Expanded Prime Matrix

Transcription

1 Expanded Prime Matrix Program Max LTVs Primary and Second Homes Program Requirements Alternative Doc Enhanced Debt Ratio Loan Amount FICO Purch. & R/T Purch. & R/T 50% DTI or 24 Mos Bank Stmts Minimum Loan Amount $100, % FICO 700 Maximum Loan Amount $2,500, % LTV Maximum $1,000,000 $1,000,000 6 Months % 12 Mos Mortgage History 0x30x Overlays FC/DIL/SS Seasoning 48 Months % Interest-Only: FICO 700 Chapter 13 BK Seasoning 48 Months $1,000, LTV Chapter 7/11 BK Seasoning 48 Months 9 Months $1,500, Mos $2, Standard Debt Ratio 43% 720 Second Homes LTV Enhanced Debt Ratio Up to 50% > $1,500, Months Mos /1 ARM 7/1 ARM 30 Yr Fixed 5/1 ARM-IO 7/1 ARM-IO 30 Yr Fixed-IO Income Property Type LTV Max Interest-Only Terms umentation 2 Years W-2 Income or 2 Years Tax Returns SFR / PUD 90% - IO Period Amort Term Final Maturity 5/1 ARM Margin: 3.50 Caps: 2/2/5 Condominium - 10 Years 30 Years 40 Years 7/1 ARM Margin: 3.50 Caps: 5/2/5 Alternative Documentation Personal Bank Statements Non-warrantable N/A - 10 Years 20 Years 30 Years (Must be S/E for 2 yrs) Business Bank Statements 2 Unit - Qualifying Rate (See also Qualifying Payment) 12 Months Personal Bank Statements 3-4 Unit N/A - Fixed = Note Rate 12 Months Business Bank Statements Rural DTI 43% ARM = Greater of Note Rate or Fully Indexed Primary Residence and Second Homes Only SFR, PUD, Townhome, Condominium, 2 Unit & Rural Homes amounts > require a 5% LTV reduction; Maximum = $1,000,000 can be used for reserve requirements and/or to pay off debt for qualifying $2,500 plus an additional $150 per dependent is required 6-12 months as determined by loan amount and/or loan feature Qualifying Payment ALL: use Qualifying Rate for calculating PITIA; Interest-Only: qualify using the fully amortized payment with the Qualifying Rate over the fully amortized term of the loan Max 90% CLTV (Institutional seconds only) US Citizen, Permanent Resident Alien & Non-Permanent Resident Alien (with US credit) Appraisal Review Product Clear Capital CDA or Field Review required for the following transactions: (i) LTV > (ii) Loan Amount > $1M (iii) Non-Arms Length Full 2nd Appraisal required for the following transactions: (i) Loan Amount > $1.5M Sourced or seasoned for 60 days; Gift Funds allowed - See Guidelines for details Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months Qualifying FICO = the FICO of the Primary Wage Earner which will be the score used for grading and pricing Escrows required for taxes and insurance Fully documented ability-to-repay with all applicable federal and state regulations Up to 9% towards closing for Primary and Second Homes (LTV ), 6% towards closing for Primary and Second Homes (LTV > ) ACC Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Not available in all states. Terms subject to qualification. NMLS #176724

2 Prime Matrix Program Max LTVs Primary and Second Homes Investment Program Requirements Alternative Doc Alternative Doc Minimum Loan Amount $100,000 Loan Amount FICO Purch. & R/T Purch. & R/T Purch. & R/T Purch. & R/T Maximum Loan Amount $2,500, %** / 90% 90% Maximum, OO $1,000, % 90% Maximum, NOO $1,500,000 6 Months % Mortgage History 1x30x Foreclosure Seasoning 36 Months Short Sale/DIL Seasoning 36 Months 720 Chapter 13 BK Seasoning 36 Months 680 Chapter 7/11 BK Seasoning 36 Months > $1,500, Months % $2, % Standard Debt Ratio 50% Enhanced Debt Ratio Up to 55% **95% LTV 55% DTI 1 Year Alt Doc* Max LTV Property Type Limits Purchase 1Y Tax Return Second Homes Condominium LTV 5/1 ARM 7/1 ARM 30 Year Fixed Primary FICO 680 / LTV 1Y W-2 Interest Only Non-Warrantable, 2-4 Unit, 5/1 ARM-IO 7/1 ARM-IO > $453,100 Primary 12 Mos Bank Stmt Modular, Rural & Log Homes LTV IO Period Amort Term Final Maturity Max DTI 43% 12 Mos Max LTV 10 Years 30 Years 40 Years $3,500 Max DTI 43% Rural & Log Homes Not Available on Investment 10 Years 20 Years 30 Years Income Investment Property Overlays umentation 2 Years W-2 Income or 2 Years Tax Returns Minimum 6 mos reserves (see below) 5/1 ARM Margin: 3.50 Caps: 2/2/5 Asset Depletion FICO 680 and LTV (umentation Matrix) No rural or log homes 7/1 ARM Margin: 3.50 Caps: 5/2/5 Alternative Personal Bank Statements Max cash out = ; No cash out in Texas Documentation Business Bank Statements No subordinate financing Qualifying Rate (Must be S/E for 2 yrs) *12 Months Personal or Business Bank Statements Prepayment restrictions apply (See also Qualifying Payment) 1 Year Documentation (W-2 or Tax Return)* Guarantor is required (for LLCs) Fixed = Note Rate ARM = Greater of Note Rate or Fully Indexed Primary Residence, Second Homes and Investment Properties SFR, PUD, Townhome, Condominium, 2-4 Unit, Non-Warrantable, Modular, Rural & Log Homes amounts > require a 5% LTV reduction; Maximum = $1,000,000; Maxium for Investment Properties is can be used for reserve requirements and/or to pay off debt for qualifying; Cash out is not allowed for Investment Properties in Texas $2,500 plus an additional $150 per dependent is required for Primary and Second Homes Investment & Second Homes Only: Minimum 6 months; 2 months of additional reserves required for each financed property; no limit on the number of other properties borrowers may have financed Qualifying Payment ALL: use Qualifying Rate for calculating PITIA; Interest-Only: qualify using the fully amortized payment with the Qualifying Rate over the fully amortized term of the loan Max 90% CLTV (Institutional seconds only); Not allowed on Investment Properties US Citizen, Permanent Resident Alien & Non-Permanent Resident Alien (with US credit) Sourced or seasoned for 60 days Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months Qualifying FICO = the FICO of the Primary Wage Earner which will be the score used for grading and pricing Escrows required for taxes and insurance Fully documented ability-to-repay with all applicable federal and state regulations Investment Only: 6 months interest on of the original principal balance (Standard Term = 3 years); Not allowed in IA*, IL*, KS, MD, MI, MN, MS, ND, NJ*, NM, OH, PA and RI Up to 9% towards closing for Primary and Second Homes (LTV ), 6% towards closing for Primary and Second Homes (LTV > ); Up to 2% toward closing for Investment Properties ACC Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Not available in all states. Terms subject to qualification. NMLS #176724

3 2nd Chance Matrix Program Max LTVs Grade A Grade B Grade C Program Requirements Loan Amount FICO Minimum Loan Amount $100, % Maximum Loan Amount $2,000, Maximum $1,000,000 3 Months /1 ARM 7/1 ARM 30 Year Fixed > $1,000,000 6 Months /1 ARM-IO 7/1 ARM-IO Interest Only Features IO Period Amort Term Final Maturity Mortgage History Foreclosure Seasoning 0x60x12 0x120x12 12 Months 0x120x12 or 0x30 Since Event Settled 10 Years 10 Years 30 Years 20 Years 40 Years 30 Years Short Sale/DIL Seasoning 12 Months Settled Chapter 13 Bankruptcy Seasoning Chapter 7/11 Bankruptcy Seasoning 12 Months 5/1 ARM 7/1 ARM Margin: 3.50 Margin: 3.50 Caps: 2/2/5 Caps: 5/2/5 DTI Options $1,500 43% / 50% / 55% $1,500 43% / 50% / 55% $1,500 43% Qualifying Rate (See also Qualifying Payment) 50% DTI 1 Year Alt Doc* Property Type Limits Investment Overlays Fixed = Note Rate FICO 1Y Tax Return Non- Purch & R/T: Matrix LTV less 5% ARM = Greater of Note Rate or Fully Indexed Max LTV Owner 55% DTI 1Y W-2 Owner : Matrix LTV less 10%, Primary Only 12 Mos Bank Stmt Non-Warrantable : FICO 580 Overlays FICO 680 / LTV FICO 2-4 Unit Alt Doc: FICO Interest-Only: FICO, LTV 12 Months DTI 43% Modular Loan Amt > $1mm: FICO 6 Months $3,500 Rural & Log Home N/A Grade A Only FTHB: FICO 580 Min 6 mos reserves (see below) 6 Months Income Standard Tradelines Only Second Homes: FICO 580, LTV umentation 2 Years W-2 Income or 2 Years Tax Returns No rural or log homes 6 Months Alternative Documentation (Must be S/E for 2 yrs) Personal Bank Statements (Minimum FICO - 580) No subordinate financing Non-US : Qualify at FICO Business Bank Statements (Minimum FICO - 580) Prepayment restrictions apply 12 Months *12 Months Personal or Business Bank Statements Guarantor is required (for LLCs) Limited Tradelines: Lesser of actual or 580 FICO 1 Year Documentation (W-2 or Tax Return)* Not available on Investment Primary Residence, Second Homes and Investment Properties SFR, PUD, Townhome, Condominium, 2-4 Unit, Non-Warrantable, Modular, Rural & Log Homes Maximum = can be used for reserve requirements and/or to pay off debt for qualifying; Cash out is not allowed for Investment Properties in Texas $1,500 plus an additional $150 per dependent is required for Primary and Second Homes Investment & Second Homes Only: Minimum 6 months; 2 months of additional reserves required for each financed property; no limit on the number of properties borrowers may have financed Max 90% CLTV (Institutional seconds only); Not allowed on Investment Properties US Citizen, Permanent Resident Alien & Non-Permanent Resident Alien Sourced or seasoned for 60 days Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months; Limited: No minimum tradeline requirements ( only) Qualifying FICO: The FICO of the Primary Wage Earner which will be the score used for grading and pricing Escrows required for taxes and insurance Fully documented ability-to-repay with all applicable federal and state regulations Investment Only: 6 months interest on of the original principal balance (Standard Term = 3 years); Not allowed in IA*, IL*, KS, MD, MI, MN, MS, ND, NJ*, NM, OH, PA and RI Up to 9% towards closing for Primary and Second Homes (LTV ), 6% towards closing for Primary and Second Homes (LTV > ); Up to 2% toward closing for Investment Properties ACC Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Not available in all states. Terms subject to qualification. NMLS #176724

4 Investor NIVA Matrix Loan Amount $1,000,000 > $1,000,000 Investor FICO DSCR 60% No Ratio 60% 60% 60% Minimum Loan Amount Maximum Loan Amount Maximum Program Parameters Limits 3/1 ARM 5/1 ARM 10/1 ARM 3/1 ARM-IO 5/1 ARM-IO 10/1 ARM-IO Minimum DSCR 1.15 N/A Interest Only Features Product IO Period Amort Maturity Mortgage History 1x30x12 3/1 ARM-IO 5 Years 25 Years 30 Years Foreclosure Seasoning 5/1 & 10/1 ARM-IO 10 Years 20 Years 30 Years Short Sale/DIL Seasoning Chapter 13 BK Seasoning Chapter 7/11 BK Seasoning 3/1 ARM -- Margin: Caps: 2/2/6 Overlays 5/1 ARM -- Margin: Caps: 2/2/5 10/1 ARM -- Margin: Caps: 5/2/5 Property Type Limits Non-Warrantable LTV 2-4 Unit Interest-Only FICO LTV $100,000 $2,000,000 DSCR Lease / Gross Income Appraisal Requirements Eligible Borrowers Investment Property SFR, PUD, Townhome, Condominium, 2-4 Unit, Non-Warrantable Maximum = ; Cash out is not allowed for Investment Properties in Texas Not Allowed DSCR = Gross Income / PITIA; Gross income = lesser of market rent or lease in place Lesser of Estimated Market Rent from Form 1007 or monthly rent from an existing lease Unleased Properties (Refinance only): Max LTV - US Citizen, Permanent Resident Alien & Non-Permanent Resident Alien Sourced or seasoned for 60 days Properties with a condition rating of C5 or C6 are not acceptable CDA required for all properties (see Appraisal Review Policy) Loan Amount > $1,500,000 require 2nd Full Appraisal Individual person(s) or duly formed and existing US domiciled legal entity First Time Investor Any borrower who has not owned at least one investment property for a minimum of 12 months anytime during the most recent 12-month period; Max LTV - Guarantor Personal Guarantee required for loans titled in the name of an LLC or Corporation Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months Qualifying FICO: Lower mid-score of all borrowers/guarantors Escrows required for taxes and insurance Fully documented ability-to-repay with all applicable federal and state regulations No section 32 or state high cost 6 months interest on of the original principal balance (Standard Term = 3 years); Not allowed in IA*, IL*, KS, MD, MI, MN, MS, ND, NJ*, NM, OH, PA and RI Up to 2% towards closing ACC Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Not available in all states. Terms subject to qualification. NMLS #176724

5 Foreign National Matrix Foreign National DSCR / No Ratio Program Parameters Loan Amount $1,000,000 Minimum Loan Amount Maximum Loan Amount Maximum $100,000 $1,500,000 3/1 ARM 5/1 ARM 10/1 ARM > $1,000,000 3/1 ARM-IO 5/1 ARM-IO 10/1 ARM-IO Interest-Only Option Minimum DSCR N/A 1.15 / N/A Product IO Period Amort Maturity Maximum DTI 50% N/A 3/1 ARM-IO 5 Years 25 Years 30 Years 12 Months N/A 5/1 & 10/1 ARM-IO 10 Years 20 Years 30 Years Mortgage History Foreclosure Seasoning Short Sale/DIL Seasoning Chapter 13 BK Seasoning Chapter 7/11 BK Seasoning 1x30x12 3/1 ARM -- Margin: Caps: 2/2/6 5/1 ARM -- Margin: Caps: 2/2/5 10/1 ARM -- Margin: Caps: 5/2/5 Investment Property and Second Homes ( only) SFR, PUD, Townhome, Condominium, 2-4 Unit, Non-Warrantable Maximum = can be used for reserve requirements and/or to pay off debt for qualifying Not Allowed DSCR DSCR = Gross Income / PITIA; Gross income = lesser of market rent or lease in place Lease/Gross Income Lesser of Estimated Market Rent from Form 1007 or monthly rent from an existing lease Foreign National; Citizens of Venezuela ineligible for Deephaven programs Sourced or seasoned for 60 days, must be seasoned 30 days in US institution for funds to close Appraisal Requirements Properties with a condition rating of C5 or C6 are not acceptable CDA required for all properties (see Appraisal Review Policy) Eligible Borrowers Individual person(s) or duly formed and existing US domiciled legal entity Asset Depletion Purchase & Rate/Term only; Subject to requirements Guarantor Personal Guarantee required for loans titled in the name of an LLC or Corporation Standard: 3 tradelines reporting for 24+ months all with activity in the last 12 months (Foreign References allowed, see guidelines for details) Escrows required for taxes and insurance Fully documented ability-to-repay with all applicable federal and state regulations 6 months interest on of the original principal balance (Standard Term = 3 years); Not allowed in IA*, IL*, KS, MD, MI, MN, MS, ND, NJ*, NM, OH, PA and RI No penalty allowed on Foreign National Second Homes Qualifying Rate/Payment ARM = Greater of Note Rate or Fully Indexed Up to 9% towards closing for Second Homes; Up to 2% toward closing for Investment Properties ACC Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Not available in all states. Terms subject to qualification. NMLS #176724

6 ITIN Matrix Program Max LTVs Loan Amount FICO $453,100 $453,001- $1,000,000 3 Months 6 Months >= 720 ** Personal 700 ** >= % Program Requirements Minimum Loan Amount $100,000 Maximum Loan Amount $6,000,000 Maximum * Tradelines* Mortgage/Rent Installment, Revolving, Non-Traditional 0 x 30 x 12 Bankruptcy Forclosure, Deed-in-lieu, Short Sale Loan files with multiple borrowers must have a blended TU score > 700 ** Standard/Limited 0 x 30 x 24 3 yrs Case by Case >= % > $1,000,001 - $1,500,000 (Call for pricing on loan amounts > $1,500,001) 9 Months * See Additional Program Requirements for details * See Additional Program Requirements for details Property Type Max LTV Additional Program Overlays SingleFamily/PUD Townhouse Feature LTV FICO Condominium Second Homes Months 2-4 Unit 1st Time Home Buyers Months Personal Bank Statements Months No score NA 3 Months Rural Properties (case by case) Manufactured Homes (case by case) California Property Limits Investment Property ACC Mortgage, Inc. NMLS#: This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Terms subject to qualification.

7 ITIN --- Additional Program Requirements Appraisal Review Product Required for certain loans - See guidelines for details sourced or seasoned for 60 days Gift funds allowed from family members after buyers 10% minimum contribution For LTV, 100% of the funds for closing must come from borrower, co-borrower, or non-applicant spouse. Gift may not be used for reserves. Up to Escrows required for taxes and insurance Fully documented ability-to-repay with all applicable federal and state regulations If one borrower has scores and the co-borrower does not a 555 score will be used and the two scores will be averaged. LTV: Primary applicant credit history must include 5 trade lines. At least 4 of these trade lines must have a 12 mo. or greater history and at least one trade line must have a 24 mo. or greater history. At least one of these trade lines must have a minimum $3,000 credit limit. One trade line can be housing history Maximum 43% Total DTI Ratio Debt Ratios Expanded DTI to 50% with compensating factors Income Eligible States Product Types ; Personal Bank Statements CT, NJ, PA, DE, MD, DC, VA, NC, SC, GA, FL, TX, CO, IL, AZ, NV, CA & WA Primary Residence, Second Homes, and Investment Properties 30Yr Fixed 20 Yr Fixed 15Yr Fixed 10Yr Fixed SFR Townhomes Condominiums (Non-Warrantable considered - see guidelines) 2-4 Unit Rural Properties Log Homes Modular Homes Consideration will be given for flips within 6 months if supported comps. 3-9 months minimum as determined by loan amount $1,500 plus an additional $150 per dependent is required Up to 6% towards closing ACC Mortgage, Inc. NMLS#: This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Terms subject to qualification.