Rate Quoted is for a 5/1 ARM, based on LTV requested if available - if N/A, rate is based on Max LTV. Add 0.50% to rate for 30 Year fixed on all programs except Platinum - add .25% on Platinum. 7/1 ARM also available on Platinum with .125% added to rate.
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.
Qualification is based on property cash flow (must be <= 90%). Cash flow is calculated by dividing the PITIA (Principal + Interest + Taxes + Insurance + HOA) by Market Rents. Rural properties not eligible. Must meet Standard Tradeline requirements.
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%) and add 50bps to rate. 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.