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Program Highlights

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We at Centex Capital are able to offer certain type of mortgage products that most definitely fit any borrower situation. Check out below the type of programs we specialize in. If you have questions about any of these programs give us a call to discuss. (718) 997-7000.

 

  • Conforming Conventional Fixed and ARM including High Balance and Super Conforming – loan amounts to 5 million.
  • FHA Fixed and ARM including High Balance and Streamline Refinances
  • VA Fixed and ARM including Jumbo and IRRRLs
  • Jumbo Fixed and ARM
  • My Community Mortgage®
  • Freddie Mac Home Possible® and Home Possible Advantage SM
  • DU Refinance Plus
  • Freddie Mac Relief Refinance Mortgage SM
  • FHA 203(k) Full and Streamlined
  • USDA Guaranteed Rural Housing
  • HECM (Reverse Mortgage) product line

Conforming Conventional Program Highlights

  • Delayed Financing options and transferred appraisals allowed. If you bought property all cash, you can cash out refinance right away with no seasoning requirements.
  • W2 only transcripts allowed for salaried borrowers with < 25% commission or bonus income. This eliminates the use if tax returns which discloses reimbursed income.
  • Full gift allowed for down payment on conforming conventional loans. No need for own funds.
  • One year tax returns may be accepted on self employed borrowers and blended ratios with non-occupant co-borrower. Freddie Mac Retained program allows up to six financed properties, including cash-out transactions, when the subject property is a second home or non-owner occupied property.
  • Manually underwriting allowed on conforming Fannie Mae and Freddie Mac Retained Programs for borrowers with erroneous credit or foreign address.
  • LTV to 97%: My Community Mortgage® and Home Possible Advantage SM, lower MI cost (including LPMI), CLTV to 105%, Community/Affordable Seconds allowed. First time home-buyer not required on Home Possible.
  • Fannie Mae Retained: Up to 10 financed properties allowed when subject property is second home or investment property.
  • Freddie Mac Super Conforming: All occupancy type transactions with higher LTVs than Fannie Mae High Balance. Allows cash-out investment property. Blended ratios allowed with non-occupant co-borrower.
  • DU Refinance  Plus & LP Relief Refinance. Up to 125% LTV and unlimited CLTV for owner occupied and second home Transactions. LTV up to 105% for investment properties and High Balance. Transferred mortgage insurance is allowed.
  • Community Enrichment Program (CEP) eligible for conforming balance loans and properties located within specific census tracks.

Government Programs and Features

  • Transferred appraisals allowed. If you had an appraisal done with another lender and want to switch to us we can accept another lenders appraisal.
  • W2 only transcripts allowed for salaried borrowers with < 25% commission or bonus income.
  • FHA: Manual underwriting allowed for Refer/Eligible per HUD 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 allow true cash-out to 100% LTV with 680 Credit Score.
  • VA Jumbo loan amounts up to $1,500,000.
  • FHA HUD REO: $100 down payment allowed and/or REPAIR escrow up to $5,000 allowed on HUD REO approved sales contracts.
  • USDA Guaranteed Rural Housing: Purchase, Rate/Term Refinance, Streamline Refinance and Pilot Program Refinance.
  • Community Enrichment Program (CEP) eligible for conforming balance loans and properties located within specific census tracks.

Jumbo Program Features

  • Elite Jumbo: Loan amounts up to $2,500,000. Allows for asset depletion (per Fannie Mae requirements), delayed financing and payoff of seasoned second as Rate/Term Refinance.
  • Minimum Credit Scores:
  • 580: FHA Purchase, Rate/Term Refinance, & Plaza serviced Streamline Refinances
  • 620: FHA 203(k), Conventional conforming and High Balance, VA conforming, VA IRRRL, VA Jumbo purchase, USDA, FHA High Balance
  • 640: FHA High Balance Cash Out and VA Jumbo refinance
  • 700: Elite Jumbo

There is no better time than now to give us a try and consult with one of our licensed loan officers about what is it that we can do for you. 718-997-7000

 

Related Information:
  1. Reduce Closing Costs
  2. Fannie Mae HomeStyle
  3. New Start Program

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