Programs | First Growth Financial

Browse our mortgage programs

Below are overviews of home loan programs that we offer. First Growth is partnered with multiple lenders for both conventional and non-QM products - what this means is you will often have options for different lenders on the same program type, putting the ball in your court as the borrower.

CONVENTIONAL & GOVERNMENT

Conventional Loans

Your standard 'Fannie Mae' and 'Freddie Mac' loans, these cater to borrowers with very traditional profiles. Flexible rate and term options are available, including several ARMS.

Minimum 620 FICO
Up to 97% LTV (Minimum 3% down)
Up to 50% DTI
Tax Returns to qualify
Purchases, R/T and Cash-out Refinances
Primary, Secondary and Investment Properties allowed
Reserves are usually needed only for non-Primary residence transactions
Subordinate financing allowed

FHA Loans

These government loans are insured by the Federal Housing Administration (FHA), and are designed to be accessible with more lenient credit minimums and DTI limits.

Minimum 580 FICO,* occasionally down to 500
$524,225 max loan amount
Up to 96.5%/100% LTV/CLTV
Up to 43% back-end DTI
Tax returns to qualify
Purchases, R/T and Cash-out Refinances
Primary residence only
Reserves are usually* not needed, otherwise 3 months PITI required
Streamlined refinancing available

VA Loans

Backed by the U.S. Department of Veterans Affairs, these loans extend favorable terms to veterans, active duty personnel, and surviving spouses.

Minimum 580 FICO
Up to 100% LTV
Up to 45% back-end DTI
Tax returns and/or military benefits to qualify
Purchases, R/T and Cash-out Refinances
Primary residence only
Reserves only needed in specific scenarios
Streamlined refinancing available

Jumbo Loans

Minimum 680 FICO
Up to $5 million loan amount
Up to 89.99% LTV
Up to 45% back-end DTI
Tax returns to qualify
Purchases, R/T and Cash-out Refinances
Primary, Secondary and Investment properties allowed
Reserves usually required, starting at 6 to 12 months PITIA

Jumbo loan programs are geared for higher priced homes (above $806,500), and typically will follow conventional guidelines. They often have a lot of ARM options as well.

HELOCs

A home equity line of credit is effectively a credit line secured by the equity of your home. It takes the place of a second mortgage, and functions as a revolving credit line.

Minimum 640 FICO
Up to 90% LTV
Up to 45% back-end DTI; 50 with 700+ FICO
Tax returns to qualify
Primary, Secondary and Investment properties allowed
Reserves typically needed only for investment properties
Rate will be variable, based on the prime rate

Non-QM &DSCR

Self-Employed Borrowers / Non-QM

Non-QM, AKA non-conforming loans offer a lot of options to self-employed borrowers and sub-contractors. These programs offer some guideline flexibility as well.

Minimum 660 FICO
Up to 90% LTV
Up to 55% DTI
Bank Statements, P&L, 1099, W2, Asset Depletion, or Tax Returns allowed
Purchases, R/T and Cash-out Refinances
Primary, Secondary and Investment Properties allowed
More leniency on credit events
Reserves vary based on exact program

DSCR Loans

Minimum 640 FICO
Up to 90% LTV
Projected monthly rental income divided by monthly PITIA to qualify. Un-profitable ratios (below 1) often have stricter lending guidelines.
Purchases, R/T and Cash-out Refinances
Investment properties only
Can be done in the name of an LLC (still utilizes personal FICO)

Debt service coverage ratio loans are a type of non-conforming product geared toward investment properties. They allow borrowers to qualify on FICO and projected property income, instead of personal income.