Purchase & Refinance Loan Programs

Elite

The obvious choice for your top-tier borrowers! Comprised of some of the best conventional rates and pricing in the industry, Five Star’s Elite program allows you to close quickly, while generating solid referrals.

• 700+ FICO, up to 80% LTV
• Loan amounts from $200,000 up to County Loan Limits
• Eligible for primary and second homes and investment properties
• Appraisal Waivers honored
• Underwrite to AUS findings
• Includes Conventional, High Balance and ARMs

ELITE M.I.

Elite M.I. combines the cheapest lender-paid mortgage insurance in the industry with some of the lowest borrower-paid pricing, which means you only have to go one place to deliver a lower payment for your 640+ FICO borrowers. And since Five Star is delegated with the M.I. companies, you’ll save 3–7 days on every loan by eliminating the second underwrite with no overlays.

• Among the lowest mortgage insurance rates in the industry
• Instant M.I. saves 3-7 days on the loan process
• No overlays
• No adjustments for DTI or number of borrowers
• Starts at 640 FICO

HomeReady

Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Fannie Mae Lookup Tool to see if a subject property meets the county loan limit requirement.

• Purchases up to 97% including FTHB
• Refinances serviced by FNMA eligible up to 97% LTV
• Reduced Mortgage Insurance
• High Balance available
• Relaxed AMI income limits based on census tracts
• Gift funds eligible for entire down payment
• Appraisal fee credit up to $525 given at closing

Home Possible

A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Freddie Mac Lookup Tool to see if a subject property meets the county loan limit requirement.

• Up to 97% LTV
• First time homebuyers, move-up borrowers, and retirees
• Refinances up to 97% LTV, regardless of current mortgage program
• Appraisal fee credit up to $525 given at closing
• High Balance available

HomeOne

Qualify more first-time homebuyers with this 3% down payment solution.

• Purchases up to 97% LTV
• No income restrictions
• Available in all geographic locations
• Eligible for single family homes, including townhouses and condos
• No cash-out refinances available up to 95% LTV

85% CONVENTIONAL CASH-OUT REFINANCE

Just because rates are on the rise shouldn’t mean an end to your refi business. Five Star is here to help by increasing Cash-Out Refinances from 80% LTV to 85% LTV. So you get more refi business and your clients have more money on hand. Everybody wins.

Program highlights:

• 740+ FICO
• Primary homes only
• Reduced mortgage insurance premiums

ARMs

Five Star’s aggressive ARM pricing can provide a lower payment for your client! Secure your borrower in a competitive 5/1, 5/5, 7/1 or 10/1 low interest rate ARM.

• Provide savings for your clients with lower rate and payment options
• Quickly and easily price out your loans with Easy Qualifier (EQ) to determine your borrower’s best scenario
• Reduced caps to 2/2/5 on all 5/1 and 5/5 ARM products
• 7/1 ARMs qualify at the actual note rate

Flex Term

Customize the perfect loan for your borrower without resetting the mortgage clock! Flex Term provides borrowers with flexible options to select their amortization term.

• Available on all conventional loan products
• Terms available from 8–30 years

Limited Review Condos

Five Star makes your condo approvals quick and easy with our limited review process. All files receiving a limited review response in AUS will only need a minimum evaluation by our condo department.

• Available in all 50 states
• No condo questionnaire required

HIGH BALANCE NATIONWIDE UP TO 90% LTV

Offer conventional high balance loans up to 90% LTV featuring Five Star’s exclusive M.I. Buyout to all of your borrowers nationwide — even those outside of the counties eligible under Fannie Mae and Freddie Mac — instead of having to opt for a Jumbo loan. Details include:

• Five Star’s Mortgage Insurance Buyout is typically cheaper than LPMI with no M.I. certificate needed
• Purchases up to 90% LTV; refinances up to 80% LTV
• Min 680 FICO; Max 43% DTI
• Loan amounts from $484,351–$726,525
• Better rates, easier guidelines and faster turn times than Jumbo
• No manual underwrite — just run through DU, receive an Approve/Ineligible response, and submit to Five Star
• Eligible for primary and second homes

Conforming in all material respects except for loan amount in certain markets.

Elite High Balance

Elite High Balance offers some of the best conventional high balance rates and pricing for your top-tier clients. You’ll receive industry-leading turn times, direct access to underwriting, and award-winning technology with every loan.

• 700+ FICO
• Up to 80% LTV
• Loan amounts from $484,351 up to County Loan Limits
• Appraisal Waivers honored
• Underwrite to AUS findings
• Includes Conventional, High Balance and ARMs

High Balance

Time is of the essence with every borrower. Don’t wait while your borrower shops around—give them the most competitive rates and close their High Balance loan in record time!

• $484,351+ loan amount
• LTV’s as high as 90%
• 640+ FICO
• Underwrite to AUS findings
• Available in all 50 states, both fixed and ARM loans

Borrowers who wish to obtain a mortgage loan in an amount that exceeds the 2019 conforming limits still have options. When a home loan exceeds the caps set by the Federal Housing Finance Agency, it is referred to as a “jumbo” mortgage product, and it cannot be sold to Fannie Mae or Freddie Mac.

If your dream house requires a loan amount higher than a conforming loan, Five Star Financial will work with you to find the best options for financing. We offer Fixed Rate and Adjustable Rate Mortgage options.

• Fixed Rate Jumbo Mortgage with 15, 20, or 30 year terms
• ​​Adjustable Rate Jumbo Mortgage with 3, 5, 7, or 10 year terms

Jumbo bank buster

With Five Star’s Jumbo Bank Buster program, you can compete with the big banks to grow your jumbo business and bring in great referrals from highly qualified borrowers. Product guidelines are easy to understand with no overlays. And you can count on initial approvals within two days and conditions cleared within one day.

• Available up to 80% LTV
• Even lower rates than our Jumbo Elite
• 700 minimum FICO
• Primary and second homes, purchase and refinance
• Loan amounts up to $1.5 million

JUMBO 90% LTV

Jumbo 90% LTV with no M.I. gives your borrowers the option of making a lower down payment or the ability to increase their buying power. It’s a great way to grow your Jumbo business and build a highly valuable referral network.

• 30-year fixed
• 720+ FICO
• Up to 90% LTV
• No mortgage insurance
• Primary homes
• 43% maximum DTI

Jumbo Elite

Give your Jumbo clients the pricing and turn times they deserve. Jumbo Elite loans not only allow you to offer competitive pricing to your clients, but they also allow you to close in an impressive 25 days or less.

• Loan amounts up to $2 million
• Exclusive rate incentives for borrowers with 700+ FICO
• Eligible for primary and second homes
• ARM and fixed-rate options available

Jumbo

The only true Jumbo loan that is easy to close! Among the most competitive 30-year fixed rates in the industry, Five Star offers incentives on all purchase transactions. From primary homes to investment properties, Five Star provides jumbo loans with clear, hassle-free guidelines.

• Eligible for primary, secondary and investment properties
• FICOs as low as 680
• Loan amounts up to $3 million
• Fixed rate and ARM loans available

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Borrowers can qualify for an FHA loan with a down payment as little as 3.5%.

A Federal Housing Administration (FHA) insured loan is backed by Private Mortgage Insurance (PMI) which is often paid by the borrower. In general, FHA insured loans are easier to qualify for.

FHA AND VA ELITE STARTING AT 640 FICO. FHA AND VA NON-ELITE STARTING AT 620 FICO.

Looking to grow your government business? Our FHA and VA Elite pricing starts at 640 FICO with FHA and VA non-Elite starting at 620 FICO. This means that more of your borrowers have access to some of the lowest rates in the industry, the fastest turn times, direct communication and all of the other premium services you can only get from Five Star.

KEY FEATURES

• Exclusive low rates and pricing
• FHA and VA Elite starting at 640 FICO
• FHA and VA non-Elite starting at 620 FICO
• $125,000 minimum loan amount for FHA and VA Elite loans