Prime / Credit Ascent

Transcription

1 Prime / Credit Ascent REQUIRED APPRAISAL REPORTS Property Type FNMA Form 1 family properties & PUDs FNMA Form # family properties FNMA Form #1025 Condominiums/PUDs FNMA Form #1073 Market conditions addendum FNMA Form #1004MC PROPERTY LISTED FOR SALE The Appraiser must report any listing activity for the subject property within 12 nths of the effective date of the appraisal. If the subject property has been listed for sale within the prior 12 nths, the following limitations apply: Rate/Term Refinance The listing must have expired or been withdrawn prior to the application date and a copy of the expired/withdrawn listing is required. Cash Out Refinance Not permitted for properties listed within the past 6 nths. PROGRAM OVERVIEW PRIME ASCENT Best Priced Program O/O & 2 nd Home Full Doc / Bank Statement Min FICO 660 Loan Aunt: $150K 2 MM Clean Housing History: 0x30x12 No Credit Events Last 48 Months CREDIT ASCENT Most Expansive Program O/O & 2 nd Home Full Doc / Bank Statements / Assets Min FICO 500 Loan Aunt: $100K 2 MM Recent Housing Lates Settled BK, FC, SS

2 PRIME ASCENT OO & 2 nd Home Term: 5/1 & 7/1 ARM, 15 Yr & 30 Yr Fixed, 40 Yr IO Min FICO: 660 Reserve: 6 12 Months Reserve Housing History: 0 X 30 X 12 Credit Event Seasoning: 48 nths 2 nd Home Max LTV: 80% Cash Out: Income Type Available Months Full Doc. 2 Yrs W2 or Tax Retrun Up to 95% LTV up to 1.5 mm loan aunt Up to 55% DTI Months Full Doc. Most Recent Year s W2 or Tax return UP to 85% LTV Up to 50% DTI Months Bank Statement Borrower Must be self employed 2 years Personal, Business or Co-Mingled Up to 90% LTV up to 1.5 MM loan aunt Up to 43% DTI Months Bank Statement Borrower must be self employed 4 years 12 MOS PERSONAL +2 MONTHS BUSINESS Up to 85% LTV Up to 43% DTI

3 CREDIT ASCENT OO & 2 ND Term: 5/1 & 7/1 ARM, 15 Yr & 30 Yr Fixed, 40 Yr IO Min FICO: 500 Reserve: Housing History: Recent Credit Events: 2 12 Months Reserve OK OK 2 nd Home Max LTV: 80% Cash Out: Income Type Available Months Full Doc. 2 Yrs W2 or Tax Retrun Up to 90% LTV up to 1.5 mm loan aunt Up to 55% DTI Min FICO Months Full Doc. Most Recent Year s W2 or Tax return UP to 85% LTV Up to 50% DTI Min FICO Months Bank Statement Borrower Must be self employed 2 years Personal, Business or Co-Mingled Up to 90% LTV Up to 50% DTI Min FICO Months Bank Statement Borrower must be self employed 4 years 12 MOS PERSONAL +2 MONTHS BUSINESS Up to 85% LTV Up to 43% DTI Min FICO 660

4 CREDIT GRADING - CREDIT ASCENT Grade A B B- C Housing 1 x 30 x 12 0 x 60 x 12 0 x 90 x 12 1 x 120 x 12 BK (Chapter 13) 12 Settled Settled Settled BK (Other) Settled Foreclosure Settled Short Sale / DIL Settled Settled Min FICO Max LTV: Pur & R/T Max LTV: Cash Out Max CLTV Max Loan 2,000,000 1,500,000 1,000,000 1,000,000 Aunt Fixed Terms 30yr & 15yr Fixed 30yr & 15yr 30yr & 15yr 30yr & 15yr 5/1 LIBOR ARM 7/1 LIBOT ARM Available Doc Types Full Doc = 24 Full Doc = 12 Bank State = 24 Bank State = 12 Fixed Full Doc = 24 Full Doc = 12 Bank State = 24 Bank State = 12 Fixed Full Doc = 24 Full Doc = 12 Bank State = 24 Fixed Full Doc = 24

5 BANK STATEMENT DOCUMENTATION & INCOME ANALYSIS Personal Bank Statement Borrower must be at least 25% owner of the business for 24 nths program Borrower must be 100% owner of the business for the 12 nths program First time home buyers not eligible for 12 nths program. Collect (12 or 24) of nths personal bank statements and 2nths business bank statements Must have a separate business bank account to verify: (a) Transfers from the business to personal account to show they are paying themselves (b) A separate operating account exists for the business with activity Pattern of deposits and payment should be consistent for the type of business Large deposits need to be sourced / seasoned according to FNMA guidelines Income should be calculated based on a 24 or 12 nth average of total deposits into the personal account minus any inconsistent deposits not justified.

6 Business Bank Statement Borrower must own 100% of the business Qualifying income is the lower of the net income from the analysis or the income indicated on the initial 1003 a) CPAs P & L Statement At least 3 st recent nths of business bank statements CPA P&L statement that must cover the same time period and signed by both borrower and CAP P & L statement must be within 90 days of application date Proof of CPA State License b) CPAs or Tax Preparer Expense Statement 24 nths of st recent bank statements Expense factor is provided by CPA or tax preparer and signed by both borrower and CPA or Tax Professional Proof of CPA State License, if used c) Borrower Prepared P & L statement with Business Narrative 24 nths of st recent bank statements Borrower prepared P&L statement Business Narrative o Size o Operating profile of the business addressing, location/rent, number of employees/contractors, COGS, Trucks/Equipment o Expenses