Non-QM Standard Loans
Non-QM Standard Loans
Designed to make homeownership more accessible, government-sponsored loans provide flexible credit requirements and lower down payment options.
Non-Agency Loans
FHA Standard
A government-backed mortgage designed to help low- to moderate-income borrowers achieve homeownership. With a less stringent credit score and down payment requirements than traditional loans, FHA Standard Loan is ideal for first-time.
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Loan Benefits:
- Great for the first-time homebuyers
- Min. down payment 3.50%
- Less than average credit score requirements
Loan Features:
- Loan amounts up to $524,225*
- DTI as per AUS
- LTV up to 97.75%
- Min. FICO 580
- MIP is required
FHA - High Balance
Designed for those looking to purchase a home in an expensive area. The Federal Housing Finance Agency (FHFA) increases loan limits in these locations, allowing homebuyers to borrow more for their dream home.
Loan benefits:
- Min. down payment 3.50%.
- Flexible qualification requirements.
- Accessible to borrowers without perfect credit score & history rate buy downs available.
Loan Features:
- Loan amounts up to $1,209,750*
- DTI as per AUS
- Primary residence, second home
- Up to 97.75% CLTV
- Min. FICO 580
FHA - Streamline Refinance
Program is designed to help borrowers who have a current FHA-insured loan. It’s an easy way to potentially lower interest rates and reduce monthly payments. This refinance option requires minimal paperwork, making the process faster and easier.
Loan Benefits:
- Min. 6 payments on current loan.
- Reduced paperwork.
- Simple eligibility requirements.
Loan Features:
- Available to borrowers with an existing FHA loan.
- No income is required.
- No appraisal documentation
- No need to calculate a DTI
- Permanently lowered monthly payments
Veterans Affairs (VA) Loans programs
VA Standard
Program offered by the Department of Veterans Affairs (VA) to veterans, active-duty service members, and their eligible surviving spouses. It’s designed to help veterans and their families buy, build, repair, maintain, or adapt a home for personal use.
Loan benefits:
- Limited closing costs
- Temporary rate buydowns are available
- No private mortgage insurance (PMI)
Loan features:
- Loan amounts up to $2 million
- Min. FICO 580
- Up to 100% LTV
- Manufactured homes
- No down payment required
VA IRRRL
The VA Interest Rate Reduction Refinance Loan (IRRRL) is a streamlined refinance option for veterans and active-duty service members with existing VA loans. This solution allows borrowers to lower their interest rate and monthly mortgage payments with minimal paperwork and underwriting requirements.
Loan benefits:
- $500 cashback as a result of incidental changes at closing
- Only ownership certification required
- Appraisal is not required
Loan features:
- Loan amounts up to $1.5 million
- Min. FICO 580
- Up to 110% LTV
- High balance allowed
- Manufactured homes
Need help deciding?
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