Liberty Mortgage

4415 West Harrison  Suite 326   Hillside, IL 60162     

Phone: 773-677-6460    Fax: 773-439-2450    Email: libmtg@yahoo.com  NMLS 1807234 

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Plaza 

Conforming / Rehab Loans & 203K

Rep:

Brian Paprocki 

Phone:

630-865-6190

Email:

brian.paprocki@plazahomemortgage.com

Rates:

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Web Site:

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ID#

300584

Login:

admin

Password:

Liberty#1

203K Contractor Package

Renovation Comparison

 

Programs:

* VA Fixed and ARM including Jumbo and IRRRLs

* Jumbo Fixed and ARM

* Non-QM: bank statements, DTI > 43% and Interest Only

* Second Liens: Closed-End Fixed Rate Piggyback seconds

* Fannie Mae HomeReady^TM

* Freddie Mac Home Possible^® & Home Possible Advantage^SM

* DU Refi Plus^TM

* Freddie Mac Relief Refinance Mortgage

* Fannie Mae HomeStyle^®

* FHA Standard 203(k) and Limited 203(k)

* USDA Guaranteed Rural Housing

* HECM (Reverse Mortgage) product line

* Manufactured Housing

*Second Lien Program

Conforming Conventional Programs and Features

* Delayed financing options and transferred appraisals allowed.

* Full gift allowed for down payment on conforming conventional loans.

* Blended ratios with non-occupant co-borrower.

* No landlord history needed to use rents to qualify.

* Manual underwriting allowed on conforming Loans.

* LTV to 97%:  HomeReady and Home Possible Advantage.

* CLTV to 105%, Community/Affordable Seconds allowed. 

* DU Refi Plus & LP^® Relief Refinance: Up to 125% LTV.

* LTV up to 105% for investment properties and high balance. Transferred mortgage insurance is

allowed.

* Pay-off revolving debt thru closing to qualify no longer needs to be closed.

Specialty Program Features

* Solutions program: Borrowers with DTI > 43%, self-employed borrowers with difficult income  

to qualify,   or for transactions that don’t fit standard Agency or Jumbo guidelines.

* Second Lien Program: Solution for purchases greater than the standard conforming loan

limits.

Government Programs and Features

* Transferred appraisals allowed.

* W-2 only transcripts allowed (per AUS) for salaried borrowers with <25% commission or

  bonus income.

* FHA and VA: Manual underwriting allowed for Refer/Eligible per HUD and VA guidelines.

* VA IRRRL and FHA Streamline allow non-owner occupied properties.

* VA IRRRL and FHA Streamline (including Jumbo): No appraisal required. No employment,

income or debt  ratio verification. Mortgage only credit report with credit scores and key factors.

* VA and VA Jumbo loans: allow true cash-out to 100% LTV with 620 credit score.

* FHA HUD REO: $100 down payment allowed and/or REPAIR escrow up to $10,000 allowed on

HUD REO approved sales contracts.

* USDA Guaranteed Rural Housing: Purchase, Rate/Term Refinance, Streamline Refinance and

Streamlined –  assist Refinance

* EEM mortgages on both FHA and VA

Minimum Credit Scores:

580;

* FHA Purchase.

* FHA Rate/Term Refinance.

* FHA Plaza serviced Streamline Refinance.

* VA Conforming Purchase and Refinance.

620;

* FHA 203(k).

* Conventional Conforming and High Balance.

* VA IRRRL.

* VA Jumbo Purchase and Refinance.

* USDA.

* FHA High Balance.

640;

* FHA High Balance Cash-Out.

* FHA High Balance 203(k)

660; 

* Manufactured Housing (or higher per product/scenario).

661;

* Elite Plus Jumbo

700;

* Elite Jumbo.

* Preferred Purchase Jumbo