Primary Residence No income loan

The no-income CDFI loan can be used to purchase or refinance a primary residence and second home. 

Minimum down payment is 20%. However, this is dependent on your FICO/Credit score.

Yes. You will have to provide one month of bank statement showing sufficient funds for your down payment as well as reserve requirement on a purchase and refinance. 

Reserve requirement means you must have sufficient funds in the bank or other institutions that equals the full amount of the monthly mortgage payment to include principle, interest, taxes, insurance, and any HOA if applicable. For the no-income loan, you must have at least 12 months of reserves for FICO/Credit score of 740 and above. 

Minimum FICO/Credit score is 640. However, 640 FICO/Credit score will require that you make a minimum of 35% down payment on a purchase and 65% Loan To Value (LTV) on any refinance. The higher your FICO/Credit score, the less down payment you will be require to make. A FICO/Credit score of 740 and above will require only 20% down payment on a purchase and up to 80% LTV on any refinance.  

1. 30 Year Fixed
2. 30 Year Fixed Interest Only
3. 1/6 ARM, 5/6 ARM, 7/6 ARM, 10/6 ARM
4. 5/6 ARM interest only, 7/6 ARM interest only, 10/6 ARM interest only

No. Pre-payment penalty is not allowed on this loan. 

Maximum loan amount up to $3 million. 

• Single family residence
• Plan Unit Development
• Townhome
• Condominium (max 70% LTV)
• Non-warrantable condominium (max 65% LTV)
• 2-4 unit homes
• Modular and rural homes

• Primary residence
• Second home

• 740 and above FICO score is 12 months of reserve
• 680-739 FICO score is 15 months of reserve
• 660-679 FICO score is 18 months of reserve
• 640-659 FICO score is 24 months of reserve

• 740 and above FICO score is 12 months of reserve
• 680-739 FICO score is 15 months of reserve
• 660-679 FICO score is 18 months of reserve
• 640-659 FICO score is 24 months of reserve

• 740 and above FICO score is 12 months reserve
• 700-739 FICO score is 15 months reserve
• 660-699 FICO score is 18 months reserve

• Minimum 20% down payment for 740 and above FICO/Credit score
• Minimum 25% down payment for 680-739 FICO/Credit score
• Minimum 30% down payment for 660-679 FICO/Credit score
• Minimum 35% down payment for 640-659 FICO/Credit score

• Maximum 80% LTV for 740 and above FICO/Credit score
• Maximum 75% LTV for 680-739 FICO/Credit score
• Maximum 70% LTV for 660-679 FICO/Credit score
• Maximum 65% LTV for 640-659 FICO/Credit score

• Maximum 70% LTV for 660 and above FICO/Credit score