CONVENTIONAL LOAN PROGRAMS

Eager to buy a home but worried that you lack the downpayment to get your foot in the door? This is a common concern among mortgage candidates who are often told they need at least 20% of their home price as a downpayment. Surprisingly, the median down payment made by first-time buyers is actually only six percent, but Turbo Mortgage offer many options related to low-down payment loans. Lear the facts here about available loan programs that require little downpayment and far-from-perfect credit scores.

     Conventional 1% Down Payment

Stop paying rent | Perfect for first time home buyers 

( Enroll Free in Turbo University- Course 14 for full details)

 Loan Highlights
⦁ Borrower(s) 1% down payment: Lender gifts 2%
⦁ Minimum credit score 700+ mid FICO
⦁ Maximum Debt To Income Ratio 43%
⦁ Great low rates
⦁ Close in 30 days or less
⦁ No monthly Mortgage Insurance is available
⦁ Close Fast

 HomeReady TM Conventional Loan

HomeReady™ Loan Highlights

Fannie Mae’s conventional option for borrowers looking to purchase with a low down payment or refinance with limited equity.

⦁ Purchases with 3% down payment
⦁ First Time Homebuyers, and repeat buyers
⦁ Relaxed income limits based on census tracts
⦁ Gift funds eligible for entire down payment
⦁ “Income Pooling” for all of the members of a household

This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan. For many families, this can mean the difference between getting approved for a loan and getting turned down.

Home Possible Conventional Loan

A great alternative for borrowers looking to purchase with a low down payment.
Up to 95% LTV

Loan Highlights
⦁ Purchases with 5% down payment
⦁ Minimum credit score 660+ mid Fico
⦁ First time homebuyers, move-up borrowers, and retirees
⦁ No income limits for Underserved Areas
⦁ No reserve requirements for 1-unit properties
⦁ Gift funds eligible for entire down payment

  Flex Term

Customize your mortgage without resetting the mortgage clock! Flex Term provides flexible options to select the amortization term to match your objectives. Perfect for refinancing your current loan to a lower rate, with a term less than a new 30 year term.

Loan Highlights
⦁ Available on all conventional loan products
⦁ Terms available from 8–30 years

  Elite

The best choice for a top-tier borrower! Comprised of some of the best conventional rates and pricing in the industry740+ FICO

Loan Highlights
⦁ Up to 80% LTV
⦁ 740+ FICO CREDIT SCORE
⦁ Loan amounts STARTING AT $250,000 up to County Loan Limits
⦁ Property Inspection Waivers honored
⦁ Underwrite to AUS findings
⦁ Includes Conventional, High Balance and ARMs

  Elite High Balance

Elite High Balance offers some of the best conventional high balance rates and pricing for our top-tier clients. You’ll receive industry-leading turn times, direct access to underwriting, and award-winning technology with every loan.

Loan Highlights

⦁ 740+ FICO
⦁ Up to 80% LTV
⦁ Loan amounts from $417,001 up to County Loan Limits
⦁ Property Inspection Waivers honored
⦁ Underwrite to AUS findings
⦁ Includes Conventional, High Balance and ARMs

  Texas Cash Out

Cash in with Texas Cash Out, Turbo Mortgage Texas 50(a)(6) product! Close in record time.

Loan Highlights
⦁ Close in 20 days or less
⦁ Hassle-free with rapid turn times

  High Balance

Time is of the essence with every borrower. Don’t wait while your borrower shops around—give them the most competitive rates and close their High Balance loan in record time!

Loan Highlights
⦁ Loan amounts from $417,001 – county loan limits
⦁ Elite pricing available for your top-tier clients
⦁ 640+ FICO

  HARP 2.0

We’re closing HARP 2.0 (Home Affordable Refinance Program) in 20 days or less! Do you have a current loan with Fannie Mae that was originated prior to May 31, 2009? HARP 2.0/DU Refi Plus allows you to refinance even if you owe more than the property is currently valued at.

Loan Highlights

⦁ Up to 175% LTV/Unlimited CLTV
⦁ No DTI restrictions (approve/eligible findings)
⦁ Property inspection waivers are accepted
⦁ Condos and high balance loans are eligible up to 125% LTV/CLTV
⦁ M.I. transfers allowed with our HARP 2.0 with M.I. program
⦁ .75 max cap adjustment

Jumbo Loan Products

  Jumbo Elite

Jumbo clients are offered pricing and turn times they deserve. Jumbo Elite loans not only features competitive pricing but also close in an impressive 25 days or less.

Loan Highlights
⦁ Loan amounts up to $2 million
⦁ Exclusive rate incentives for borrowers with 740+ FICO
⦁ Eligible for primary and second homes
⦁ ARM and fixed-rate options available

  Jumbo

The only true Jumbo loan that is easy to close! Among the most competitive 30-year fixed rates in the industry, incentives on all purchase transactions. From primary homes to investment properties, Turbo Mortgates provides jumbo loans with clear, hassle-free guidelines.

Loan Highlights

⦁ Eligible for primary, secondary and investment properties
⦁ FICOs as low as 700
⦁ Loan amounts up to $2.5 million
⦁ Fixed rate and ARM loans available

FHA Loan Products

  FHA Elite

FHA borrowers with industry-leading government rates and pricing.

Loan Highlights

⦁ 720+ FICO
⦁ $175,000 – county loan limit
⦁ All fixed term mortgages
⦁ Single family primary residences
⦁ Debt ratios accepted up to 55%

  FHA Streamline

FHA Streamline program allows you to refinance your FHA loan with no appraisal or AVM. Time is of the essence—stop the shop and use our quick closing process to secure your approval.

Loan Highlights
⦁ 640+ FICO
⦁ Debt ratios accepted up to 55%
⦁ Up to 60 days interest allowed

  USDA Loan Products

Rural development loans are a great option for your borrowers looking for 100% financing. Turbo Mortgage is directly delegated with USDA lenders, ensuring a smooth, quick process for both your clients and referral partners. Count on Turbo Mortgage to hit contract dates on USDA purchases, with direct access to underwriting and industry leading turn times!

Loan Highlights
⦁ 30-year fixed rate
⦁ No down payment required
⦁ No cash reserves needed
⦁ Closing costs may be financed on some transactions
⦁ Seller contributions allowed
⦁ Competitively low rates
Helpful USDA Links:

USDA Rural Development Eligibility site (determine property location and adjusted annual household compliance income limits for your state)
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
USDA Service Center Locator (by State)
⦁ Find

⦁ available USDA properties

  VA Loan Products

VA Elite
VA borrowers go to a new level with industry-leading government rates and pricing. This is the obvious choice for your top-tier clients.

Loan Highlights
⦁ 720+ FICO
⦁ $175,000 minimum loan limit
⦁ Maximum loan amount can exceed county limits
⦁ All fixed term mortgages
⦁ Single family primary residences

    VA IRRRL

VA IRRRL (rate term refinance) with no appraisal. Take advantage of your VA benefits by streamline refinancing your current VA loan into a lower interest rate.

Loan Highlights
⦁ No appraisal
⦁ No income verification, no tax returns
⦁ AVM (automated value model) ran prior to submission
⦁ Elite pricing available

  Non-Agency Loan Products

Jumbo Elite
Jumbo Elite loans not only allow you competitive terms, but they also allow you to close in an impressive 25 days or less.

Loan Highlights

⦁ Loan amounts up to $2 million
⦁ Exclusive rate incentives for borrowers with 740+ FICO
⦁ Eligible for primary and second homes
⦁ ARM and fixed-rate options available

  Interest Only

Save hundreds of dollars each month by offering them a low, flexible payment option.

⦁ Loan amounts from $250,000 – $2,000,000
⦁ 5/1 ARM with a 2/2/5 cap
⦁ 42% maximum DTI
⦁ 720+ FICO
⦁ Deferred principal for the initial 10 year interest only period