Loan Programs
Conforming & High-Balance
Conforming & High-Balance
Conforming & High-Balance
Jumbo & Super Jumbo
Conforming & High-Balance
Conforming & High-Balance
FHA
Conforming & High-Balance
FHA
VA
Non-QM | Bank Statement
FHA
Non-QM | DSCR
Non-QM | Bank Statement
Non-QM | Bank Statement
Non-QM | Bank Statement
Non-QM | Bank Statement
Non-QM | Bank Statement
Cross-Collateral
Cross-Collateral
Cross-Collateral
Reverse Mortgage
Cross-Collateral
Cross-Collateral
Bridge Loans
Cross-Collateral
Bridge Loans
Conforming & High-Balance
Details
"Conforming", is referring to loan parameters that conform to the Fannie Mae and Freddie Mac loan limits and underwriting guidelines, set forth by the Federal Housing Finance Agency (FHFA).
Available for 1-4 Unit Single Family Residences - ADU's (Accessory Dwelling Unit) are not included in the unit count. Minimum 620 FICO is required.
"High-Balance" Conforming, is a conforming loan in a higher-priced area. For example, if you're buying a home in Los Angeles County, the median home values in your area are more than 115% of the national median, you’ll have a higher local loan limit.
Key Parameters:
- First-time home buyers can purchase with 3% down
- 10, 15, 20, 25 and 30-Year Fixed
- 3, 5, 7 and 10-Year ARMs
- Minimum 620 FICO score
- 1-4 Unit Single-Family (SFR)
Jumbo & Super Jumbo
Details
A "Jumbo", is any mortgage loan that is not underwritten to the loan limits of the government agencies of Fannie Mae, Freddie Mac set by the Federal Housing Finance Agency (FHFA). "Jumbo" and "Super Jumbo" loans exceed these limits.
Jumbo mortgages are typically funded, sold to, and/or serviced by portfolio lenders that will use many of the basic underwriting guidelines set forth by the government agencies, but will adjust their appetite for certain types of loans in relation to loan amount, loan to value, and credit rating (for example). They will typically carve out their own niche segment of the market that they are targeting.
Key Parameters:
- Loan amounts up to $40 Million
- Minimum 660 FICO score
- 15 and 30-Year Fixed terms
- Available for single-family homes, 1-4 Units, Multifamily and Commercial properties
- 3, 5, 7 and 10-Year ARMs
- Interest Only ARMs and Fixed
VA LOANS
Details
A VA loan is guaranteed by the U.S. Department of Veterans Affairs (VA). This government-backed loan option was initially established for service-members returning home after WWII. VA loans are for military veterans, active service-members, surviving spouses and some reservists.
Depending on an the individual's benefit, VA loans can be available with no money down, even within high-balance counties.
Key Parameters:
- For America's heroes
- No down payment required (full entitlement)
- No Mortgage Insurance
- Cash-out and streamlined options
- No minimum FICO score
- No loan limits (full entitlement)
FHA LOANS
Details
A Federal Housing Administration (FHA) loan is insured by the federal government. FHA loans follow lending rules set by the U.S. Department of Housing and Urban Development (HUD).
FHA loans are a great option for first-time buyers, as their family members can supply gift funds to help with closing costs.
Mortgage insurance will be standard, but you can qualify for an FHA loan with less down (as little as 3.5% down payment) and lower credit score requirements.
Key Parameters:
- Down payments as low as 3.5%
- Minimum 580 FICO score
- Great for First-Time Home Buyers
- Broader requirements
- Streamlined programs
- High-Balance available
- 500 FICO with 10% Down Payment
NON-QM
Details
"Non-QM" (Non-Qualified Mortgage), are "outside of the box loans". These options offer creditworthy clients the financing they need with a commonsense approach to underwriting. Think of your retirees, self-employed, real estate investors, high-net worth individuals, or those with higher-than-average Debt-to-Income (DTI) with plenty of disposable-income.
Non-QM | DSCR
This underwriting method utilizes the subject property's Debt-Service-Coverage-Ratio (DSCR) instead of your personal Debt-to-Income ratio (DTI) to qualify for financing. We're looking at the income of the subject property and aren't relying on a personal income analysis for loan approval.
Non-QM | Bank Statement
Instead of using tax returns to show creditworthiness, this underwriting method allows clients to use bank statement history to show personal/business income consistent for qualification.
Non-QM | Cross-Collateral | Bridge
This underwriting method allows us to use multiple properties as collateral on a single loan. Among many uses, it's a great way to get financing for the purchase of a new home, while using the existing equity of your departing residence without having to sell it first.
Key Parameters:
- Great for Investors and Self-Employed Clients
- Equity-Based Lending
- Rental cash-flow analysis
- 30-Year Fixed, ARMs, Interest-Only
- "Bridge" to a new property without selling existing residence
REVERSE MORTGAGES
Details
Available to those 62 years of age or older. A Client stops paying their monthly payment, but is still responsible for their property tax and homeowners insurance payment(s). Instead, the client receives a monthly amount/Lump sum that is taken from the existing equity.
Key Parameters:
- 62+ in age
- Lump sum or Equity line
- Funds can be used to pay off an existing mortgage and for monthly cash-flow for all obligations
- Primary Residence only
LOAN TERM Options
30-Year Fixed
10, 15, 20 & 25-Year Fixed
10, 15, 20 & 25-Year Fixed
The most popular choice in California and the rest of the country. This loan has the certainty of the same payment for 360 months. The rate and payment will never change for the life of the loan. This loan has a lower payment and higher rate than a 15 year fixed. There is more interest paid over time than a 15 year fixed.
10, 15, 20 & 25-Year Fixed
10, 15, 20 & 25-Year Fixed
10, 15, 20 & 25-Year Fixed
A great option to pay down your home quicker, these loan options have the certainty of the same payment for 10, 15, 20, or 25 years. The rate and payment never change for the life of the loan. Expect a higher payment and a lower rate than a 30 year fixed. There is less interest paid over time than a 30 year fixed.
Adjustable Rate Mortgage - ARM
Adjustable Rate Mortgage - ARM
Adjustable Rate Mortgage - ARM
3, 5, 7 and 10-Year ARMs available. These loans are typically amortized over 30 and 40 years, and are fixed with the same rate and payment for their respective periods. After the initial fixed periods, the loans typically adjust annually based on a Margin Value (+) Index Rate to set the rate and payment for the subsequent year.
Interest-Only ARM
Adjustable Rate Mortgage - ARM
Adjustable Rate Mortgage - ARM
Almost exactly like the ARM loans, but the choice to pay only the interest for the respective 3,5,7 and 10 year initial fixed periods. They are also treated the same after their initial fixed period.
Based in Beverly Hills, California 90210 | 310-770-5539 | sam@mortgageblack.com
© 2023 Mortgage Black®, a California Corporation. All Rights Reserved. Sam Batayneh NMLS #332474 | DRE #01419969
Mortgage Black® is a dba of PFN Lending Group, Inc. | 5016 N. Parkway Calabasas, Suite 200, Calabasas CA 91302. NMLS ID #103098. All Rights Reserved. Please visit https://www.nmlsconsumeraccess.org for detailed licensing information. Licensed by the CA Department of Financial Protection and Innovation under the California Finance Lender Law #60DBO78997 and CA Department of Real Estate DRE#01273595. Information, rates and pricing are subject to change without prior notice at the sole discretion of PFN Lending Group, Inc. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply.
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