SPM Loan Product Booklet

SPM Loan programs

CONVENTIONAL

loan programs

These loans are available for 1-4 Unit Primary Residences, 2nd Homes (SFR, Condo, or PUD), and Investment Properties with either Conforming or High-Balance loan amounts and offer multiple options for Private Mortgage Insurance (when required).

AVAILABLE LOAN PROGRAMS: FNMA and FHLMC Fixed-Rate Program FNMA and FHLMC Adjustable-Rate Mortgage (ARM) Program FNMA and FHLMC Manufactured Home Programs FNMA DACA Recipient Program FNMA Homestyle Renovation Program FNMA and FHLMC Accessory Dwelling Unit (ADU) Programs FNMA and FHLMC Asset Depletion Program FNMA HomePath Program Wage Earner XPress Program Agency Second Home & Investor Program FNMA and FHLMC Unique Property Type Program

affordable

loan programs

Specialized loan programs tailored to the specific needs of low-tomiddle income borrowers.

First-Time Home Buyers, borrowers working in certain professions, and then those purchasing homes in specially designated “Underserved Communities”.

AVAILABLE LOAN PROGRAMS: FNMA HomeReady program FHLMC HomePossible program FHLMC HomeOne program One Dream One Percent State and Local Bond Loan programs Community Lending programs Temporary Buydown programs

STATE

BOND programs

AVAILABLE LOAN PROGRAMS: ARIZONA ARKANSAS CALIFORNIA FLORIDA ILLINOIS IOWA KANSAS MARYLAND MINNESOTA NEVADA

NORTH CAROLINA OREGON PENNSYLVANIA RHODE ISLAND SOUTH CAROLINA TENNESSEE TEXAS VIRGINIA WASHINGTON

FEDERAL HOUSING ADMINISTRATION

loan programs

FHA-insured loans require very little cash investment to close a loan and can be used to finance a 1-4 Unit Primary Residence.

AVAILABLE LOAN PROGRAMS: FHA Standard Fixed-Rate Program FHA Manual Underwriting HUD $100 Down Payment FHA Streamline Refinance Program FHA Single-Unit Approval Program for non-warrantable Condos FHA DACA Recipient program FHA ITIN Program FHA Manufactured Home program

veterans administration loan programs

VA loans offer long-term financing for active-duty U.S. Service Member, eligible American Veterans, Reservists, or their surviving spouses.

Depending on the Veteran’s Entitlement, 100% Financing is available up to $1.5M, with loan amounts available.

AVAILABLE LOAN PROGRAMS: VA Fixed-Rate program VA High LTV Cash-Out Refinance Program VA Manufactured Home Program VA Joint Loan Program VA IRRL VA Manual Underwriting

USDA

loan programs

The USDA (US Department of Agriculture) Guaranteed Rural Housing program provides homeownership to individuals buying homes in qualifying “rural” areas.

AVAILABLE LOAN PROGRAMS: USDA Fixed Rate USDA Streamlined Assist Refinance Program USDA New and Existing Manufactured Home Program USDA Low Fico Program USDA Manual Underwriting

alternative income documentation loan programs

AVAILABLE LOAN PROGRAMS: Debt Service Coverage Ratio (DSCR) Programs Allow Property Investors to qualify for the loan based on the property’s ability to cover its monthly operating costs, not on the borrower’s Debt-to-Income Ratio Bank Statement Programs Verifies a self-employed borrower’s income using cash flow from either Personal or Business bank statements, without the need to provide income tax returns 1099-Only Program For borrowers whose employers have converted them from statutory employees to independent contractors Wage Earner Xpress Automatic validations eliminate the need for Paystubs and W-2s 1-Year Income Documentation Program Only requires 1 year of income documentation vs. the standard 2-years.

Asset Depletion Program Calculates a monthly stream of repayment income based on liquid balances in depository, investment, and retirement accounts

non-conforming loan programs

secondary financing

AVAILABLE LOAN PROGRAMS: Jumbo Loan Amounts Foreign National Borrower Programs Unique Property Type Programs Reverse Mortgage Programs

AVAILABLE LOAN PROGRAMS: Stand Alone Home Equity Loan Program 1st/2nd Combination HELOC

This is intended for internal use only. ©2024 Sierra Pacific Mortgage Company, Inc., NMLS # 1788 Equal Housing Lender. 950 Glenn Drive, Suite 150, Folsom, CA 95630 (Tel. 800-447-3386). For licensing information, go to: www.nmlsconsumeraccess.org.