Core Seconds S Year Fixed S Due-in 15 Fixed
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1 Last Revised: September 1, 2005 Core Seconds S Year Fixed S Due-in 15 Fixed CORE SECONDS PRODUCT DESCRIPTION Page # Product Description 3 ELIGIBILITY Occupancy 3 Documentation Requirements 3 Purpose 3 Eligible Property Types 3 Ineligible Property Types 4 Eligible Borrowers 4 Maximum APR Rate Allowed in Texas 4 Texas Cash-Out Refinance Transaction 4 Minimum Loan Amount 4 Section 32 4 Non-Occupant Co-Borrowers 4 Assumability 4 Escrow Holdbacks 4 Non-ARMs Length Transactions 4 Seller s Contribution 4 First Mortgage Loan Requirements 5 UNDERWRITING Qualifying Ratios 5 Reserve Requirements 5 Payment Calculations for Debt-to-Income Ratios 6 Credit Criteria - Credit History 7 PROPERTY/APPRAISAL Appraisal Requirements 8 Maximum Property Value 8 Page 1 of 12
2 Last Revised: July 25, 2005 Core Seconds S Year Fixed S Due-in 15 Fixed CORE SECONDS PROPERTY/APPRAISAL (Cont ) Page # Age of Appraisal 8 Property Seasoning 8 Geographic Restrictions 9 SPECIAL NOTES Title Requirements 9 PROGRAM MATRICES Matrices Page 2 of 12
3 Last Revised: July 25, 2005 Core Seconds S Year Fixed S Due-in 15 Fixed CORE SECONDS DESCRIPTION Fixed rate S070: 15-Year Fixed S071: 30-Due-in-15 Fixed Lien position must be Second (No exceptions) OCCUPANCY Primary residence Second home Investment properties DOCUMENTATION REQUIREMENTS Standard FNMA income and asset documentation Agency doc waivers are acceptable with limitations to debt ratios, PURPOSE Purchase Rate and Term Cash-out ELIGIBLE PROPERTY TYPES SFR 2-4 Units PUDs (Attached and Detached) Low-Rise Condos (up to 4 stories) High-Rise Condos ( 5 Stories or more) Properties to 10 acres maximum Occupancy Owner-Occupied Second Homes & Investment Properties Eligible Property Types SFRs PUDs Low-Rise Condos High-Rise Condos 2-4 Units 1-Unit SFRs PUDs Low-Rise Condos High-Rise Condos Page 3 of 12
4 INELIGIBLE PROPERTY TYPES Properties currently listed for sale or within the last 12-Months Condotels Mobile Homes Co-ops Rural Properties Properties > 10 acres Agricultural Non-Warrantable condos Geodesic Domes Commercial Properties Earth Homes Manufactured Homes/Factory Built Housing ELIGIBLE BORROWERS Program requires title to be placed in individual names for qualified inter Vivos Trusts only. Permanent Resident Aliens are eligible Non-Permanent Resident Aliens are not eligible MAXIMUM APR FOR LOAN IN TEXAS TEXAS CASH-OUT APR s greater than 10% are not allowed in Texas. Texas Refinance Requirements: Loans subject to Article XVI Section 50 (a) (6) of the Texas Constitution are not permitted. MINIMUM LOAN AMOUNT Minimum loan amount is $15,000 SECTION 32 NON-OCCUPANT CO-BORROWERS Section 32 loans are not permitted Non-Occupying Co-borrower income (including their debts) may be used in qualifying, however, the Owner Occupant must qualify with debt ratios of 50% or less. Note: On concurrent (Piggyback) transactions, be sure to utilize the stricter of the First and Second lien guidelines. ASSUMABILITY ESCROW HOLDBACKS Not allowed Not allowed NON-ARMS LENGTH TRANSACTIONS Not allowed SELLER S CONTRIBUTION Primary Residence CLTVs > 90% = 3% max; <= 90% = 6% maximum contribution. Second/ Vacation Home CLTVs > 80% = 3% max; <= 80% = 6% maximum contribution. Investment Property 2% for Investor transactions. Page 4 of 12
5 FIRST MORTGAGE LOAN REQUIREMENTS Eligible First Mortgages: Conventional loans VA or FHA loans (Stand alone transactions only. No VA Vendee). A Closed-end Fixed rate Second loan may be originated as a Stand alone behind an existing Balloon First lien. The existing Balloon First lien must have 36-Months or more remaining on its current term. Negative amortization loans are eligible provided the cap on the negative amortization does not exceed 125%. Requirement for calculating or Grossing-Up the CLTV are as Follows: Lower of original loan amount or unpaid balance of First lien x maximum negative amortization percent + amount of Equity loan divide value of property = CLTV Ineligible First Mortgages: Contract for Deed, contract for purchase or land contracts All inclusive Trust Deeds Private party First Liens Reverse Mortgages Loans that provide for future advances A fixed rate Second Mortgage behind a First Lien with a potential for negative amortization that has no ceiling or a ceiling in excess of 125% is not eligible for purchase. QUALIFYING RATIOS Maximum 50% Debt-to-Income (DTI) ratio allowed except for the following loans: Stated Doc: Maximum 45% DTI RESERVE REQUIREMENTS Doc: No Reserves required Stated Income: 3-Months PITI required on the Owner-Occupied Primary Residence 6-Months PITI required on the Second Home and Investment Properties Page 5 of 12
6 PAYMENT CALCULATIONS FOR DEBT-TO-INCOME RATIOS First Mortgage Payment Calculation: ARMS: Qualify the borrowers at the maximum interest rate that could be in effect at the beginning of the second year of the mortgage term. If the mortgage is seasoned over 1- Year, the current interest rate should be used. Negatively Amortizing First Mortgages: If the underlying First mortgage has a negative amortization feature, calculate the borrowers Debt-to-Income Ratio using the fully indexed rate (current index plus margin), the current principal balance and the remaining term to calculate a payment for the first mortgage. Buydowns: Qualify the borrowers at the interest rate in effect at the beginning of the second year of the mortgage term. If the First mortgage is seasoned more than 1-Year, the current interest rate should be used. Equity Loan Payment Calculation Fixed Rate: The payment is a fully amortized fixed payment that is added to the housing expenses and other monthly debt to calculate the Debt-to-Income Ratio. Balloons: The payment is based on a 30-Year fixed payment which is added to the housing expenses and other monthly debt to calculate the Debt-to-Income Ratio. Page 6 of 12
7 CREDIT CRITERIA A 24-month credit history is required. At least one (1) revolving, installment or mortgage tradeline must be rated for 24 months. Doc & Stated Income: All borrowers must have at least a 620 minimum credit score even if the primary borrower s score is used. FULL DOC: A three (3) bureau merged report with three (3) credit scores per borrower or an RMCR with two (2) scores per borrower is required. If three (3) credit scores are available, use primary borrower s middle score. If two (2) scores are obtained, use primary borrower s lowest score. Primary borrower is defined as the highest wage earner. If the borrower s incomes are equal, use the lowest score of all borrowers. STATED INCOME DOC: Use the lowest credit score among all borrowers. Determine the lowest overall credit score by selecting the lower of two (2) reported scores for each borrower, or the middle score of three (3) reported scores for each borrower. Credit History Credit Score Housing Payment History Tradeline Requirements Bankruptcy All Doc Types: 0x30 in 24-Months All Doc Types: 0x30 in 12-Months & Alt Doc: 1x30 in 12-Months Stated Doc: 0x30 in 12-Months Three (3) tradelines must be established, and at least one (1) of them must be currently open and not a collection or charge-off. One of the three tradelines must have had activity in the last 6 months. Must have been discharged for minimum 7-Years * and re-established credit Must have been discharged for minimum 5-Years * and re-established credit Must have been discharged for minimum 5-Years * and re-established credit Foreclosure Must have occurred at least 7-Years ago * and re-established credit Must have occurred at least 5- Years ago * and re-established credit Must have occurred at least 5-Years ago * and re-established credit Adverse Credit, open within the last 12- Months: (Includes collections, charged-off accounts, judgments, liens, repos, garnishment, any 90-Day delinquency.) With prior approval when over $200 All must be paid at closing With prior approval only if over $500 All must be paid at closing With prior approval only if over $500 All must be paid at closing * Minimum of 24-Months of re-established credit that must include three (3) tradelines in addition to the existing. First mortgage with satisfactory payment rating. Accounts opened prior to the bankruptcy or foreclosure are not considered re-established credit. Also, there may be no delinquencies after the bankruptcy or foreclosure. Page 7 of 12
8 PROPERTY/APPRAISAL Maximum Loan Amount or Property Value Credit Score Loan amount < $100, Exterior Exterior Exterior Exterior 3 Loan amount > $100,000 appraisal appraisal appraisal appraisal Property value > $500,000 Appraisal 1 Appraisal 1 Appraisal 1 Appraisal 1 Property value > $750,000 Appraisal Appraisal & Field Review 2 2 Appraisals 2 2 Appraisals 2 1 For purchase transactions only, 2055 exterior appraisals are allowed if the loan amount is < $100,000 and the property value is < $750, The lower of the two (2) appraised values must be used to establish the CLTV. Our company must order the second appraisal Unit properties are not eligible for 2055 exterior and must use Form 1025/72, Small Residential Income Property Appraisal Report. AGE OF APPRAISAL PROPERTY SEASONING Appraisals must be dated 6-Months or less from the Note date. A recertification of value is required for appraisals dated more than 6-Months from the Note date, up to 12-Months. Drive by appraisals must be dated no more than 6-Months from the Note date. If the drive by appraisal is more than 6-Months from the Note date, a new drive by appraisal is required. Purchase Transactions: Use the lesser of the Sales Price or Appraised value. Refinance Transactions: If the property was purchased within the last 12- Months, the value is based on the current Appraised value or acquisition costs, whichever is less OR If the property was purchased more than 12-Months ago for new construction purchased within the last 12-Months, the current Appraised value is to be used. MAXIMUM PROPERTY VALUE No limitations Page 8 of 12
9 GEOGRAPHIC RESTRICITONS The following states are not allowed: Arkansas Maine & South Carolina allowed only on the S070 (15- due-in-15 term). Not allowed on the 30/15. SPECIAL NOTES Title Requirements: Loan amounts less than or equal to $100,000 require a Title Search or its equivalent unless the under the following exceptions: A full ALTA policy for loan amounts greater than $50,000 is required in Oregon. A full ALTA policy is required only on Standalone transactions in Florida. Vermont requires a full ALTA on all transactions regardless of loan amount. Loan amounts greater than $100,000 require a full ALTA policy. For Simultaneous (piggyback) transactions: Loan amounts less than or equal to $100,000 require only a copy of the title commitment from the First mortgage. No additional coverage is required (except Oregon and Vermont). Loan amounts greater than $100,000 require the ALTA policy to cover both the First and Second lien. Any loans closed on properties that have a change in vesting or is a leasehold must have a full ALTA policy. Page 9 of 12
10 Doc Type Occupancy Doc Program Matrices Purchase, Rate & Term, and Cash-Out Transactions Property Type Maximum Loan Amt Maximum CLTV Minimum Credit Score $200, % 660 Maximum Debt Ratio SFR s, PUD s Attached Housing Condos $100, % 660 $150,000 90% 620 $500,000 80% 720 Primary $300,000 80% Units $150,000 95% 660 $150,000 80% Units $150,000 90% 660 $150,000 80% % Second Home Investment SFR s, PUD s $150,000 90% 680 Attached Housing Condos $150,000 80% Units N/A N/A N/A SFR s, PUD s $150,000 90% 680 Attached Housing Condos $150,000 80% Units N/A N/A N/A Page 10 of 12
11 Stated Income Doc Program Matrices Purchase, Rate & Term, and Cash-Out Transactions Doc Type Occupancy Property Type Maximum Loan Amt Maximum CLTV Minimum Credit Score Maximum Debt Ratio Primary SFR s, PUD s Attached Housing Condos $150, % 680/700 1 $150,000 90% 660 $150,000 80% Units N/A N/A N/A Stated Income Second Home SFR s, PUD s Attached Housing Condos $150,000 90% 660 $150,000 80% % 2-4 Units N/A N/A N/A Investment SFR s, PUD s Attached Housing Condos $150,000 80% Units N/A N/A N/A 1 CLTVs > 90% are allowed for Salaried borrowers with a 700 minimum credit score. Self-Employed borrowers are allowed with a 680 minimum credit score. Page 11 of 12
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