible veterans
  • 100% cash out refinance available
  • No monthly mortgage insurance
  • No income restrictions
  • All geographic areas are eligible
  • Minimum credit score 580
  • No credit score loans available

Rural Hobby Farm Loan

  • Minimum credit score 680
  • Property can be income producing
  • One note and mortgage for the entire acreage and home
  • Competitive fixed rate pricing
  • Properties generally range from 5 – 160 acres
  • Primary residence / owner occupied only
  • LTVs 80/95 LTV/CLTV
  • Approximately 30% of value from home

FHA 203k Streamline (Rehab Loan)

  • Max LTV: 96.5%
  • Borrower must qualify for FHA financing
  • Owner occupied loans only
  • Minimum of 5k and maximum of 35k worth of rehab and repairs to be done to the property
  • All repairs must be non structural
  • Fixed and ARM available
  • Work must commence within 30 days of closing, must be completed within six months
  • Borrower needs to select a qualified builder/remodeler for the project
  • Seller can pay up to 6% of the borrowers closing costs and prepaids

FHA 203k Standard (Rehab Loan)

    Like the 203 K Streamline with the following exceptions:

  • No limit to the scope of repairs; structural changes, additional buildings ie garages and large scale remodels are permitted
  • No maximum cost of repairs to the property

**For a list of acceptable 203k Repairs, contact your Loan Officer.

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

Alternate Income Documentation:
  • 12 months bank statements for qualifying–income self-employed borrowers only
  • DTI up to 50%
  • Max loan 2 million

Agency Fallout (FNMA/FHLMC)

  • Primary residence, second home and investment
  • DTI up to 50%
  • Asset depletion option allowed for income
  • Non-permanent resident aliens

Doctor Loan

  • Minimum certification of a M.D., D.O., D.D.S.,or D.M.D. Medical Doctors including Podiatrists,
  • Ophthalmologists and Veterinarians are permitted.
  • Must have an employment contract or verification of terms of employment acceptance.
  • Primary residence, 1-2 Units
  • 680 Minimum Credit Score
  • DTI up to 50%- Medical Student Loan Debt may not be included
  • 100% financing available
  • No Private Mortgage Insurance
  • Flexible Loan Programs, including Jumbo
  • Gift funds can be applied to the down payment, closing costs or cash reserves

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

State Specific Programs

Kentucky Loan Programs
KHC 97% Conv. (No MI):
  • Purchase Price up to 243k
  • Minimum credit score of 680
  • No Mortgage Insurance
  • 3% can come from Down Payment Assistance Funds
  • DTI up to 45%
  • Borrower can only own one home but does not have to be their first home
KHC:
  • All KHC Loans underwritten by SMC Underwriters
  • Minimum credit score of 640
  • Reduced MI rates
  • On secondary FHA/VA program the borrower can own more than one property
Tennessee Loan Programs
THDA Great Choice Program:
  • 30 Year Fixed Rate
  • 640 Minimum credit score | Maximum DTI with approve eligible 45%
  • Maximum household income & purchase price by county
  • Down payment assistance available
  • First time homebuyers, repeat homebuyers (with criteria)
  • Military programs available with rate reduction
  • MCC certificates available
  • Maximum LTV 96.50 but DPA is available to all homebuyers for up to 5% to cover down payment and closing costs
Indiana Loan Programs
Indiana:
  • First time and non-first time homebuyers
  • Owner occupied only
  • Borrower can only own one home
  • Minimum Score FHA 660 / Conventional 640 (reduced MI-18%)
  • DAP- No Interest/ No Payment (2 year recoverable)
  • DAP up to 3.5% for FHA and 3% for conventional of purchase price
  • DTI up to 45%
  • MCC Available with IHCDA and non IHCDA financing
  • DAP is a silent second—forgiven after 2 years
  • 30-year fixed rate loans
  • No purchase price limit
  • Income requirements apply

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

Ohio Loan Programs
Ohio Loan Requirement:
  • 1-4 family properties, condos, PUDs
  • Income/Purchase Price limits – Use ‘Lender Online’ Tool (broken down by household size and county)
  • DPA is true 2nd mortgage
  • Homebuyer education is required
  • Conventional, VA, USDA 640+ 45% max DTI (660+ 50% DTI)
  • FHA 660+ 45% DTI
Ohio Timeline:
  • Day 1- Make reservation for funds
  • Automatic email sent to borrower to receive counseling
Ohio, Down Payment Assistance (First Time Homebuyer):
  • 2.5% or 5%
  • 2nd mortgage is forgivable at 20% per year for 5 years
  • Can be used for closing costs or down payment
  • Forgiven after 7 years, cannot sell or refi during that period
Ohio, Grants for Grads:
  • Graduated within 48 months with associate degree or higher
  • Rates are lower than traditional first time home-buyer
  • 2nd mortgage is forgivable at 20% per year for 5 years
Ohio, HFA Preferred:
  • Based on Fannie Homeready
  • Cannot own other property
  • 97% LTV
  • No loan level price adjustments
  • Can be combined with DPA up to 102% CLTV
Ohio, Hero’s Program:
  • Active military or veterans
  • Fire fighter/EMT/Police/Teachers/Healthcare (direct patient care, FT, licensed)
  • Rates are lower than first time home buyer
Ohio, Net Home Loan Program:
  • Not required to be first time homebuyer
  • Can have ownership interest in primary in the last 3 years
  • Only available with down payment assistance
Ohio, MTC Plus Program:
  • Mortgage credit certificate program
  • MTC basic can be offered with our own product (20% tax credit)

The information presented is for real estate professionals only. Income, credit, and underwriting restrictions apply; the examples used are for illustrative purposes only.

 

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