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FHA

The Federal Housing Administration Loan (FHA) is most suitable for borrowers who are looking for a lower down payment option on a purchase or to refinance a current FHA loan.

Down payment requirements can be low
In contrast to conventional mortgage products, which frequently require down payments of 5% to 20% depending on your credit history, FHA makes it possible to reduce your down payment to as little as 3.5% on multiple types of properties.

Down payment can be accepted as a gift
The down payment can be 100% gifted from a family member or in some cases a charitable organization. Verification of the source of the gift funds is required. The gift funds must be deposited into the borrower’s bank, or in an escrow account, prior to underwriting approval. Cash gifts are not allowed and proof of deposit is required.

  • Seller can contribute up to 6% of the borrower’s closing costs

If you have any questions, please contact us.

Bank Statement

Have a self-employed client who has had difficulty obtaining a mortgage?

  • No Tax Returns Required
  • Personal Bank Statement qualified based on 12 or 24 month average monthly deposits**
  • Business Bank Statement qualified based on 12 or 24 month average monthly deposits**
  • Up to 90% LTV (No MI) allowed on Personal and Business
  • Loans to $3 Million (Minimum $150,000)
  • Interest Only Available*
  • 2 Years Seasoning for foreclosure, short sale, bankruptcy, deed In lieu
  • Owner-Occcupied, 2nd homes, investment properties allowed
  • Non-warrantable condos considered
  • Gift funds allowed
  • No pre-pay penalty for owner-occupied and/or 2nd homes
  • SFRs, town homes, condos, 2-4 units
  • DTI above 40/50% with no additional reserve requirement

If you have any questions, please contact us.

*Interest-only options will not be available in all states. Please contact your lma for more details. These products may have a higher interest rate, more points or more fees than other products requiring documentation.
**Verification of expense ratio required from CPA

 

Portfolio Select

Don’t let your clients “just miss” their homebuying opportunity.

The Portfolio Select program from Angel Oak Home Loans is designed for buyers who may otherwise “just miss” the requirements of today’s strict conventional underwriting guidelines.

  • Loans to $3 Million (Minimum $75,000)
  • Up to 90% LTV (No MI)
  • Interest Only Program Available*
  • 2 Years Seasoning for Foreclosure, Short Sale, Bankruptcy, Deed In Lieu
  • Owner-Occupied, 2nd Homes, Investment Properties allowed
  • Non-Warrantable Condos Allowed
  • DTI up to 50% considered
  • 1 year tax return program for self-employed available

If you have any questions, please contact us.

*Interest-only options will not be available in all states. Please contact your licensed mortgage advisor for more details.

Home$ense

Waiting years to buy a home is no longer necessary.

  • 1 Day out of foreclosure, short sale, bankruptcy, deed in lieu (including jumbo loans)
  • 500 Minimum Credit Score (Including Jumbo Loans)
  • Loans to $1 million (Over $1M case by case)
  • Up to 90% LTV with No MI
  • 5/1 ARM or 30-year fixed
  • DTI Up to 50% Considered
  • Owner-occupied, 2nd homes, Investment Properties
  • Non-warrantable Condos Considered
  • No tax returns required

If you have any questions, please contact us.

VA

At Angel Oak, we are proud to have the opportunity to serve our veterans with their home financing needs by providing a VA home loan.

  • Up to 100% financing available
  • No monthly mortgage insurance
  • Surviving spouse may be eligible, as determined by VA
  • You must be a Veteran, Active Duty Military or member of the Reserves
  • All closing costs may be paid by seller
*If you are a veteran, previously, active or retired or a National Guard or Reserve member you may be eligible for a VA loan. An unmarried surviving spouse of a veteran who died on active duty or later from service-connected causes may also be eligible for the home loan benefit. Verification of employment is required. Not all applicants will qualify under the program guidelines. Each applicant will be evaluated and rates, terms and conditions of the loan may differ depending on each applicant.

If you have any questions, please contact us.

Freddie Mac HomeOne

REDUCED DOWN PAYMENT OPTION FOR FIRST-TIME HOMEBUYERS

  • No income limits
  • As little as 3% down payment required 
  • Home buyer education may be required
  • Purchase & rate term
  • Primary residence only
  • AUS approval required
  • Gift funds allowed

If you have any questions, please contact us.

Investor Cash Flow

Attention real estate investors – Are you looking to expand or build your real estate portfolio?

Our investor cash flow program was created to serve your real estate investment goals.

  • Loans to $1.5 million (minimum $75,000)
  • Up to 80% LTV
  • No personal income used to qualify
  • Qualification based on property cash flow
  • 2 years seasoning, foreclosure, short sales, or bankruptcy, deed in lieu
  • No tax returns required
  • Interest Only Option†

If you have any questions, please contact us.

*These products may have a higher interest rate, more points or more fees than other products requiring documentation.

†Interest-only options may not be available in all states. Please contact your Licensed Mortgage Advisor for more details.

 

Foreign National

Have foreign clients looking to purchase in the US? Products available for second homes or investment.

  • Loan amounts up to $750,000
  • Up to 75% LTV
  • No SSN or ITIN required
  • Purchase and refinance available, C/O allowed
  • Non-us credit accepted
  • Self-employed: Minimum 2 years verified by CPA in country of origin with income verification
  • No tax returns required

If you have any questions, please contact us.

You can also Submit Your Loan Inquiry OR Contact Us.

Jumbo Prime

 

  • Maximum LTVs 90%. No MI.
  • Six (6) months reserves required
  • Primary residence and second homes are eligible
  • Maximum DTI 43%
  • Gift funds allowed
  • In-house underwriting, processing and closing
  • Loan amounts over $1.5M require secondary appraisal*
  • Interest-only options+

If you have any questions, please contact us.
*Secondary appraisal product to support the appraised value.

+ Interest-only options may not be available in all states.

Platinum

Jumbo program with as little as 5% down.

  • Loans available up to $3 million
  • LTV’s up to 95% with no MI.
  • No tax returns required
  • Interest only options*
  • Owner-Occupied, 2nd Homes, Investment Properties allowed

If you have any questions, please contact us.

*Interest-only options will not be available in all states. Please contact your Licensed Mortgage Advisor for more details.

203 (H) Program

We can help lead you home again.

Contact us to find out how to buy a home with no down payment. This applies to people whose homes were destroyed or seriously damaged in an area designated as a disaster by the President.

  • No down payment
  • Property must have been within a declared disaster area
  • No borrower income limit
  • Renters who were displaced are also eligible to purchase a new home

Angel Oak wants to help you get back home!

If you have any questions, please contact us.

ARMs

Most suitable for borrowers who are seeking the flexibility of a lower rate but do not plan on staying in their home very long.

  • Loan amounts to $3,000,000
  • Max LTV 80%
  • Primary and second homes

If you have any questions, please contact us.

Fixed Rate

Most suitable for borrowers who are looking for rate stability and plan on being in mortgage for an extended timeframe.

  • Loan amounts up to $484,350
  • Conventional

If you have any questions, please contact us.

USDA

This program is administered by USDA Rural Development, which serves the public through more than 800 field offices nationwide. USDA offers borrowers with low to moderate income an opportunity for better affordable housing finance options with little or no down payment.

  • 100% financing available to qualified borrowers
  • Closing costs can potentially be covered by the seller or financed into the loan
  • Zero down payment required

If you have any questions, please contact us.

Extended Lock Program

120-180 day extended rate locks*

  • No upfront fee
  • One-time rate float down option**
  • Available on Conventional, Jumbo+, FHA and VA fixed rate products

Over 180 days extended rate locks*

  • One-time rate float down options**
  • Locks up to 365 days
  • Available for VA, Conventional, and FHA fixed rate products
  • 1% fee is required at lock and will be credited at closing.

If you have any questions, please contact us.

*Extended rate locks must be 120 days or greater but not exceeding 365 days.

**Subject to market availability. Rate float down option must be executed within 15 days of the closing date.

+1% refundable fee paid at lock in date and will be credited at closing.

Manufactured Housing Program

Borrowers are now eligible for manufactured housing financing.

FHA, VA, & USDA

  • Primary Residence Only
  • Streamlines and IRRRL’s are ineligible

CONVENTIONAL

  • AUS Rendering-Desk Top Underwriter (DU) Only
  • Primary Residence Only
  • Max 80% LTV

If you have any questions, please contact us.

No MI with community second program.

  • This is a DPA program offering a Conventional No MI 30 year fixed first mortgage with a 30 year I/O repayable second.
  • The first lien is through Lakeview and the second is though Springboard.
  • Assistance will be up to 4% of lesser of purchase price or appraised value
  • The rate of the second mortgage will match the first
  • Do not have to be first time homebuyer
  • Homebuyer Education is required.
  • Eligible locations- AL, CO, GA, FL, IL, IN, LA, NC, NJ, OK, TN, VA

If you have any questions, please contact us.