Products and Guidelines

Hometown Equity Mortgage was created to make a difference. We aim to change the stagnant landscape of wholesale mortgage – one partnership, one loan, and one day at a time.


PRODUCTS

Here’s some of our top QM mortgage products: FHA, Veterans (VA), USDA (Rural) and Conventional Mortgages.

FHA PROGRAM

  • Minimum credit score:
    • 550 AUS approved,
    • 580 manual
  • Non-Credit Qualifying Streamline refinances allowed Gift funds allowed for down payment and closing costs
  • Cash out 80% LTV

VA PROGRAM

  • Minimum credit score:
    • 550 AUS approved,
    •  620 manual
  • Cash-out up to 90% LTV
  • Foreclosure/Short Sale/Bankruptcy <2 years allowed with AUS Approval

USDA PROGRAM

  • Minimum credit score: 620
  • 100% maximum LTV
  • No maximum loan amount
  • Rate/Term refinances allowed

Conventional
PROGRAM

  • 620 min score
  • Fannie Mae
  • Freddie Mac
  • Standard and High Balance
  • Home Ready
  • Home Possible

2-1 BUYDOWN

2-1 Buydown:

  • Use Seller concessions to temporarily buydown rate.
  • 1st year reduced interest rate by 2%
  • 2nd year reduced interest rate by 1%
  • 3rd and beyond interest rate resets to original qualifying rate.
  • Loan is qualified off pre buydown rate.

Eligible for Conventional Primary and
Second home purchase transactions

  • Min fico 620
  • Standard Balance and High Balance
  • 1-4 units eligible (Primary)
  • SFR, Condo & PUD

Eligible for FHA Owner occupied purchase transactions

  • Min fico 580 for max ltv up to 96.5%
  • Min fico 550 for ltv’s up to 90%
  • 1-4 Units eligible
  • SFR, Condo & PUD