A loan officer is only as useful as the programs they can actually place. LJ Mortgage Team Inc. is a New York mortgage broker (NMLS 2120286) working with multiple wholesale lenders, which is why the list below is long: when one lender declines a file, the same borrower often fits another program. These are the guidelines we work from most days in Queens, Brooklyn, Nassau and Suffolk. Minimums shown are typical starting points; each lender's overlays apply. The live reference agents use is ljmortgageteam.com/loanprograms.
At a glance
| Program | Min credit | Down | Max DTI |
|---|---|---|---|
| FHA | 580 | 3.5% | 54% |
| Conventional | 620 | 5% | 49% |
| HomeReady & Home Possible | 620 | 3% | 49% |
| HomeOne | 620 | 3% | 49% |
| VA | 580 | 0% | 49% |
| DSCR (No Income Check) | 700 | 20% | — |
| Bank Statement | 700 | 20% | 49% |
| Non-QM 1099 | 700 | 20% | 55% |
| ITIN | 680 | 20% | 50% |
| HELOC | 680 | 0% | 49% |
| HELOAN | 680 | 0% | 49% |
| Commercial | 700 | 20% | 45% |
| Fix & Flip | 700 | 25% | 45% |
| Ground-Up Construction | 700 | 25% | 45% |
What each program is for
FHA
Min credit 580 · 3.5% down · DTI to 54%. 1–4 units, primary residence. 1.75% upfront MIP; MI for life under 10% down. NY high-cost limit $1,149,825 (1 unit).
Conventional
Min credit 620 · 5% down · DTI to 49%. Primary or investment (personal name). MI drops at 80% LTV. 2 units 15% down, 3–4 units 20%. First-time buyers under AMI get better pricing.
HomeReady & Home Possible
Min credit 620 · 3% down · DTI to 49%. Conventional with 3% down for income under 80% of Area Median Income. Homeownership education required. Primary or rental.
HomeOne
Min credit 620 · 3% down · DTI to 49%. Freddie Mac 3% down, no income or area limits. First-time buyers, 1-unit primary residence only.
VA
Min credit 580 · 0% down · DTI to 49%. Eligible veterans, active duty, Guard/Reserve and surviving spouses. No monthly MI, funding fee up to 3.3%, seller concessions to 4%. 1–4 units, primary only.
DSCR (No Income Check)
Min credit 700 · 20% down. Investors qualify on the property's rental income, no tax returns. 2+ units 25% down, 3–6 months reserves, up to $3M.
Bank Statement
Min credit 700 · 20% down · DTI to 49%. Self-employed: 12 or 24 months personal or business statements instead of tax returns. Primary or rental, up to $4M.
Non-QM 1099
Min credit 700 · 20% down · DTI to 55%. Contractors qualify on 90% of gross 1099 income, 2 years same employer. Up to $4M.
ITIN
Min credit 680 · 20% down · DTI to 50%. Tax ID holders without a Social Security number. 1–4 units, 2 years returns, 3 months reserves, up to $1.5M.
HELOC
Min credit 680 · 0% down · DTI to 49%. Second-lien line of credit to 90% CLTV; interest-only draw period of 3, 5 or 10 years. Up to $500K primary, $350K rental.
HELOAN
Min credit 680 · 0% down · DTI to 49%. Fixed-rate second mortgage, 20 or 30 years, 75–90% CLTV, up to $500K. Primary, second home or investment.
Commercial
Min credit 700 · 20% down · DTI to 45%. Office, retail, industrial, 5+ unit multifamily, mixed-use. 20% down owner-occupied, 30% investment. 3 years returns.
Fix & Flip
Min credit 700 · 25% down · DTI to 45%. 12-month rehab loans, $50K–$3M, up to 90% loan-to-cost and 75% after-repair value. Entity and experience required.
Ground-Up Construction
Min credit 700 · 25% down · DTI to 45%. Builders and investors, 1–4 unit infill and spec homes. 12–18 months, $50K–$3M, up to 70% ARV.
Why this matters when you choose a mortgage company
A loan officer at a single bank sells that bank's guidelines. A broker's loan officer matches the borrower to the program: the Richmond Hill two-family buyer with a 590 score goes FHA; the Elmont barber with cash income goes bank statement; the Flushing investor with three rentals goes DSCR; the Ozone Park contractor paid on 1099s qualifies on 90% of gross. That range is what LJ Realty Team's agents rely on, and it is why referrals flow to the loan officers who know all fourteen. New York's high-cost conforming limits ($1,149,825 for a one-unit) mean most Queens and Nassau purchases stay conventional or FHA without going jumbo.
Want to originate all of these from one desk? Read the Loan Officer Careers page or schedule a confidential conversation with LJ.
