Expanded-Prime Matrix

Transcription

1 ExpandedPrime Matrix Phone: (844) Program Max LTVs Program Requirements Bank Statements* Loan Amount Reserves FICO Mortgage History 0x30x12 FC Seasoning 60 Months $1,000,000 6 Months 700 SS/DIL Seasoning BK Seasoning* 60 Months 60 Months 660 $2,500 60% Maximum ** $1,000,000 $1,000,001 $1,500,000 9 Months % Standard Debt Ratio Enhanced Debt Ratio** 43% 50% 660 Tradelines** Standard 60% > $1,500, Months % Minimum Loan Amount Maximum Loan Amount $100,000 $2,000, *Bank Statements for income documentation includes: 12 and 24 months personal bank statements and 24 months business bank statements ** 5/1, 7/1, 30Yr Fixed * Discharge for Chapter 7; discharge or dismissal for Chapter 11/13 ** See Additional Program Requirements for details Additional Program Overlays Property Type Requirements Feature LTV FICO Reserves Loan Size Property Type Max LTV Enhanced DTI (43.01%50%) Purchase and Rate/Term Refinance only Single Family/PUD Months $1,500,000 Rural Properties (Max 43% DTI) Personal Bank Statements Months $1,500,000 New PUD/Subdivision Business Bank Statements Maximum DTI: 43% Florida Condominium 50% 12 Months Personal Bank Statements Maximum DTI: 43% NonWarrantable Condo 2 Unit Interest Only (5/1 and 7/1 ARMs) Months $2,000, Unit Second Homes 12 Months $2,000,000 Log Homes Deephaven Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. 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. Disclosures & Licenses: NMLS Consumer Access: NMLS #958425

2 ExpandedPrime Additional Program Requirements Phone: (844) Appraisal Review Product Required for certain loans See guidelines for details sourced or seasoned for 60 days Gift funds allowed See guidelines for details Up to $500,000: Program LTV's $500,001 $1,000,000: 5% LTV reduction Escrows required for taxes and insurance Fully documented abilitytorepay No section 32 or state high cost Total borrower paid points and fees must be less than 5% with all applicable federal and state regulations Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months all with activity in the last 12 months (Limited not allowed) Maximum 43% Total DTI Ratio Enhanced DTI to 50% available with ALL of the following compensating factors present: Income Doc. Min FICO Max LTV Loan Purpose Max Loan Size Reserves Debt Ratios $1,500, Months Bank Statements* $1,500, Months *Enhanced DTIs not allowed for 12 month personal bank statements or 24 month business bank statements Rural Properties Maximum 43% DTI. Income ; 12 & Personal Bank Statements; or Business Bank Statements See guidelines for details AK, HI, MA, MO, MS, NY, WV Primary Residence and Second Homes only 5/1 ARM 7/1 ARM 30Yr Fixed ARM Features Interest Only Features* Product Types Reserves Product Margin Caps Index Amort Term Final Maturity 5/1 3.50% 2/2/5 1YR LIBOR 20 Years 30 Years 7/1 3.50% 5/2/5 1YR LIBOR 20 Years 30 Years *120 month IO Term Single Family Residences Townhomes Condominiums 2 Unit 612 months minimum as determined by loan amount $2,500 plus an additional $150 per dependent is required Up to 9% towards closing for LTVs, 6% towards closing for LTVs > CLTV max = LTV max Deephaven Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. 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. Disclosures & Licenses: NMLS Consumer Access: NMLS #958425

3 NearPrime Matrix Phone: (844) Program Max LTVs Primary and Second Homes Investment Program Requirements Alternative Doc Alternative Doc Minimum Loan Amount $100,000 Loan Amount Reserves FICO Purch. & R/T Purch. & R/T Purch. & R/T Purch. & R/T Maximum Loan Amount $2,500,000 95%** / 90% 90% Maximum, OO $1,000,000 90% 90% Maximum, NOO $500,000 $1,500,000 6 Months % Mortgage History 1x30x Foreclosure Seasoning 36 Months 620 Short Sale/DIL Seasoning 36 Months Chapter 13 BK Seasoning 36 Months Chapter 7/11 BK Seasoning 36 Months > $1,500, Months % $2, % Standard Debt Ratio 50% 620 Enhanced Debt Ratio Up to 55% **95% LTV Purchase 1Y Tax Return Second Homes Condominium LTV 5/1 ARM 7/1 ARM 30 Year Fixed Primary FICO / LTV 1Y W2 Interest Only NonWarrantable, 24 Unit, 5/1 ARMIO 7/1 ARMIO > $453,100 Primary 12 Mos Pers Bank Stmt Modular, Rural & Log Homes LTV IO Period Amort Term Final Maturity Max DTI 35% 12 Mos Reserves 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 55% DTI 1 Year Alt Doc* Max LTV Property Type Limits Investment Property Overlays umentation 2 Years W2 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 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 = $500,000; No cash out in Texas Documentation Business Bank Statements No subordinate financing Qualifying Rate (Must be S/E for 2 yrs) 12 Months Personal Bank Statements* Prepayment restrictions apply (See also Qualifying Payment) 1 Year Documentation (W2 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, 24 Unit, NonWarrantable, Modular, Rural & Log Homes amounts > $500,000 require a 5% LTV reduction; Maximum = $1,000,000; Maxium for Investment Properties is $500,000 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 Reserves 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; InterestOnly: 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 & NonPermanent 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 abilitytorepay with all applicable federal and state regulations No section 32 or state high cost Total borrower paid points and fees must be less than 5% 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 Deephaven Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. 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. Disclosures & Licenses: NMLS Consumer Access: NMLS #958425

4 NonPrime Matrix Phone: (844) Program Max LTVs Grade A Grade B Grade C Program Requirements Loan Amount Reserves FICO Minimum Loan Amount $100,000 $1,000,000 > $1,000,000 6 Months Mortgage History Foreclosure Seasoning Short Sale/DIL Seasoning Chapter 13 Bankruptcy Seasoning Chapter 7/11 Bankruptcy Seasoning DTI Options 640 Maximum Loan Amount $2,000, Maximum $500, FICO 620 1Y Tax Return Non Purch & R/T: Matrix LTV less 5% Max LTV Owner 55% DTI 1Y W2 Owner : Matrix LTV less 10%, Primary Only 12 Mos Pers Bank Stmt NonWarrantable : FICO 580 FICO / LTV FICO Unit Alt Doc: FICO 620 InterestOnly: FICO Months Reserves DTI 43% Modular Loan Amt > $1mm FICO Months Reserves $3,500 Rural & Log Home N/A Grade A Only FTHB: FICO 580 Min 6 mos reserves (see below) 6 Months Reserves Income Standard Tradelines Only Second Homes: FICO 580, LTV umentation 2 Years W2 Income or 2 Years Tax Returns No rural or log homes 6 Months Reserves 50% DTI Alternative Documentation (Must be S/E for 2 yrs) 3 Months 1 Year Alt Doc* 0x60x12 0x120x12 0x120x12 or 0x30 Since Event 12 Months Settled 12 Months Settled 12 Months $1,500 $1,500 $1,500 43% / 50% / 55% 43% / 50% / 55% 43% Property Type Limits Investment Overlays 5/1 ARM 7/1 ARM 30 Year Fixed Fixed = Note Rate Interest Only Features 10 Years 20 Years 30 Years 5/1 ARM Margin: 3.50 Caps: 2/2/5 7/1 ARM Margin: 3.50 Caps: 5/2/5 Qualifying Rate (See also Qualifying Payment) Personal Bank Statements (Minimum FICO 580) No subordinate financing NonUS : Qualify at 620 FICO Business Bank Statements (Minimum FICO 580) Prepayment restrictions apply 12 Months Reserves 12 Months Personal Bank Statements* Guarantor is required (for LLCs) Limited Tradelines: Lesser of actual or 580 FICO 1 Year Documentation (W2 or Tax Return)* Not available on Investment Primary Residence, Second Homes and Investment Properties SFR, PUD, Townhome, Condominium, 24 Unit, NonWarrantable, Modular, Rural & Log Homes Maximum = $500,000 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 Reserves 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 & NonPermanent 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 midscore of the Primary Wage Earner which will be the score used for grading and pricing Escrows required for taxes and insurance Fully documented abilitytorepay with all applicable federal and state regulations No section 32 or state high cost Total borrower paid points and fees must be less than 5% 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 Deephaven Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. 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. Disclosures & Licenses: NMLS Consumer Access: NMLS # /1 ARMIO 7/1 ARMIO IO Period Amort Term Final Maturity 10 Years 30 Years 40 Years ARM = Greater of Note Rate or Fully Indexed Overlays

5 Investor Advantage Matrix Phone: (844) Loan Amount $1,000,000 > $1,000,000 Investor Advantage Minimum Loan Amount Maximum Loan Amount Maximum Minimum DSCR 1.15 N/A Interest Only Features Product IO Period Amort Maturity Mortgage History 1x30x12 3/1 ARMIO 5 Years 25 Years 30 Years Foreclosure Seasoning 5/1 & 10/1 ARMIO 10 Years 20 Years 30 Years Short Sale/DIL Seasoning Chapter 13 BK Seasoning Chapter 7/11 BK Seasoning NonWarrantable 24 Unit Property Type Limits FICO LTV DSCR 60% InterestOnly No Income Overlays 60% 60% 60% FICO 620 LTV Program Parameters Limits 3/1 ARM 5/1 ARM 10/1 ARM 3/1 ARMIO 5/1 ARMIO 10/1 ARMIO 3/1 ARM Margin: 6.00 Caps: 2/2/6 5/1 ARM Margin: 6.00 Caps: 2/2/5 10/1 ARM Margin: 6.00 Caps: 5/2/5 $100,000 $2,000,000 $500,000 DSCR Lease / Gross Income Appraisal Requirements Eligible Borrowers Investment Property SFR, PUD, Townhome, Condominium, 24 Unit, NonWarrantable Maximum = $500,000; Cash out is not allowed for Investment Properties in Texas 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 & NonPermanent 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 12month 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 midscore of all borrowers/guarantors Escrows required for taxes and insurance Fully documented abilitytorepay 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 Deephaven Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. 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. Disclosures & Licenses: NMLS Consumer Access: NMLS #958425

6 Foreign National Matrix Phone: (844) Foreign National Loan Amount DSCR / No Income $1,000,000 > $1,000,000 Minimum Loan Amount Maximum Loan Amount Maximum Program Parameters 3/1 ARM 5/1 ARM 10/1 ARM 3/1 ARMIO 5/1 ARMIO 10/1 ARMIO InterestOnly Option Minimum DSCR N/A 1.15 / N/A Product IO Period Amort Maturity Maximum DTI 50% N/A 3/1 ARMIO 5 Years 25 Years 30 Years Reserves 12 Months N/A 5/1 & 10/1 ARMIO 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: 6.00 Caps: 2/2/6 5/1 ARM Margin: 6.00 Caps: 2/2/5 10/1 ARM Margin: 6.00 Caps: 5/2/5 $100,000 $1,500,000 $500,000 Investment Property and Second Homes ( only) SFR, PUD, Townhome, Condominium, 24 Unit, NonWarrantable Maximum = $500,000 can be used for reserve requirements and/or to pay off debt for qualifying 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 (If CDA results indicate variance > 10% Field Review or 2nd Full Appraisal Required) 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 abilitytorepay with all applicable federal and state regulations No section 32 or state high cost Total borrower paid points and fees must be less than 5% 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 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 Deephaven Mortgage LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. 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. Disclosures & Licenses: Licenses002.pdf NMLS Consumer Access: NMLS #958425