PICARD MORTGAGE GROUP
"SERVING YOUR REAL ESTATE AND FINANCING NEEDS SINCE 1987"
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Conventional Programs
Conventional Loan Requirements
- A minimum FICO score of 620
- 3%-20% of sales price in cash for down payment or closing costs.
- Maximum loan limits depending on the city. Refer to our page:
Look at our matrix to the left for more information on requirements
* LTV= Loan-To-Value
*CLTV= Combined Loan-To-Value
PURCHASE & RATE / TERM REFINANCES
OWNER OCCUPIED
SFR / PUD
Condos
2 units
3-4 units
MAX LTV / CLTV
MIN FICO
95% / 95%
80% / 95%
80% / 80%
95% / 95%
80% / 95%
75% / 75%
660
620
660
620
620
620
PURCHASE & RATE / TERM REFINANCES
INVESTMENT PROPERTY
SFR / PUD
Condos
2 units
3-4 units
MAX LTV / CLTV
MIN FICO
75% / 75%
80% / 80%-Purchase
75% / 75%
620
620
620
620
75% / 75%- Refinance
80% / 80%-Purchase
75% / 75%- Refinance
CASH-OUT REFINANCES
OWNER OCCUPIED
SFR / PUD
Condos
2 units
3-4 units
MAX LTV / CLTV
MIN FICO
75% / 75%
80% / 85%
75% / 75%
620
620
620
660
620
85% / 85%
CASH-OUT REFINANCES
INVESTMENT PROPERTY
SFR / PUD
Condos
2 units
3-4 units
MAX LTV / CLTV
MIN FICO
70% / 70%
75% / 75%
70% / 70%
620
620
620
660
620
75% / 75%
CASH-OUT REFINANCES
SECOND HOME
MAX LTV / CLTV
MIN FICO
SFR / PUD
Condos
75% / 75%
620
620
75% / 75%
* 2 and 3-4 units does not apply
660
HOME AFFORDABLE REFINANCE PROGRAM- "HARP 2.0"
HARP, part of the Making Home Affordable program, is designed to help borrowers get a more affordable mortgage. Some of the eligilibity requirements consist of :
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The mortgage must have been sold to Freddie Mac or Fannie Mae on or before May 31, 2009.
- The current loan-to-value (LTV) ratio must be greater than 80%
- The borrower must be current on the mortgage at the time of the refinance. This means that there needs to be a good payment history within the past 12 months.
- The motgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March of 2009 to May of 2009
DU REFI PLUS
DU RefiI Plus is part of the Making Home Affordable program which provides borrowers who have existing Fannie Mae loans the opportunity to refinance if they have demostrated an acceptable payment history on their mortgage. This program was introduced to improve the house market. With this program homeowners can refinance with low credit sores and less income documentation.
Homeowners can use DU Refi Plus to refinance up to 105% of the home's value. Overall, this program is designed to help financially struggling homeowners meet their mortgage payments to keep their homes.
GOOD NEIGHBOR NEXT DOOR PROGRAM
This program enables law enforcent officers, teachers teaching Pre-Kindergarden through12th grade, fire-fighters, and emergengy medical technicians to acquire a house with a 50% discount from the listing price. In return for this great incentive, the borrower must commit to living in the property for 3 years as their sole residence. The property needs to be owned by HUD in order to qualify for this program.
