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Type of Loans

There are many different types of mortgage loans, and all of them have different features. Most people think that the FHA loan is always the best option, but it is not necessarily the best option! Each client is different and that is why it is always important to know the current situation of each one to advise them in the best way and explain the pros and cons of the loans they qualify for.

The information that you will now see can be a bit overwhelming. That is why we recommend you to contact us if you are looking for a property as a first purchase, second home or investment property. That way we will advise you on the options you would have to make the right decision.

Here are the main features loans we work with at ALED Mortgage. The information is for One-Unit only. For Duplex, Triplex or Fourplex please Contac Us.

FHA Loan

  • Purchase or Refinance (Rate & Term or Cash-Out)
  • Primary Residence only
  • Minimum Down Payment: 3.5%
  • Minimum Credit Score: 580
  • Debt-To-Income (DTI): 45% / 55%
  • 2 Years as Employee or Self-Employed
  • Mortgage Loans Limit depends on county but for 2021 range from: $356,362 – $822,375. You can check the limit in your area in HUD’s Website

Conventional Loan

  • Purchase or Refinance (Rate & Term or Cash-Out)
  • Primary Residence, Second Home or Investment Property
  • Minimum Down Payment: 3% for First-Time Homebuyers, 5% for Non First-Time Homebuyers, 10% for Second Home and 20% for Investment Properties
  • Minimum Credit Score: 620
  • Debt-To-Income (DTI): 50% / 50%
  • 2 Years as Employee or Self-Employed
  • Mortgage Loan Limit has as a baseline for 2021: $548,250. In high-cost areas can get conforming loans of up to $822,375, depending on county limit

1 Year Tax Return Loan

  • Purchase or Refinance (Rate & Term or Cash-Out)
  • Primary Residence, Second Home or Investment Property
  • Minimum Down Payment: 5% for Primary Residence, 10% for Second Home and 20% for Investment Properties
  • Minimum Credit Score: 620
  • Debt-To-Income (DTI): 45% / 45%
  • For Self-Employed only (working by themselves, with 1099 or owning a business)
  • 1 Year of Tax Returns only (but borrower needs to have at least 5 years as a Self-Employed)
  • Mortgage Loan Limit has as a baseline for 2021: $548,250. In high-cost areas can get conforming loans of up to $822,375, depending on county limit

No Doc Loan

  • Purchase or Refinance (Rate & Term or Cash-Out with 70% LTV)
  • Primary Residence or Second Home
  • No restrictions for First-Time Homebuyers
  • Minimum Down Payment: 25%
  • Minimum Credit Score: 680
  • Debt-To-Income (DTI): Not needed
  • No Income Verification
  • No Tax Returns or W2s required
  • 100% Gifts allowed for down payment, closing costs
  • Reserves required
  • Loan Amounts up to $3,000,000

Min Doc Loan

  • Purchase or Refinance (Rate & Term or Cash-Out with 70% LTV)
  • Primary Residence or Second Home
  • No restrictions for First-Time Homebuyers
  • Minimum Down Payment: 20%
  • Minimum Credit Score: 660
  • Debt-To-Income (DTI): Not needed
  • No Income Verification
  • Self-Employed: 12 Month Borrower prepared Profit & Loss
  • No Tax Returns or W2s required
  • 100% Gifts allowed for down payment, closing costs
  • Reserves required
  • Loan Amounts up to $3,000,000

Investor Loan

  • Purchase or Refinance (Rate & Term or Cash-Out with 70% LTV)
  • Investment Property only
  • Qualify using subject property income only
  • No restrictions for First-Time Homebuyers
  • Minimum Down Payment: 25%
  • Minimum Credit Score: 680
  • Debt-To-Income (DTI): Not needed
  • No Income Verification
  • No Tax Returns or W2s required
  • 100% Gifts allowed for down payment, closing costs
  • Reserves required
  • Loan Amounts up to $3,000,000
  • Corporations and LLCs accepted

Min Investor Loan

  • Purchase or Refinance (Rate & Term or Cash-Out with 70% LTV)
  • Investment Property only
  • No restrictions for First-Time Homebuyers
  • Minimum Down Payment: 25%
  • Minimum Credit Score: 660
  • Debt-To-Income (DTI): Not needed
  • No Income Verification
  • Self-Employed: 12 Month Borrower prepared Profit & Loss
  • No Tax Returns or W2s required
  • Subject Property does not need positive Cash Flow
  • 100% Gifts allowed for down payment, closing costs
  • Reserves required
  • Loan Amounts up to $3,000,000
  • Corporations and LLCs accepted

Foreigners Loan

  • Purchase or Refinance (Rate & Term or Cash-Out with 60% LTV)
  • Borrower cannot live or work in the US
  • Investment Property only
  • Qualify using subject property income only
  • Minimum Down Payment: 30%
  • Debt-To-Income (DTI): Not needed
  • Letter of Good Standing with current financial institution in USA or in your country of residence 
  • All funds to close must be wired in a U.S. bank prior to closing. Seasoning of funds is not required.
  • 100% Gifts allowed for down payment, closing costs
  • Reserves required
  • Loan Amounts up to $3,000,000
  • U.S. Corporations and LLCs accepted

As always, its best to consult with a Mortgage Loan Officer who will help you choose the mortgage loan that is right for you!

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