| - Borrowers with good credit and stable income
- Purchasing primary residences, second homes, or investment properties
- Eligible borrowers utilizing low-down-payment conventional programs
| - As low as 3% down payment for eligible borrowers
- Credit score and underwriting requirements vary by program / AUS
- PMI generally applies when LTV is above 80%
- Fannie Mae / Freddie Mac no longer require a minimum FICO of 620
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| - First-time home buyers
- Borrowers with lower credit scores
- Borrowers recovering from past credit or financial setbacks
| - 3.5% down payment with FICO 580+ (10% down may be available for FICO 500–579)
- Upfront and annual mortgage insurance apply
- Primary residence only for purchase
- Refinance FHA streamline allowed for investment or second homes
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| - Active-duty service members
- U.S. military veterans
- National Guard and Reserve members
- Eligible surviving spouses
| - 0% down payment required ($0 down payment)
- No monthly mortgage insurance (PMI)
- VA IRRRL can do primary, investment, or second home
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| - Low-to-moderate-income buyers
- Purchasing homes in eligible rural or suburban geographical regions
| - 0% down payment may be available ($0 down)
- Property must be in an eligible USDA rural/suburban area
- Household income must meet USDA regional limits
- Primary residence required
- Credit requirements vary by lender / GUS (lowest FICO is 550; NOCC is not allowed)
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| - Buyers in high-cost real estate markets
- Borrowers purchasing high-value luxury homes exceeding conforming limits
| - Loan amount exceeds the applicable conforming loan limit ($766,550+ in most areas)
- Typical requirements may include higher credit scores, larger down payments, lower DTI, and additional reserves
- Exact requirements vary by lender and loan amount
- DTI could be permitted up to 50%
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| - Homeowners needing flexible cash access rather than a lump sum
- Home upgrades, renovations, or major repairs
- Debt consolidation at lower interest rates
- Tuition payments or emergency cash reserves
| - Min FICO 600 with CLTV 70%
- Max CLTV up to 95% with FICO 640+
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| - Homeowners or real estate investors with complex finances
- Borrowers who cannot qualify under traditional tax return guidelines
| - Min FICO 620
- 0x30 over the past 12 months for mortgage payment history
- 6–9 months reserves depending on credit score and LTV
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| - Real estate investors purchasing or refinancing rental properties
- Long-term residential rental properties
- Short-term rentals (Airbnb / VRBO) where permitted
| - DSCR < 1 or No Ratio options available (programs generally cap leverage at 65% to 75% LTV and require min FICO score)
- Min FICO 620
- Need 3 tradelines in last 12 months or 2 tradelines in last 24 months
- LTV from 80%–85% for purchase and 75% for cash-out refinance
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| - Self-employed business owners and entrepreneurs
- Freelancers and independent contractors
- Borrowers with significant tax write-offs and deductions
| - 12 consecutive months of personal or business bank statements
- 1 year history must be in exception
- Qualifies on bank deposit cash flow rather than tax returns
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| - Business owners with strong business revenue/income
- Borrowers whose tax filings reflect substantial deductions
| - Min FICO 600
- Minimum self-employment history of at least 1 year
- P&L statement covering full calendar year and YTD (prepared by CPA, EA, CTEC, or borrower)
- Letter from tax preparer confirming business name, start date, active standing with the state, borrower's ownership %, and review/preparation of borrower's two most recent filings
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| - 1099 independent contractors and freelancers
- Gig economy workers with 1–2 years of 1099 earnings history
| - Min FICO 640
One of the following supporting documents to verify contractor income is current and ongoing:- WVOE (Form 1005) — the most common option
- The borrower's most recent paycheck
- A Year-to-Date (YTD) bank statement
- A YTD paystub
- 3 to 12 months of bank statements showing 1099 deposits
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| - W-2 salaried or hourly wage employees
- Borrowers seeking a simplified income-documentation process without submitting pay stubs or tax returns
| - Min FICO 620
- Must not be employed by family members
- Written Verification of Employment (Form 1005) completed by employer
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| - International real estate investors
- Foreign buyers seeking U.S. property investments without U.S. credit or SSN
| - Strictly to second home or investment property only
- Typically capped at 75% LTV
- 3–6 months asset reserves required
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| - Retirees with substantial accumulated assets
- High-net-worth individuals
- Investors with substantial liquid wealth but low taxable income
| - Asset Seasoning: Standard seasoning timeframe for assets is 6 months
- Some lenders allow a shorter seasoning window of 2 months or require up to 12 months
- Converts verifiable liquid assets into qualifying monthly income without employment requirements
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