Matrixes & Directories
RESIDENTIAL EDITION VOLUME 18 ISSUE 2 FEBRUaRy 2011
prime niches »
prime first mortgages »
Prime products include loans exceeding Fannie Mae/Freddie Mac loan limits, but they
generally use traditional conforming credit guidelines. Minimum FICO scores would be
620 and greater, and few mortgage lates would be allowed (zero or one within 12 months).
The FHA/VA/government matrix includes loans sponsored or backed by a government
agency, excluding government-sponsored enterprises now under conservatorship.
Examples include Federal Housing Administration (FHA), U.S. Department of Veterans
Affairs (VA) and U.S. Department of Agriculture (USDA) Rural Housing loans. FICO scores as
low as 580 are allowed, as are bankruptcies/foreclosures, in some cases.
hard money »
Hard-money lenders generally give more consideration to the value of the property/
collateral than to credit history. LTVs are usually less than 65 percent and credit scores,
if required, are less than 500. They specialize in unique, hard-to-find loans. Hard-money
lending can be referred to as private, equity or portfolio lending.
Construction lenders provide loans for new construction or rehabilitation and renovation.
warehouse lines »
Warehouse lenders offer lines of credit for use in mortgage banking. Some offer training for
new mortgage bankers.
events directory »
resource directory »
wholesale lender directory »
Find company addresses, descriptions, account executives and other information.
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