First Time Home Buyer not permitted

Transcription

1 Just Missed Agency Full Doc Bank Statements Reserves 24 Months 12 Months 24 Months 12 Months Purchase & R/T Cash Out Purchase & R/T Cash Out Purchase & R/T Cash Out Purchase & R/T Cash Out 720+ <=1,500,000 6 months 95*/ ,500,001 2,500, ,500,001 3,000, ,000,001 4,000,000 4,000,001 5,000, <=1,500,000 6 months ,500,001 2,500, ,500,001 3,000, ,000,001 4,000,000 4,000,001 5,000, <=1,500,000 6 months ,500,001 2,500, ,500,001 3,000, ,000,001 4,000,000 4,000,001 5,000, <=1,500,000 6 months ,500,001 2,500, ,500,001 3,000,000 *95% LTV restricted to Purchase, Primary Residence, SFD, > conforming balance, max DTI of 35%. Housing 0x30x12 43% Max DTI Credit Event (BK/FC/SS/DIL) 48 mo Bank Statement 12 mo & 24 mo Min 6 50% Max DTI Max LTV: Purchase & R/T 95* / 90 & 24 mo Max LTV: Cash Out 85 Max LTV/CLTV: 85% Max CLTV 95* / 90 % Max DTI Compliance Max 5,000,000 Impounds are required Fixed Terms 30 Year Fixed & 15 Year Fixed 12 Mo Reserves Loans considered high cost by Federal or State law not allowed 5/1 LIBOR ARM 1 YR LIBOR 3.5 % Margin/Floor 2/2/5 Caps Max LTV/CLTV: 85% Points and Fees may not exceed 5% 7/1 LIBOR ARM 1 YR LIBOR 3.5 % Margin/Floor 5/2/5 Caps Primary Residence Only Financed Properties Program Restrictions DTI s > $3,000,000 Only Available in the following states: CA, IL, FL, NJ, MD, VA, DC, WA Cash Out limited to the lower of 50% of property value or $3,000,000 Property Types: SFR, Warrantable and Non Warrantable Condos Bank Statement 12 mo Interest Only Cash Out Limit Residency Residual Income (Condos available in FL only. FL Condos limited to % LTV) First Time Home Buyer not permitted 20 financed properties including subject Purchase, R/T, and Debt Consol Only Add 2 months reserves for each additional financed property (including Residual Income: $3,000 + $250 for 1st dependent departure residence). Total reserve requirement is not to exceed 12 mo + $125 for each additional dependent LSM exposure to a single borrower not to exceed $5MM or 6 properties Debt Consolidation Refinance IO Period: 120 Months (% property Value) US Citizen $2,500 /month Transactions where mortgage & non mortgage debts are paid off and Qualifying Term: Amort Term Program Max: 75% Perm & Non Perm Resident Alien + $250 for the first dependent monthly debt payments are lowered by at least 10% and Closing Costs (3 or 240 mo) Loan Amnt > $1MM: % Max Acreage + $125 for each additional are recouped within months. Cash in hand may not exceed $5,000 or 2% Loan Term: 480 or 3 mo Loan Amnt > $3MM: 50% 10 Acres of the loan. Max LTV/CLTV: 85% Condo: % Interested Party Contributions Cash in hand may be used to meet reserve requirements for loans meeting Min : Unit: % LTV>=75: 4% the Debt Consolidation definition Other LTV/CLTV Limits LTV<75: 6% Condo: 85% Rate & Term Refinance Non Warr Condo: 80% Program Min: $150,000 Reserve requirements are waived when monthly payments are reduced 2 4 Unit: 85% Non Warr Condo Max: $1,5MM by at least the 10% Rural Property: 80% s>$1.5mm Interest Only: 85% require 2 appraisals Second Home: 80% 1

2 Expanded Owner Occupied or Second Homes Full Doc Bank Statements Reserves 24 Months 12 Months Reserves 24 Months 12 Months (Personal) Purch / RT Refi Cash Out Purch / RT Refi Cash Out Purch / RT Refi Cash Out Purch / RT Refi Cash Out <=1,000,000 2 months months ,000,001 1,500,000 6 months months ,500,001 2,000,000 6 months months ,000,001 3,000, ,000,001 4,000,000 4,000,001 5,000,000 <=1,000,000 2 months months ,000,001 1,500,000 6 months months ,500,001 2,000,000 6 months months ,000,001 3,000, ,000,001 4,000,000 4,000,001 5,000, <=1,000,000 2 months months ,000,001 1,500,000 6 months months ,500,001 2,000,000 6 months months <=1,000,000 2 months months ,000,001 1,500,000 6 months months ,500,001 2,000,000 6 months months <=1,000,000 2 months months ,000,001 1,500,000 6 months months <=1,000,000 2 months months ,000,001 1,500,000 6 months months 80 Grade Restrictions DTI Grade A B B C 43% Max DTI Housing 1x30x12 0xx12 0x90x12 1x120x12 BK (Chap 13 Discharge) 12 mo Settled Settled Settled Bank Statement 12 mo BK (Other) 24 mo 24 mo 12 mo Settled 50% Max DTI Foreclosure 24 mo 24 mo 12 mo Settled Short Sale/DIL 24 mo 24 mo Settled Settled Min % Max DTI Max LTV: Purchase & R/T Max LTV: Cash Out Mo Reserves Max CLTV Max LTV/CLTV: 80 Max 5,000,000 1,500,000 1,000,000 1,000,000 Primary Residence Only Fixed Terms 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed First Time Home Buyer not permitted 5/1 LIBOR ARM 1 YR LIBOR 4.0 % Margin/Floor 2/2/5 Caps 1 YR LIBOR 4.0 % Margin/Floor 2/2/5 Caps 1 YR LIBOR 5.0 % Margin/Floor 2/2/5 Caps 1 YR LIBOR 5.0 % Margin/Floor 2/2/5 Caps Purchase, R/T Refi, and Debt Consol Only 7/1 LIBOR ARM 1 YR LIBOR 4.0 % Margin/Floor 5/2/5 Caps 1 YR LIBOR 4.0 % Margin/Floor 5/2/5 Caps 1 YR LIBOR 5.0 % Margin/Floor 5/2/5 Caps 1 YR LIBOR 5.0 % Margin/Floor 5/2/5 Caps Residual Income: $3,000 + $250 for 1st dependent + $125 for each additional dependent Bank Statement 12 mo Bank Statement 12 mo Interest Only Cash Out Limit (% property Value) Second Homes Compliance Financed Properties IO Period: 120 Months Program Max: 75% Max LTV/CLTV: 80% Impounds are required 20 financed properties including subject Qualifying Term: Amort Term Loan Amnt > 1MM: % Min : 540; Ln Amt > $2M 680 Loans considered high cost by Federal or State law not Add 2 months reserves for each additional financed property. (3 or 240 mo) Condo: % A, B, & B Grades Only allowed Total reserve requirement is not to exceed 12 months Loan Term: 480 or 3 mo 2 4 Unit: % Foreign National, see FN tab Points and Fees may not exceed 5% LSM exposure to a single borrower $5MM or 6 properties A & B Grades Only Residual Income: $2,500 > $3,000,000 Max LTV/CLTV: 85% Program Min: $100,000 +$250 for the first dependent Only Available in the following states: CA, IL, FL, NJ, MD, VA, DC, WA Min : 0 Non Warrantable Condo Max: $1,500,000 +$125 for each additional dependent Cash Out limited to the lower of 50% of property value or $3,000,000 s < $150k: 80% Max LTV/CLTV Residual Income Property Types: SFR, Warrantable and Non Warrantable Condos Other LTV/CLTV Limits s>$1.5mm require 2 appraisals $1,250 /mo Condo: 80% + $250 for the first dependent Debt Consolidation Refinance (Condos available in FL only. FL Condos limited to % LTV) 2 4 Unit: 80% +$125 for each additional dependent. Transactions where mortgage & non mortgage debts are paid off and monthly debt payments are lowered by at least 10% Rural Property: 80% Interested Party Contributions and Closing Costs are recouped within months. Cash in hand may not exceed $5,000 or 2% of the loan amt. Loan Amnt<150k: 80% LTV>=75: 4% LTV<75: 6% R/T Refi LTVs available for Debt Consolidation loans. LTV/CLTV capped at 85% Interest Only: 85% Residency Cash in hand may be used to meet reserve requirements for loans meeting the Debt Consolidation definition Second Home: 80% US Citizen Reserve requirements reduced to 1 month for all income document types when all of the above meet Max Acreage Permanent & Non Permanent resident alien Rate & Term Refinance 10 Acres See FN matrix for 2nd Home options Reserve requirements are waived when monthly payments are reduced by at least the 10% 2

3 Expanded - Investment Full Doc Bank Statements Reserves 24 Months OR 12 Months 24 Months OR 12 Months Purch / RT Refi Cash Out Purch / RT Refi Cash Out 720+ <=1,000,000 6 months ,000,001-1,500, ,500,001-3,000,000 3,000,001-4,000,000 4,000,001-5,000, <=1,000,000 6 months ,000,001-1,500, ,500,001-3,000,000 3,000,001-4,000,000 4,000,001-5,000, <=1,000,000 6 months ,000,001-1,500, ,500,001-3,000, <=1,000,000 6 months ,000,001-1,500, ,500,001-2,000, <=1,000,000 6 months <=1,000,000 6 months 75 NA NA Grade Restrictions s > $3,000,000 Grade A B B- Only Available in the following states: CA, IL, FL, NJ, MD, VA, DC, WA Housing 1x30x12 0xx12 0x90x12 Cash-Out limited to the lower of 50% of property value or $3,000,000 BK (Chap 13 Discharge) 12 mo Settled Settled Property Types: SFR, Warrantable and Non-Warrantable Condos BK (Other) 24 mo 24 mo 12 mo (Condos available in FL only. FL Condos limited to % LTV) Foreclosure 24 mo 24 mo 12 mo Short Sale/DIL 24 mo 24 mo Settled Compliance Min Impounds are required Max LTV: Purchase & R/T Loans considered high-cost by Federal or State law not allowed Max LTV: Cash-Out 75 Points and Fees may not exceed 5% Max CLTV Max 5,000,000 1,500,000 1,000,000 Financed Properties Fixed Terms 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed 30 Year Fixed & 15 Year Fixed No limit on financed properties 5/1 LIBOR ARM 1 YR LIBOR - 5 % Margin/Floor - 2/2/5 Caps 1 YR LIBOR - 5 % Margin/Floor - 2/2/5 Caps 1 YR LIBOR - 6 % Margin/Floor - 2/2/5 Caps Add 2 months reserves for each additional financed property (including departure residence). 7/1 LIBOR ARM 1 YR LIBOR - 5 % Margin/Floor - 5/2/5 Caps 1 YR LIBOR - 5 % Margin/Floor - 5/2/5 Caps 1 YR LIBOR - 6 % Margin/Floor - 5/2/5 Caps Full Doc - 24 mo Full Doc - 12 mo Full Doc - 24 mo Full Doc - 24 mo Bank Statement - 24 mo Full Doc - 12 mo Full Doc - 12 mo Bank Statement - 12 mo Total reserve requirement is not to exceed 12 mo LSM exposure to a single borrower not to exceed $5MM or 6 properties Interest Only Cash-Out Limit (% property Value) Residency Prepayment Penalty IO Period: 120 Months Program Max: % US Citizen Terms up to 5 Years are acceptable. The following structures are acceptable Qualifying Term: Loan Term (3 mo) Loan Amnt > 1MM: % Permanent & Non-Permanent resident alien - 6 months of interest on the amount of the prepayment that exceeds 20% of the original Loan Term: 3 mo Condo: % See FN matrix for Investment options principal balance A & B Grades Only 2-4 Unit: % - 3%, 4%, or 5% for the term of the penalty Max LTV/CLTV: 80% Interested Party Contributions - Declining structures that do not exceed 5% and do not drop below 3% in the first Min : 0 Program Min: $75,000 All LTV's: 3% 3 years (5%/4%/3%/2%/1%, 5%/4%/3%, etc) Other LTV/CLTV Limits Non-Warr Condo Max: $1,5MM Penalties not available in New Mexico and loans vested to individuals in New Jersey Condo: 80% s < $150k: % Max LTV/CLTV DTI 2-4 Unit: 80% s>$1.5mm require 2 appraisals Max DTI: 50% Rural Property: % Loan Amnt<150k: % Max Acreage Interest Only: 80% 10 Acres 3

4 Expanded No Ratio >= < 1.00 Reserves Purchase Rate/Term Cash Out Purchase Rate/Term Cash Out Purchase Rate/Term Cash Out 0+ 6 Months <=1,000,000 None ,000,001 1,500,000 6 Months None 1,500,001 2,000,000 6 Months 2,000,001 3,000,000 6 Months 3,000,001 4,000,000 6 Months ,000,001 5,000,000 6 Months Months <=1,000,000 None ,000,001 1,500,000 6 Months None 1,500,001 2,000, Months 2,000,001 3,000, Months <=500, Months NA NA NA Program Restrictions Income s > $3,000,000 Housing 0x30x12 Debt Service Coverage Ratio (DSCR) Only Available in the following states: CA, IL, FL, NJ, MD, VA, DC, WA BK (Chap 13 Discharge) 12 mo Gross Income/PITIA Cash Out limited to the lower of 50% of property value or $3,000,000 BK (Other) 36 mo Transaction qualified on cash flow of the subject property Property Types: SFR, Warrantable and Non Warrantable Condos Foreclosure 36 mo Gross Income: Lower of Estimated Market Rent from Form 1007 and monthly rent from an (Condos available in FL only. FL Condos limited to % LTV) Short Sale/DIL 24 mo existing lease (If lease amount higher, may be utilized with two months proof of receipt) Min 620 Compliance Max LTV: Purchase 80 Investor Experience Impounds are required Max LTV: R/T 75 Experienced Investor Loans considered high cost by Federal or State law not allowed Max LTV: Cash Out A borrower who has owned 2 or more properties within the most recent (Primary Points and Fees may not exceed 5% Max CLTV 80 residence can be included), with 1 having documented rental income of or more. Financed Properties Max 5,000,000 No limit on financed properties Fixed Terms 30 Year Fixed & 15 Year Fixed First Time Investor Add 2 months reserves for each additional financed property (including departure residence). 3/1 LIBOR ARM 1 YR LIBOR 6 % Margin/Floor 2/2/5 Caps A borrower that does not meet the Experienced Investor criteria. First Time Investors must have Total reserve requirement is not to exceed 12 mo 5/1 LIBOR ARM 1 YR LIBOR 6 % Margin/Floor 2/2/5 Caps owned a residence (primary or rental) for a minimum of the most recent. LSM exposure to a single borrower not to exceed $5MM or 6 properties 7/1 LIBOR ARM 1 YR LIBOR 6 % Margin/Floor 5/2/5 Caps Interest Only Cash Out Limit Residency Prepayment Penalty IO Period: 120 Months (% property Value) US Citizen Terms up to 3 years available for 3 Year ARMs. Otherwise terms up to 5 Years are acceptable. Qualifying Term: Loan Term (3 mo) Program Max: % Permanent & Non Permanent resident alien The following structures are acceptable Loan Term: 3 mo Loan Amnt > 1MM: % See FN matrix for Investment options 6 months of interest on the amount of the prepayment that exceeds 20% of the original Products: 5/1, 7/1, FRM Condo: % Interested Party Contributions principal balance Max LTV/CLTV: 75% 2 4 Unit: % All LTV's: 3% 3%, 4%, or 5% for the term of the penalty Max Acreage Declining structures that do not exceed 5% and do not drop below 3% in the first Other LTV/CLTV Limits Program Min: $75,000 2 Acres 3 years (5%/4%/3%/2%/1%, 5%/4%/3%, etc) Condo: % s < $150k: % Max LTV/CLTV Rural Properties Penalties not available in New Mexico and loans vested to individuals in New Jersey 2 4 Unit: % Min $150k when DSCR < 1.15 Rural Properties Not Allowed Loan Amnt<150k: % Interest Only: 75% Non Warrantable Condo Max: $1,500,000 s>$1.5mm require 2 appraisals 3

5 Foreign National 2nd Home and Investment Full Documentation DSCR Reserves Purchase Rate/Term Cash Out Purchase Rate/Term Cash Out 680+ <=1,000, ,000,001 1,500, ,500,001 2,000,000 2,000,001 3,000, ,000,001 4,000, ,000,001 5,000, <=1,000,000 1,000,001 1,500,000 Foreign Credit <=1,000,000 1,000,001 1,500,000 1,500,001 2,000,000 2,000,001 3,000, ,000,001 4,000, ,000,001 5,000, Program Restrictions Credit Housing 0x30x12 Qualifying U.S. Credit Credit Event (BK/FC/SS/DIL) 36 mo For Foreign National Borrowers with a valid Social Security number a credit report should be obtained. Requirements found in the CREDIT section of this underwriting Min 620 Or Foreign Credit guide apply. Borrowers not meeting these requirements may proceed under the Qualifying Foreign Credit requirements detailed in the underwriting guide. Max LTV: Purchase & R/T 75 Max LTV: Cash Out Qualifying Foreign Credit Max CLTV 75 Foreign National Borrowers without Qualifying U.S. Credit (Including borrowers without a valid Social Security Number and borrowers with or without an ITIN) must provide Max 5,000,000 evidence of three (3) active and open tradelines with a 2 year history. No derogatory credit history is permitted. ANY combination of the following is acceptable to arrive Fixed Terms 30 Year Fixed & 15 Year Fixed at the tradeline requirement 3/1 LIBOR ARM (DSCR Only) 1 YR LIBOR 6 % Margin/Floor 2/2/5 Caps Tradelines 5/1 LIBOR ARM 1 YR LIBOR 6% Margin/Floor 2/2/5 Caps At least 3 tradeline active and open 24 months 7/1 LIBOR ARM 1 YR LIBOR 6 % Margin/Floor 5/2/5 Caps o Tradelines evidenced via a U.S. credit report; AND/OR o Tradelines evidenced via international credit report; AND/OR DSCR o Tradelines evidenced via a credit reference letter from a verified financial institution in the borrower's country of origin Cash Out Limit Income s > $3,000,000 (% property Value) Full Documentation Only Available in the following states: CA, IL, FL, NJ, MD, VA, DC, WA Program Max: 50% See the Foreign National Income section of the guide for income requirements Cash Out limited to the lower of 50% of property value or $3,000,000 2nd Homes and Investment Properties eligible Property Types: SFR, Warrantable and Non Warrantable Condos Program Min: $75,000 Debt Service Coverage Ratio (DSCR) (Condos available in FL only. FL Condos limited to % LTV) s < $150k: % Max LTV/CLTV Gross Income/PITIA Min $150k when DSCR < 1.15 Transaction qualified on cash flow of the subject property Compliance Non Warrantable Condo Max: $1,5MM Gross Income: Lower of Estimated Market Rent from Form 1007 and monthly rent from an Impounds are required s>$1.5mm require 2 appraisals existing lease (If lease amount higher, may be utilized with two months proof of receipt) Loans considered high cost by Federal or State law not allowed Debt To Income Ratio Points and Fees may not exceed 5% 50% maxi DTI (Applies to Full Doc only) Documenting Assets Held in Foreign Accounts Financed Properties Residual Income Assets must be verified in U.S. Dollar equivalency at the current exchange rate via either No limit on financed properties $2,500/month (Applies to 2nd Home transactions only) or the Wall Street Journal LSM exposure to a single borrower not to exceed $5MM or 6 properties Interest Only A copy of the two (2) most recent statements of that account. If the funds are not seasoned a Prepayment Penalty Not Allowed minimum of sixty () days, a letter of explanation is required along with the information to Terms up to 3 years available for 3 Year ARMs. Otherwise terms up to 5 Years are acceptable. comprise a sixty () day chain of funds. The following structures are acceptable Other LTV/CLTV Limits 6 months of interest on the amount of the prepayment that exceeds 20% of the original Condo: % Residency Documentation Highlights principal balance 2 4 Unit: % Visa types allowed: B 1, B 2, H 2, H 3, I, J 1, J 2, 0 2, P 1, P 2, TN NAFTA, Laser Visa 3%, 4%, or 5% for the term of the penalty Loan Amnt<150k: % The following are required as evidence the borrower is in the U.S legally Declining structures that do not exceed 5% and do not drop below 3% in the first First Time Investor: % o Copy of the borrowers valid and unexpired passport (including photograph) 3 years (5%/4%/3%/2%/1%, 5%/4%/3%, etc) o Copy of the borrower s valid and unexpired visa (including photograph) OR an I 797 form with Penalties not available in New Mexico and loans vested to individuals in New Jersey Interested Party Contributions valid extension dates and I 94. Investor Experience All LTV's: 3% o Borrowers from countries participating in the State Department s Visa Waiver Program (VWP) Experienced Investor Max Acreage are not required to provide a valid visa. A borrower who has owned 2 or more properties within the most recent (Primary 2 Acres residence can be included), with 1 having documented rental income of or more. Rural Properties First Time Investor Rural Properties Not Allowed 4 A borrower that does not meet the Experienced Investor criteria. First Time Investors must have owned a residence (primary or rental) for a minimum of the most recent.

6 6/5/2018 Large Loan Balance Appraisal Overlays The following appraisal restrictions apply to original loan balances that exceed $3,000,000. Neighborhood Analysis Degree of Development and Growth Rate: Properties designated as "rural" not allowed Trend of Property Values: "Declining" Markets not allowed Supply of Properties in the Subject Neighborhood: Markets in "Over-supply" not allowed Price Range and Predominant Price: The appraised value may not exceed the highest value of the Predominant Price Range by more than [10%] Marketing Time for Properties: "Over 6 months" Not Allowed Over-Improvement: The subject property may not be designated as an "over-improvement" Comparable Sales Minimum of 4 closed comparable sales All comparable sales must have occurred within the preceding the appraisal date At least 1 closed comparable must have occurred with 120 days of the appraisal date All comparable sales must be located within 4 miles of subject At least 1 closed comparable sales must be located within 1 mile of subject At least 2 closed comparable sales must be located within the same neighborhood as the subject Property Condition Eligible Property Condition Ratings: C1, C2, C3 Eligible Quality of Construction Ratings: Q1, Q2, Q3, Q4 Maximum Acceptable Acreage 5 acres Zoning Properties zoned as agricultural are not eligible Total Net Adjustments Total net adjustments should be minimal if the comparable is truly similar. Net Adjustments may not exceed [15%] of the sales price of the comparable sale 5