Believe Lending

No Mortgage Insurance Loan

Up to 95% Loan-To-Value Ratio

This Loan Program is a Conventional Loan with LENDER PAID MORTGAGE INSURANCE! Lender-paid mortgage insurance (LPMI) usually results in lower monthly payments than borrower-paid mortgage insurance, but also carries a higher interest rate. The idea of having lender paid mortgage insurance is relatively simple: Pay a fee up front when you get your loan or accept a higher interest rate and the lender will pay for your mortgage insurance.

WHO QUALIFIES??

Must be 18 years or older
U.S. Citizens
Green Card Holders (non U.S. Citizen)
H-1B Visa & EAD Card Holders (non U.S. Citizen)

LOAN DETAILS

Credit: 620 FICO or higher
Maximum DTI of 50%
Down Payment:
○ 20% Down Payment Without Mortgage Insurance
○ 3% Down Payment With Lender Paid or Borrower Paid Mortgage Insurance
Occupancy: Owner Occupied, 2nd Home, or Investment Property
Eligible Properties: Single Family Residence, Condo, PUD, Multi Units (Max 4 Units)
Bankruptcy and Foreclosure Rules
○ No Bankruptcy within the past 4 years
○ No Foreclosure within past 7 Years
○ No Short Sale within the past 4 Years

PROOF OF INCOME

Salaried (W2):
○ 30 days of pay stubs that show income including year-to-date income
○ 2 years of federal tax returns and W-2 statements
○ Additional income such as alimony, child support or bonuses
Self-employed or Business Owner:
○ 2 years of federal tax returns (personal and business)
○ Most current up to date profit and loss statement (P&L)
○ Additional income such as alimony, child support or bonuses
Retirement or Annuity or Child Support Income
○ Must continue for 2 years or more

Employment Verification:

2 years of work history verified by employer
2 years of self-employed or business income verified by a CPA

Asset Documentation:

60 days or a quarterly statement of all asset accounts

Proof of Identity:

Driver’s License or State Identification
Social Security Card