Acceptable States. Loan Products. ARM Terms
|
|
- Sherilyn Foster
- 5 years ago
- Views:
Transcription
1 Program Name: Investor Qualification Product Program Highlights The borrower is qualified based upon the cash flows of the subject property only, regardless of the number of properties owned by the borrower No borrower income or employment is stated or verified Debt coverage ratio is used for qualifying purposes Minimum 640 credit score 4506T not required Debt to Income (DTI) Ratio not calculated Documentation Borrower must acknowledge the loan is a business purpose loan by signing the Borrower s Intent to Proceed with Loan and Business Purpose Loan Certification (see attachment to guidelines). All borrowers must provide the following: A complete schedule of all real estate owned, indicating financed and free and clear properties Mortgage/lien rating for each financed property Documented proof that lien-free properties are truly free and clear of all liens LOAN Minimum Loan $75,000 Amount Acceptable States Loan Products ARM Terms IL IN, FL, MI, OH, PA, CO, CA, WI LTV Limit/Maximum of 80% is Applicable in Following States FL, IL, IN, OH, PA, WI 5/1 ARM (Adjustable Rate Mortgage) 30-Year Amortization Term 10-Year Interest Only Period + 20-Year Amortization Term (Not Available in IL) 7/1 ARM (Adjustable Rate Mortgage) 30-Year Amortization Term 10-Year Interest Only Period + 20-Year Amortization Term (Not Available in IL) 30-year FRM (Fixed Rate Mortgage) 30-Year Amortization Term 10-Year Interest Only Period + 20-Year Amortization Term (Not Available in IL) Index: 1-Year LIBOR Margin: 5.99% Caps Initial Rate Reset: 2.00% Periodic Rate Reset: 2.00% Lifetime Rate Reset: 5.00% Floors Initial Rate Reset: NONE Periodic Rate Reset: NONE Lifetime Floor: ORIGINAL/INITIAL NOTE INTEREST RATE Investor Qualification Products 1
2 Lock Loan Purpose Prepayment Penalty Escrow Account ACH Draft Interested Party Contributions Subordinate Financing PROPERTY Occupancy Property Type Listed for Sale Appraisal Requirements ARM products are assumable to a qualified borrower after the fixed term. Loan must be approved prior to lock. 30 day minimum lock term required. Business Purpose ONLY Purchase Rate/Term Refinance with No Cash Out Rate/Term Refinance with Cash Out None Required for All Loans Required for All Loans Interested party contributions are limited to 3% on all LTV s Permitted, Provided That CLTV does not Exceed Applicable LTV Limits Debt Service on All Subordinate Loans is Included in DTI Calculations Terms of Subrogate Loans Conform to Fannie Mae Requirements Investor / Non-Owner [ BUSINESS PURPOSE ONLY; Signed Business Use Affidavit Required ] Eligible Appraised to be C1 - C5 Condition 1-Unit Single Family Residence 2-6-Unit Residence - Mixed use properties acceptable - Commercial space not to exceed 51% Warrantable Condominium - Non-warrantable condos subject to underwriter approval with an adjustment to rate PUD Ineligible Properties with Lot Size in Excess of 20 Acres Condotels Co-ops Leaseholds Manufactured Housing Modular Homes Commercial Properties Properties Subject to Oil and/or Gas Leases Operating Farms, Ranches, or Orchards Subject property must not be currently listed for sale. It must be taken off the market prior to the application date. Alta Mortgage Bankers will not accept appraisers on probation with any regulatory agency. No Exceptions. Loan Amount $1,000,000 1 Full Independent Appraisal Required Appraisal Risk Review (ARR) or Collateral Desktop Analysis (CDA) Investor Qualification Products 2
3 Required In Case Appraisal-ARR/CDA Variance Exceeds 10%, Second Full Independent Appraisal Required Lower of 2 Appraised Values to be Used in LTV Calculations Loan Amount > $1,000,000 2 Full Independent Appraisals Required Lower of 2 Appraised Values to be Used in LTV Calculations BORROWER First Time Home Buyer First Time Home Buyer is defined as a borrower who had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property. Citizenship/Visa Requirements First Time Home Buyer is allowed. Borrower must have a history of owning and managing commercial or residential investment real estate for a period of at least 6 months. US Citizens US Legal Permanent Residents US Persons (LLCs and Corporations organized in 50 States or DC) Non-US Citizens/Foreigners, Subject to Valid Passport Valid US Visa (If not Subject to Visa Wavier Program) 2nd Home or Investor/Non-Owner Occupancy Maximum Loan-to-Value Ratio (LTV) of 65% Required Liquid Reserves of 12 Months of PITIA Minimum Credit Score 640 [ Industry Standard "Tri-Merge" Credit Report No Older than 90 Days is Required ] Minimum Debt 1.0 x PITIA Service Coverage Credit History Fraud Prevention Engine Pull Must Be Obtained From DataVerify, CoreLogic, SAS or Similar Engine Minimum of 5 Credit Lines; Minimum 2 Active Credit Lines; At Least 1 Line with 24+ Month Rating No Derogatory Credit Event (Bankruptcy, Foreclosure, Short Sale, Deed-in- Lieu) in Past 2 Years Judgments, Tax Liens, Charge-offs, Non-Medical Collections Must Be Paid in Full Derogatory Credit Event Seasoning of 2 to 4 Years Subject to Additional 5% LTV Limit Reduction, With LTV Not to Exceed 70% Additional Liquid Reserves of 6 Months of PITIA Required -- 0x30x12 Mortgage and/or Rental Payment History Required Consumer Credit Counseling Borrowers who have experienced credit or financial management problems in the past may have elected to participate in consumer counseling sessions to learn how to correct or avoid such problems in the future. Whether borrowers have or have not completed participation in the sessions before closing on the mortgage transaction is Investor Qualification Products 3
4 Mortgage and/or Rental History Income Documentation not relevant since it is the borrower s credit history that is of primary importance. (FNMA B ) Disputed Accounts Disputed accounts are reviewed to determine current balance and derogatory information (a 30-day or more delinquency) within 2 years prior to the credit report date: o Zero balance and no derogatory in last 2 years no action required o Zero balance and derogatory information - remove and pull new credit report o A positive balance and no derogatory information remove and pull new credit report o A positive balance and derogatory information remove and pull new credit report A credit supplement is not allowed to document disputed accounts. Maximum 1x30x12 [ Applicable to Mortgages that Appear on Borrower's Credit Report ONLY ] Income used to qualify borrower is based upon cash flow from property. A 4506T is NOT required. If transaction is a refinance, rental agreement and rent survey (Form 1007) provided by the appraiser, will be utilized. Rents will be validated via internet research by Alta Mortgage Bankers. If transaction is a purchase, Appraisal Form 1007 will be utilized. Short term leases Purchase transactions: Use the rents provided on the comparable rent schedule from the appraiser Refinance transactions: Use the leases used throughout the year and average over the 12 month period. If there are months where the property is vacant, use zero for that month in the average. The average should be supported by the comparable rent schedule (within reason). Airbnb or similar such rentals are not acceptable. An expired lease agreement that has verbiage that states the lease agreement becomes a month-to-month lease once the initial lease/rental term expires is allowed. Debt Coverage Ratio See attached calculator Gross monthly rent less 5% vacancy factor less real estate taxes less hazard insurance less HOA dues equals net rental income Monthly PMI payment cannot exceed net rental income This program is classified as a business loan. Appendix Q and ATR requirements do not apply. Investor Qualification Products 4
5 Assets Borrower must have sufficient liquid assets available for down payment, closing costs and reserves. Funds must be sourced and seasoned for two (2) months and the most recent consecutive statements (all pages) or the most recent quarterly statements are required. Stocks, Bonds, and Mutual Funds (FNMA B ) Vested stocks, bonds, and mutual funds (including retirement accounts) may be used for down payment, closing costs, and reserves without any reduction in value: One hundred percent (100%) of the value of the asset is allowed when determining available reserves If the lender documents that the value of the asset is at least 20% more than the funds needed for the borrower s down payment and closing costs, no documentation of liquidation is required. Otherwise, documentation of the borrower s actual receipt of funds realized from the sale or liquidation must be obtained. NOTE: As a reminder, non-vested assets are not eligible for down payment, closing costs, or reserves. Like-Kind Exchanges Assets for the down payment from a like-kind exchange, also known as a 1031 exchange, are eligible if properly documented and in compliance with Internal Revenue Code Section 1031 (FNMA B ). Full Asset Documentation is required for both funds to close and reserves in accordance with Fannie Mae guidelines. Eligible Funds (Down Payment, Reserves*) Must be from borrower s own funds See Business Funds for eligibility. See Reserves for requirements and limitations. Business Funds Restricted Stock Units (RSUs) are not eligible for reserves. Business funds - Funds in the borrower s business account(s) 50% of account balance may be counted toward down payment, closing costs, and reserves so long as borrower(s) and/or non-borrowing spouse/domestic partner or family members* have a cumulative 100% ownership interest in the business (e.g., Sole Proprietor, S Corp, Corporation, LLC). A non-borrowing spouse/domestic partner or family members* who are the only other coowners of the business are acceptable and must provide a letter allowing the borrower to access the funds in the business account. *Family Members for business ownership interest purposes above are specifically defined as follows: Child, parent, or grandparent o Child is defined as a son, stepson, daughter, or stepdaughter; o A parent or grandparent includes a step-parent/grandparent or foster parent/grandparent Investor Qualification Products 5
6 Spouse or domestic partner (domestic partner must live with borrower) Legally adopted son or daughter, including a child who is placed with the borrower by an authorized agency for legal adoption Foster child Brother, stepbrother, sister, stepsister Aunt or uncle Son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-inlaw, or sister-in-law of the borrower. Cousins are not allowed. Required Liquid Reserves Gifts Non-Arm s Length Transactions Business funds that are in a personal account prior to application may be used for down payment, closing costs, and reserves without restriction. Large deposits must be sourced to determine there is not an undisclosed loan. Loan Amount $1,000,0003 Months of PITIA Loan Amount $1,000,001 to $2,000,0006 Months of PITIA Loan Amount > $2,000,00012 Months of PITIA Subject to If DTI > 43%: Not Applicable If Other Mortgage Loans Outstanding: Additional 3 Months of Combined PITIA on Other Mortgages If Derogatory Credit Event Seasoning 4 Years: Additional 6 Months of PITIA If at Least One Borrower is a Foreigner: 12 Months of PITIA Cash Out Amounts from Subject Loan May Be Used to Satisfy Reserve Requirements Liquid Reserves Must Be Seasoned for a Minimum of 3 Months Must Conform to All Fannie Mae Gift Requirements; Gifts of Equity Require a 5% LTV Limit Reduction Non-arm s length transactions are purchase transactions in which there is a relationship or business affiliation between the seller and the buyer of the property. Non-arm s length transactions are allowed for the purchase of existing property. For the purchase of newly constructed properties, if the borrower has a relationship or business affiliation (any ownership interest, or employment) with the builder, developer, or seller of the property, only primary residence is allowed. Mortgage loans on newly constructed homes secured by a second home or investment property where there is a non-arm s length relationship are prohibited. (FNMA ) When tenant is buying from landlord/seller, a Verification of Rent (VOR) from a third party management company is acceptable. If there is no third party management company, provide the most recent 12 months cancelled rent checks or 12 months bank statements (or whatever shorter time period the borrower has been renting) See Gifts. Investor Qualification Products 6
7 1, 2, 3, 4, 5 MAXIMUM LTV MATRIX (Given Credit Score & Loan Balance) OCCUPANCY: Investor/Non-Owner (1-4 Unit and Condo) PURPOSE: Purchase or Rate/Term Refinance Loan Amount Up To Credit Score $750,000 $1,000,000 $1,500,000 $2,000,000 $2,500, % 80% 80% 75% NA % 80% 80% 70% NA % 80% 75% 65% NA % 75% 70% 60% NA % 70% 65% NA NA 1 LTV Limit of 80% is Applicable in Following States: FL, IL, IN, OH, PA, WI 2 LTV Limit of 65% is Applicable If at Least One Borrower is a Foreigner 3 Additional 5% LTV Reduction (with Maximum Loan Amount of $2,000,000) for All Cash-Out Refinance Loans 4 Additional 5% LTV Reduction (with Applicable LTV Limit of 70%) if Derogatory Credit Event Seasoning 4 Years 5 Additional 5% LTV Reduction (Applicable to All Limits Shown in Matrix Above) for Gifts of Equity 1, 2, 3, 4 REQUIRED LIQUID RESERVES MATRIX Loan Amount $1,000,000 3 Months $1,000,001 - $2,000,000 6 Months > $2,000, Months Foreign Borrowers 12 Months Derogatory Credit Event 4 Years Additional 6 Months DTI > 43% NA Other Mortgages Outstanding Additional 3 Months 3 1 Cash Out Amounts May Be Used as Reserves 2 Reserves Must Be Seasoned for 3 Months 3 Additional 3 Months of PITIA of Other Outstanding Mortgages (Applicable to Mortgages that Appear on Borrower's Credit Report ONLY) 4 Borrowers' Liquid Reserves and Borrowers' Reserves are Defined as Assets That Meet Fannie Mae's Requirements Investor Qualification Products 7
8 EXHIBIT A Borrower s Intent to Proceed with Loan and Business Purpose Loan Certification Date: Loan #: Borrower Name: Mailing Address: Loan Program: Property Address: This document is intended to express your request to proceed with the above referenced loan. If you wish to proceed, please return a signed and dated copy of this document to [ENTER NAME AND ADDRESS OF LOAN OFFICE OR DEPARTMENT]. By signing and returning this document I am confirming I wish to continue with the loan, that the loan is for business purposes and not household purposes, and that the loan proceeds are intended to be used (and will in fact be used) for business purposes only, not for my personal use. I also represent that I do not occupy the property as my primary residence or as a vacation home. I intend to lease or rent the property to a third person. I understand that because the loan will be made exclusively for business purposes, laws applicable to consumer purpose loans, including but not limited to the following, are not applicable to this loan: Truth in Lending Act (15 U.S.C et seq.), Real Estate Settlement Procedures Act (12 U.S.C et seq.), Gramm-Leach Bliley Act (15 U.S.C ), Secure and Fair Enforcement Mortgage Licensing Act (12 U.S.C et seq.), and Homeowners Protection Act (12 U.S.C et seq.). By signing below I confirm I have read and understand this document and I intend to continue with the loan, and affirm that the Property is to be a non-owner-occupied investment property. Borrower Name Date Borrower Name Date Borrower Name Date Borrower Name Date Borrower Name Date Borrower Name Date Investor Qualification Products 8
ALT QM Investor Program Guidelines
ALT QM Investor Program Guidelines Effective Date: 02/21/2017 Program Highlights Designed for the experienced real estate investor who is purchasing or refinancing investment properties which he or she
More informationInvestor Program Underwriting Guidelines
Underwriting Philosophy We take a common sense approach to underwriting a borrower s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation
More informationiqm Investor Program Underwriting Guidelines
Underwriting Philosophy Impac takes a common sense approach to underwriting a borrower s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation
More informationAltQM TM Investor Program Underwriting Guidelines
Underwriting Philosophy Impac takes a common sense approach to underwriting a borrower s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation
More informationAltQM TM Investor Program Underwriting Guidelines
Underwriting Philosophy Impac takes a common sense approach to underwriting a borrower s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation
More informationJumbo Non-Conforming Products (Series-49)
Jumbo Non-Conforming Products (Series-49) This guide provides parameters for standard fixed rate and 5/1, 7/1, and 10/1 adjustable rate, fully amortizing, nonconforming products for primary residence up
More informationWesLend Advantage Non-QM ITIN
SECTION 1: MATRIX: Highlight: Uses the borrowers Individual Taxpayer Identification Number, (ITIN) in lieu of a Social Security number Credit Scores NOT Required Credit Report is pulled with every ITIN
More informationWholesale Lending FHA Product Profile 03/23/2015 Overlays to HUD Guidelines are underlined
FHA CONFORMING Program Code GF30 GF15 GA05 GA07 Loan Description FHA CONFORMING 30 YEAR FIXED FHA CONFORMING 15 YEAR FIXED FHA CONFORMING 5/1 LIBOR ARM FHA CONFORMING 7/1 LIBOR ARM Program Code FHA HIGH
More informationFannie Mae High Balance Matrix
Revision: July 16, 2016 (Product Information Center, 949-390-2684, www.jmaclending.com Finance Type Purchas and Rate/Term Refinances Cash Out Refinances Occupancy Owner Occupied Owner Occupied Term Property
More informationJUMBO PRIME PROGRAM JUMBO PRIME PROGRAM
JUMBO PRIME PROGRAM PRIMARY RESIDENCE Purchase & Rate/Term Refinance Units Max. Loan Amount (1) LTV CLTV Min. FICO Max. Cash-Out $2,000,000 80% 80% 740 $1,750,000 80% 80% 720 $2,000,000 75% 75% 720 $2,250,000
More informationMEGA ALT ARM (MA5/1)
MEGA ALT ARM (MA5/1) Product Description General Loan Production Descriptions (Asset Qualifier) Product Description Eligible Property Type Eligible States Index Term Margin/Floor/Caps Income/Employment
More informationJUMBO PRODUCT MATRIX
JUMBO PRODUCT MATRIX PRODUCT DESCRIPTION Non Conforming Fixed Rate OR; Non Convertible ARMs 5/1, 7/1 and 10/1 LIBOR ARM with a 2.25% Margin and 5/2/5 Caps No prepayment penalty Escrow waivers allowed for
More informationHUD Underwriting Changes
HUD Underwriting Changes For all Case # issued on/after 9/14/15 www.impacmortgage.com 9/8/15 MD 1 Goodbye to the 4155 Handbook Approximately 450 handbooks, mortgagee letters and policy statements were
More informationPurchase, Rate and term refinance, Cash-out refinance. Finance Type. Owner-occupied primary residences only F15, F20, F25, F30, F15HB.
Finance Type Occupancy Product Codes Purchase, Rate and term refinance, Cash-out refinance Owner-occupied primary residences only F15, F20, F25, F30, F15HB. F30HB FHA Fixed Rate Type of Loan Maximum Mortgage
More informationPortfolio Libor Arms Guidelines
Portfolio Libor Arms Guidelines Effective Date: 02/21/2017 Loans meeting the parameters outlined in this guideline matrix must be consistent with the Dodd Frank Wall Street Reform and Consumer Protection
More informationPURCHASE. Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence ,2 96.5/105 1,2 RATE TERM REFINANCE
PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple Primary Residence 1-4 620 1
More informationAPMC FHA PROGRAM GUIDE
FHA LTV Matrix Conforming FHA Fixed Purchase Full Primary Residence 1-4 600 96.5/105 Rate & Term Refinance Full/Simple Primary Residence 1-4 620 97.75/97.75 Streamline Primary Residence 1-4 620 97.75/125
More information(TC) TRADITIONAL PROGRAM MATRIX CONFORMING & HIGH BALANCE
AGENCY CONFORMING DU Multiple Financed Properties CONFORMING DU Multiple Financed Properties FINANCE TYPE PURCHASE & RATE/TERM REFINANCE DELAYED FINANCING CASH OUT REFINANCE OCCUPANCY SECOND HOME INVESTMENT
More informationiqm Agency Plus Program Underwriting Guidelines
Underwriting Philosophy Impac takes a common sense approach to underwriting a borrower s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation
More informationFull Doc. 24 Months 12 Months
Leverage Prime Primary Residence FICO Loan Amount 720+ 2,000,001-2,500,000 2,500,001-3,000,000 6-719 2,000,001-2,500,000 2,500,001-3,000,000 660-679 Full Doc 24 Months 12 Months Purch / RT Refi Cash Out
More informationPennyMac Correspondent Group FHA Product Profile
PennyMac Correspondent Group FHA Product Profile 01.18.18 Overlays to FHA are underlined 1 Purchase Min FICO Maximum /FICO Requirements No Cash-out Refinance /C Min FICO /C 96.5% 2 620 97.75% 620 85.0%
More informationJUMBO PRIME PROGRAM (FIXED & ARM)
JUMBO PRIME PROGRAM (FIXED & ARM) PRIMARY RESIDENCE Purchase & Rate/Term Refinance (1),(2) Units Min. FICO LTV/CLTV/ HCLTV Max. DTI Max. Loan Amount 700 80% 43% 1 unit 680 80% 35% 680 70% 43% 740 80% 43%
More informationditech BUSINESS LENDING JUMBO AA PRODUCT CORRESPONDENT LENDING
ditech BUSINESS LENDING JUMBO AA PRODUCT CORRESPONDENT LENDING See attached Client Guide Supplement: The Client Guide Supplement is to be used in conjunction with the Product Matrix and the Jumbo Chapter
More information5/1 ARM 1 ; 7/1 or 10/1 ARM 2 Must exceed Conforming Standard and High Balance Limit for State/County %/40% 80%* 80%* $2,000,000 1
Conventional Jumbo Loan Program The Conventional Jumbo Loan program can be used to provide financing options for Primary Residences with jumbo loan amounts in excess of Conventional High-Balance limits.
More informationSUPER JUMBO PRIMARY RESIDENCE. Min FICO. SFR, Condo* Townhouse PUD, 2 Units. Min FICO. SFR, Condo, Townhouse, PUD, 2 Units SECOND HOMES.
SJ Series SUPER JUMBO PRIMARY RESIDENCE Occupancy Loan Purpose Property Type Min FICO LTV/CLTV Max Loan Amt Primary Residence Purchase & Rate/Term Refinance SFR, Condo* PUD, 2 Units 720 80/80 $2,000,000
More informationWHOLESALE Non-Agency Jumbo Fixed and ARM Fixed: T Year fixed rate, T Year fixed rate ARM: A500-5/1 ARM. A522-7/1 ARM and A527-10/1 ARM
Transaction Type Units Min-Maximum Loan Amt. Non-Agency Fixed and ARM Jumbo Matrix 1 WHOLESALE BUSINESS CHANNEL ONLY Maximum Min. LTV 3 FICO Min.# Mos. Verified PITIA Maximum DTI Maximum Cash Out 4 1 Primary
More informationFHA FIXED RATE & ARM PROGRAM
FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple
More informationditech BUSINESS LENDING JUMBO PRODUCTS
1. PRODUCT DESCRIPTION Conventional Jumbo fixed rate and ARM mortgages Fixed Rate: 15 and 30 year terms 5/1 LIBOR ARM: 30 year term Fully amortizing Qualified Mortgage (QM) Safe Harbor loans are permitted
More informationSilvergate Expanded % % % % % % % % % %
Silvergate Expanded Silvergate Bank Correspondent Lending (SCL) Non- QM 5/1, 7/1 ARM And Fixed Rate Product Matrix Date 5/10/2018 Loans meeting the parameters outlined in this guideline matrix must be
More informationINVESTOR SOLUTION IS series DSCR PROGRAM
INVESTOR SOLUTION IS series DSCR PROGRAM Program Limits DSCR >= 1.15 DSCR < 1.15 / No Ratio Loan Amount FICO Purch & R/T Cash-out Purch & R/T Cash Out 720 80% 75% 75% 70%
More information"Ultra Standard" (Full Doc) & "Ultra 24" (Alt Doc) Eligibility Chart
Effective Date: 09/19/2017 Loans meeting the parameters outlined in this guideline matrix must be consistent with the Dodd Frank Wall Street Reform and Consumer Protection Act Ability to Repay (ATR). Documentation
More informationNon Conforming JUMBO Programs
Non Conforming JUMBO Programs Select QM Eligibility Matrix Fixed Rate and Hybrid ARM Products Primary Residence Purchase, Rate and Term Transaction Type Units FICO LTV/CLTV/HCLTV Loan Amount 1 760 85%
More informationULTRA JUMBO (UJ series) FULL DOC PROGRAM
ULTRA JUMBO (UJ series) FULL DOC PROGRAM Purchase and Rate/Term Refinance Owner Occupied Investment Property FICO Loan Amt SFR, Condos, PUDs Second Home 2-4 Family SFR, Condo, PUDs & 2-4 Family LTV CLTV
More informationMalibu Non-Agency Matrix
Revision: May 1, 2018 (Product Information Center, 949-390-2684, www.jmaclending.com PURCHASE AND R&T REFINANCE FIXED RATE AND FULLY AMORTIZING ARMs CASH-OUT REFINANCE Occupancy Units Max Loan Amount LTV/CLTV
More informationMax LTV/CLTV FICO 1 Unit 95/95% /90% 620 Purchase 85/85% 620 Refi 75/75% 2 Units Purchase & Refi- 85/85% 620 N/A N/A 75/75% 620
Revision: October 25, 2016 (Product Information Center, 949-390-2670, www.jmaclending.com) Fixed Rate (Purchase & Rate/Term Refinances) Fannie Mae DU Products: CF30, CF20, CF15, CF10 Occupancy Owner Occupied
More informationFannie Mae (DU) Conventional Loan Matrix
PURCHASE/ LIMITED CASH OUT REFINANCES STANDARD and HIGH BALANCE LOAN AMOUNTS Occupancy Maximum* LTV Maximum* CLTV Min FICO* Max Ratios Minimum Cash Investments Mortgage/ Rental History Reserves 1 Unit
More informationFHA HIGH BALANCE PROGRAM
PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/96.5 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple Primary Residence 1-4 620 1
More informationPennyMac Correspondent Group FHA Product Profile
PennyMac Correspondent Group FHA Product Profile 01.18.18 Overlays to FHA are underlined 1 Purchase Min FICO Maximum /FICO Requirements No Cash-out Refinance /C Min FICO /C Cash-out Refinance 96.5% 2 620
More informationFULL DOC. PURPOSE/OCCUPANCY/UNITS LTV CLTV Minimum FICO. Owner Occupied (O/O) 1 unit 80% 80% unit (see MI section below) 95% 95% 700
FULL DOC PURPOSE/OCCUPANCY/UNITS LTV CLTV Minimum FICO PURCHASE Owner Occupied (O/O) 1 unit (see MI section below) 95% 95% 700 1 unit (see MI section below) 97% 97% 720 2 units (see MI section below) 95%
More informationPremium Jumbo Fixed & 10/1 ARM
Last Update 11/29/2017 Primary (Purchase & Rate/Term NO MI OPTION) Primary (Purchase) Primary (Rate/Term Ref.) Loan Amt LTV/CLTV Min Fico DTI Reserves Loan Amt LTV/CLTV Min Fico DTI Reserves Loan Amt LTV/CLTV
More informationConforming and High Balance Guideline Fannie Mae
Revision: December 18, 2017 (Product Information Center, 949-390-2670, www.jmaclending.com) Fixed Rate (Purchase & Rate/Term Refinances) Products: CF30, CF20, CF15, CF10 Occupancy Owner Occupied Second
More informationPREMIER JUMBO PROGRAM GUIDE
\ PREMIER JUMBO PROGRAM GUIDE This document is provided for approved loan sellers only and may not be copied, distributed or disclosed to any other party. All terms herein are subject to change by FundLoans
More informationListing of Various HUD Handbook Changes
Listing of Various HUD Handbook 4000.1 Changes Please note this list is not all-inclusive, all FHA loans with cases assigned on or after 9/14/15 must meet all new handbook requirements.. http://portal.hud.gov/hudportal/hud?src=/program_offices/administration/hudclips/handbooks/hsgh
More informationNON-QM MATRIX WHOLESALE DIVISION Sky Park Circle, Ste 100, Irvine, CA rev. March 12, FULL DOC. Min.
SILVER NON-QM MATRIX WHOLESALE DIVISION 17802 Sky Park Circle, Ste 100, Irvine, CA 92614 rev. March 12, 2018 www.ec-tpo.com PRODUCT DESCRIPTION Full doc available for Self Employed and W 2 borrowers 24
More informationFHA Guideline Changes Effective for Case Numbers Assigned On or After September 14, 2015 April 30, 2015
Assets Gift Funds Documenting Transfer Not clear about requiring donor s bank statement in all instances. Requires donor s bank statement showing withdrawal of funds. Earnest Money Document source of funds
More informationFHA HIGH BALANCE FIXED RATE & ARM PROGRAM
FHA HIGH BALANCE FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1 4 620 1 96.5/96.5 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple
More informationFIXED RATE (30 & 15)
Page 1 of 19 FIXED RATE (30 & 15) PRIMARY RESIDENCE Purchase & Rate/Term Refinance PROPERTY TYPE LTVCLTV/HCLTV LOAN AMOUNT 1 FICO 2 MAX DTI UNDW OPTIONS 3 1 unit (SFR,Condos,PUDs) Cash/Out Refinance 4
More informationWholesale Lending DU Refi Plus 12/27/2013
Program Code Loan Description Program Type Loan_Type Program Code DU30-105 DU REFI 30 YR FIXED LTV 0-105 FIXED CONV DU20-105 DU REFI 20 YR FIXED LTV 0-105 FIXED CONV DU15-105 DU REFI 15 YR FIXED LTV 0-105
More informationPURCHASE. Max LTV w/o Sec. Fin. Max LTV w/ Sec. Fin. Max TLTV w/ Sec. Fin.
Agency Revised 3/26/2014 Correspondent Lending Freddie Mac Standard Fixed Rate and ARM Product Profile excludes: Relief Refinance and Super Conforming ELIGIBILITY MATRIX Overlays to Freddie guidelines
More informationJUMBO A PROGRAM GUIDE
TABLE OF CONTENTS 1 OVERVIEW... 3 2 UNDERWRITING CRITERIA... 3 3 PRODUCT ELIGIBILITY... 4 3.1 AVAILABLE PRODUCTS... 4 3.2 ADJUSTABLE RATE CRITERIA... 4 4 PRODUCT MATRIX... 5 4.1 GEOGRAPHY... 5 4.2 MINIMUM
More informationPREMIUM: JUMBO TIER 2 PROGRAM
PREMIUM: JUMBO TIER 2 PROGRAM Introduction: This program is intended for borrowers with good credit and higher documented liabilities, when the Debt to Income ratio (DTI) can be allowed up to 50%. Program
More informationTopic Current FHA Guideline New FHA Guideline
FHA Underwriting Guideline Changes Effective for Case Numbers Assigned On or After September 14, 2015 Assets Gift Funds Documenting Transfer Earnest Money Guidance was unclear about requiring donor s bank
More information10, 15, 20, 25 & 30 YR Fixed Rates
Agency Correspondent Lending Fannie Mae Standard Fixed Rate and ARM Product Profile excludes: DU Refi Plus, High-Balance, HomeStyle Renovation and MyCommunity Mortgage ELIGIBILITY MATRIX & SUMMARY GUIDELINES
More informationFHA ARM Standard Guides
SECTION 1 MATRIX: Platinum FHA Standard: Primary Residence Owner Occupied Transaction FICO Number of Units Maximum LTV Maximum CLTV Purchase 620 1-4 96.50 96.50 1 No Cash Out / Simple Refinance 620 1-4
More informationditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING HOMEREADY MORTGAGE PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10-30 year term in annual increments Fully amortizing
More informationPennyMac Correspondent Group DU Refi Plus The loan must have an application date on or before December 31, 2018
PennyMac Correspondent Group DU Refi Plus 01.18.18 The loan must have an application date on or before December 31, 2018 Overlays to Fannie Mae are underlined Mortgage Product FNMA DU Refi Plus HARP 2.0
More informationFHA Changes Effective for Case Numbers on or after 9/14/15
FHA Changes Effective for Case Numbers on or after 9/14/15 Topic Current FHA Guideline New FHA Guideline Gift Funds Documenting Transfer Earnest Money Assets Not clear about requiring donor s bank statement
More informationClosed-End Second Lien Concurrent Closing with JMAC FNMA First Lien Only
Revision: April 16, 2018 (Product Information Center, 949-390-2684, www.jmaclending.com) Primary Residence and Second Home Purchase. Rate/Term and Cash-Out Transaction Occupancy Property Types Purchase
More informationExpanded Prime Matrix
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
More informationFHA Underwriting Guideline Changes Effective for Case Numbers Assigned On or After September 14, 2015 September 14, 2015
September 14, 2015 Assets Gift Funds Documenting Transfer Earnest Money Not clear about requiring donor s bank statement in all instances. Document source of funds if amount exceeds 2% of sales price or
More informationHigh-Cost Area (High Balance) Loan Amounts
Program Qualifications Eligible loans are conforming and high balance loans receiving a DU Version 10.0 or later Approve/Eligible. Maximum Loan Amounts Conforming Maximum Loan Amounts Units Continental
More informationSIERRA CLASSIC JUMBO Fixed and ARM Matrix ( 1)(10)(11) RETAIL BUSINESS CHANNEL ONLY
SIERRA CLASSIC JUMBO Fixed and ARM Matrix ( 1)(10)(11) RETAIL BUSINESS CHANNEL ONLY Loan Purpose Property Type Owner Occupied Properties Minimum Credit Score (1) LTV/CLTV (2)(3)(8) Maximum Loan Amount
More informationPremium Jumbo 7/1 & 5/1 ARM
Premium Jumbo 7/1 & 5/1 ARM Program Codes: PJ 7/1 & PJ 5/1 ARM Purchase and Rate/Term Refinance Primary (Purchase) Primary (Rate/Term Ref.) Max Loan Amt Max LTV/CLTV Min Fico DTI Reserves Max Loan Amt
More informationDu Refi Plus Guidelines
Du Refi Plus Guidelines Units Contiguous States, DC Alaska, Hawaii Max Loan Amount Conforming 1 Unit 2 Unit 3 Unit 4 Unit $417,000 $533,850 $645,300 $801,950 $625,500 $800,775 $967,950 $1,202,925 Units
More informationWesLend Choice FHA Standard
SECTION 1 MATRIX: WesLend Choice FHA Standard: Transaction FICO Number of Units Maximum LTV Maximum CLTV Primary Residence Owner Occupied Purchase 580 1-4 96.50 96.50 1 No Cash Out / Simple Refinance 580
More informationFHA Underwriting Changes Effective for Case Numbers Assigned on or After September 14, 2015
Assets Topic Gift Funds - Documenting Transfer Earnest Money Large Deposit Definition Joint Funds Access Retirement Accounts Interested Party Credits/Costs Paid Outside Closing/Minimum Required Investment
More informationditech BUSINESS LENDING CONFORMING DITECH-PAID LPMI PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate with lender paid mortgage insurance DU Version 10.2 Servicing retained 10 to 30-year term in annual increments Manufactured Homes -30 year term
More informationditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING HIGH-BALANCE PRODUCT Conventional Conforming fixed rate mortgage with High- Balance loan limits DU Version 10.2 Servicing retained 10 to 30 year
More informationNon-Agency Jumbo 5/1 LIBOR ARM PRODUCT CODE A512
Product Overview: This is a variable rate mortgage product, without negative amortization, whereby the interest rate and payment is adjusted in accordance with the specified index. Index: The index used
More informationCore Seconds S Year Fixed S Year Fixed
TABLE OF CONTENTS PRODUCT DESCRIPTION Page # Product Description 3 ELIGIBILITY Occupancy 3 Underwriting Methods 3 Documentation Requirements 3 Transaction Types 3 Eligible Property Types, Ineligible Property
More informationCorrespondent Lending FHA Fixed Rate
Agency Correspondent Lending FHA Fixed Rate Correspondent Lending FHA Fixed Rate Maximum Loan Amount County Minimum Loan Amount $50,000 10, 15, 20, 25 & 30 YR Fixed Rates & 5/1 CMT ARM DU Approve, LP Accept
More informationFHA Preferred Program
FHA Preferred Program FHA Preferred Wholesale 10030FHA 30 Year FRM CONF 10015FHA 15 Year FRM CONF 10030FHH 30 Year FRM HB 10005/1FHA 5 Year ARM CONF 10005/1FHH 5 Year ARM HB 100051FHAS 5 Year ARM CONF
More informationSTATED INCOME PROGRAM
Fully Amortized 5/1 & 7/1 Portfolio ARM Product Mix Primary Residence, Second Home and Investment Property Purchase, Rate & Term Refinance and Cash-Out Refinance STATED INCOME PROGRAM Rate Guide as of
More informationSpecialty Products Underwriting Guidelines
Specialty Products Underwriting Guidelines Non-Warrantable Condos SE Bank Solutions Foreign Nationals Recent Housing Event Investor Loan SPECIALTY PRODUCT UNDERWRITING GUIDELINES (INCLUDES: NON-WARRANTABLE
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationFHA Underwriting Guideline Changes Effective for Case Numbers Assigned On or After September 14, 2015
Topic Assets Interested Party Credits / Costs Paid Outside Closing / Minimum Required Investment (MRI) Current FHA Guideline New FHA Guideline Gift Funds Documenting Transfer Not clear about requiring
More informationELIGIBILITY MATRIX & SUMMARY GUIDELINES 15 & 30 YR Fixed Rates
Revised 6/2/2014 Changes from prior versions are in red font Overlays to Fannie guidelines are underlined Correspondent Lending Jumbo "Premier" Fixed Rate and ARM Product Profile Based on a Fannie Mae
More informationFannie & High BalanceGuidelines
Fannie & High BalanceGuidelines Agency Finance Type Occupancy Term High balance and transactions with non-occupant coborrowers are limited to 95% LTV/CLTV. High Balance Cash Out Transactions are limited
More informationPRODUCT GUIDELINES LENDER PAID MORTGAGE INSURANCE PROGRAM (LPMI) PROGRAM CODES: C30FLPMI, H30FLPMI
Occupancy Purpose Max Loan Amount Maximum LTV/ CLTV LOAN AMOUNTS
More informationEXTENDED JUMBO (FIXED & ARM)
EXTENDED JUMBO (FIXED & ARM) PURCHASE AND RATE TERM REFINANCE 1,3,4 Occupancy Units Min. FICO LTV/CLTV Loan Amount 740 90/90 Purch only $1,000,000 720 85/85 Purch only $2,000,000 80/90 $2,500,000 1 80/90
More informationFHA Wholesale Program
FHA Wholesale Program FHA Wholesale 10130FHA 30 Year FRM CONF 10120FHA 20 Year FRM CONF 10115FHA 15 Year FRM CONF 10110FHA 10 Year FRM CONF 10130FHH 30 Year FRM HB 10115FHH 15 Year FRM HB 10105/1FHA 5
More informationFRESH START. Max 85% LTV with no MI No seasoning on derogatory events No mortgage/rental payment history required Low Minimum FICO
Program Highlights FRESH START Max 85% LTV with no MI No seasoning on derogatory events No mortgage/rental payment history required Low Minimum FICO Fresh Start ARM and Fixed PURCHASE AND RATE TERM REFINANCE
More information720 & ABOVE. Purchase Rate/Term Max Loan Amount. C/O Refi Max Loan Amount. Maximum Cash-out Amount 1 FICO SCORE $250,000
SECOND HOME 700 720 PRIMARY RESIDENCE SECOND HOME 720 & ABOVE PRIMARY RESIDENCE CORE JUMBO (CJ) PRIMARY & 2 ND HOME PURCHASE; RATE/TERM & CASH-OUT REFINANCE FICO SCORE Occupancy LTV/CLTV Purchase Rate/Term
More informationditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION ditech BUSINESS LENDING CONFORMING TEXAS HOME EQUITY PRODUCT Conventional Conforming fixed rate mortgage DU Version 10.1 Servicing retained 10 to 30 year term in annual increments
More informationExpanded Prime Matrix
Expanded Prime Matrix Loan Amount FICO Purch. & R/T Purch. & R/T 50% DTI or 24 Mos Bank Stmts Minimum Loan Amount $100,000 $1,000,000 $1,000,001- $1,500,000 Program Max LTVs > $1,500,000 12 Months 720
More informationACHIEVE YOUR AMERICAN DREAM WITH AMERICAN LENDING!
Green - Doctors Program Guidelines Property Type 1-Unit Warrantable Condo PUD PRIMARY RESIDENCE - PURCHASE & RATE.TERM REFINANCE Minimum LTV 80.01% 80.01% 80.01% Maximum LTV/CLTV/HCLTV 97% 95% 90% Minimum
More informationProduct Guidelines CONVENTIONAL CONFORMING FIXED PROGRAM
; PURCHASE & RATE/TERM REFINANCE - FIXED RATE Occupancy Max Loan Amount Maximum LTV Maximum CLTV Min FICO Max Ratios Minimum Cash Investments Mortgage/Rental History Reserves Primary 1 Unit $484,350 95%*
More informationFannie Mae Conforming and High Balance
Primary Loan Purpose Minimum FICO Units Max LTV/CLTV/HCLTV Purchase or Rate/Term Cash-Out 2 3-4 2-4 Fixed 97%,2 / ARM 95% Fixed/ARM 85% Fixed/ARM 75% Fixed/ARM 80% Fixed/ARM 75% Second Home Loan Purpose
More informationFHA FIXED RATE & ARM PROGRAM
FHA FIXED RATE & ARM PROGRAM PURCHASE Doc Type Occupancy Units FICO LTV/CLTV Full Primary Residence 1-4 620 1,2 96.5/105 1,2 RATE TERM REFINANCE Doc Type Occupancy Units FICO LTV/CLTV/HCLTV Full/Simple
More informationCONFORMING FIXED FNMA HOMESTYLE RENOVATION GUIDELINES
PRODUCT DESCRIPTION 15 and 30 year Fixed Rate PRODUCT CODE CF15-HS (15 year Fixed Rate Conforming HomeStyle Renovation Loan ) CF30-HS (30 year Fixed Rate Conforming HomeStyle Renovation Loan ) CF30-HSHP
More informationFHA Fixed Rate and ARM Program Summary (Part I) & FHA High Balance Fixed Rate and ARM Program Summary (Part II)
FHA Fixed Rate and ARM Program Summary (Part I) & FHA High Balance Fixed Rate and ARM Program Summary (Part II) Part I FHA Fixed Rate and ARM Program Matrix: PURCHASE Doc Type Occupancy Units FICO LTV/CLTV
More informationEdge Investor Select
Investor Select Orion Lending Alt A Edge Investor Select Program Guidelines and Matrices Table of Contents Section 1 Overview & Underwriting Criteria... 4 Underwriting Criteria... 4 Section 2 Product Eligibility...
More informationPRIME JUMBO HLTV. Origination/Approved Lenders & Products 1 SG_PRIMEJUMBOHLTV_C 7/11/16
LOAN PROGRAM:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV/HCLTV:... 2 AGE OF DOCUMENTS:... 2 APPRAISAL REQUIREMENTS:... 2 ARM INDEX:... 3 ARM INITIAL
More informationditech BUSINESS LENDING CONFORMING FIXED RATE PRODUCT (FANNIE MAE ELIGIBLE)
1. PRODUCT DESCRIPTION Conventional Conforming fixed rate mortgage DU Version 10.2 Servicing retained 10 to 30 year term in annual increments Fully amortizing Qualified Mortgage (QM) Safe Harbor loans
More informationTABLE OF CONTENTS. PRODUCT DESCRIPTION Page # Product Description 3
TABLE OF CONTENTS PRODUCT DESCRIPTION Page # Product Description 3 ELIGIBILITY Occupancy 3 Property Types: Eligible & Ineligible 3 imum Loan Amounts 3 Assumability 3 Buydowns 3 Prepayment Penalty 3 Cash
More informationDU Refi Plus. Eligibility Matrix Loan Amount & LTV Limitations
This matrix is intended as an aid to assist in determining if a property/loan qualifies for the DU Refi Plus program. It is not intended as a replacement for the full DU Refi Plus guidelines. Users are
More informationCRA PORTFOLIO NON-CONFORMING PROGRAM
LOAN PROGRAM:... 2 LOCK-IN/REGISTRATION:... 2 MINIMUM MORTGAGE:... 2 MAXIMUM MORTGAGE:... 2 MAXIMUM LTV/CLTV:... 2 ADDITIONAL CONSIDERATIONS:... 2 AGE OF DOCUMENTS:... 3 APPRAISAL REQUIREMENTS:... 3 ASSUMABILITY:...
More informationPORTFOLIO ARM CLOSED END 2 ND TD. Table of Contents
Table of Contents 1. Program Codes...2 2. Product Overview...2 3. Product Summary...2 4. Documentation...2 5. Underwriting...2 6. Qualifying Rate...2 7. Borrower Eligibility...2 8. Appraisal...3 9. Appraised
More informationFannie Mae Conforming and High Balance
Primary Purchase or 620 620 Second Home 1 Fixed 97% 1,2 / ARM 90% 2 Fixed 85% / ARM 75% 3-4 Fixed 75% / ARM 65% 1 Fixed 80% / ARM 75% 2-4 Fixed 75% / ARM 65% Purchase or 620 1 Fixed 90% / ARM 80% 620 1
More information