Rate Quoted is for a 5/1 ARM, based on LTV requested if available - if N/A, rate is based on Max LTV. Add 0.25% to rate for 30 Year fixed on all programs. 7/1 ARM also available on Platinum with .125% added to rate.
Platinum and Portofilio Select Programs ONLY: Loan amounts greater than or equal to $1,500,000 or Loan amounts greater than or equal to $1,000,000 with an LTV greater than 80%; a borrower paid second appraisal must be obtained.
Rate Quoted is for a 7/1 ARM, based on LTV requested if available and requires a DSCR > .99 - if N/A, rate is based on Max LTV. Add 0.25% to rate for 30 Year.
DSCR = Rents / (PITI + HOA Payment). DSCR under 1.00 and at least 0.80 requires Minimum FICO 700 and Maximum LTV of 75% DSCR under 1.00% has a Rate Adjustment of +.375%
24 month Personal Bank Statement program. Borrowers must be Self Employed. Maximum one account allowed - qualifing income is the average of deposits over 24 months. Transfers only allowed from one business account into a personal account. Minimum loan amount is $150,000.
12 Month Personal Bank Statement program. Borrowers must be Self Employed. Maximum one account allowed - qualifying income is the average of deposits over 12 months. Transfers only allowed from one business account into a personal account. Minimum loan amount is $150,000.
24 months Business Bank Statements used for income. Maximum 1 account allowed. Borrower provided Profit & Loss statement specifying the business expenses as a percent of the gross revenue required. Qualifing income is the total deposits less business expense (minimum expense ratio used is 35%). Borrower must be 100% owner of the business. Minimum loan amount is $150,000.
Platinum Program ONLY: Funds to close: At least 50% of the funds for closing must come from personal accounts OR if using business funds, not more than 50% of ending balance is being used for closing. If either of these are not met loan will not qualify for Platinum program or rate. Note: Funds must be sourced and seasoned for minimum of 30 days.
Foreign National program requires a 2 year prepay. 6 months interest on 80% unpaid principal balance (unless otherwise restricted by State law). Pre-pay Buyout: 1% fee for 1 year; 2% fee for < 1 year.
Investment properties require a 2 year prepay equal to 6 months interest on 80% unpaid principal balance (unless otherwise restricted by State law). Pre-pay Buyout: 1% fee for 1 year; 2% fee for < 1 year.
Asset Qualifer program requirements: Minimum loan amount $150,000. DTI not required. 4506 not required. Borrowers must be able to document assets in an amount greater to $500,000 OR the sum of the loan amount, downpayment, closing costs prepaids AND 60 months of the borrowers re-occuring monthly payments (includes deferred student loans, alimony/child support, property taxes and insurance on the subject property and all other PITIA payments regardless of rental income received). All assets must be sourced and seasoned for a minimum of 12 months - need one statement no older than 30 days and one statement from the same account dated 12 months ago (12 months statements not required).
Debt Consolidation definition: Payoff of non-mortgage and mortgage debts with < $2,000 or 2% of the loan amount back to the borrower.
Note: This quote is based on the borrower meeting the Standard Tradeline requirements. Need 3 tradelines reporting for a minimum of 12 months -OR- 2 tradelines reporting > 24 months; all with activity in the last 12 months. Cancelled checks for 12 or 24 months housing history may also be used as a tradeline. Exceptions allowed on NON PRIME program ONLY - If the borrower does not meet these tradeline requirements, reduce the max LTV by 5% (max LTV not to exceed 75%). Maximum of 1x30 last 12 months for PortfolioSelect, 0x30 last 12, 1x30 last 24 months for Bank Statement, 0x30 last 24 months for Income Cash Flow & Foreign National loan programs. Additional program restrictions may also apply, contact your Account Executive for details.
All rates/programs are subject to review and approval by your AE.