First Time Home Buyer not permitted. Purchase, R/T, and Debt Consol Only
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- Oliver Hart
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1 Just Missed Agency Reserves 24 Months 12 Months 24 Months 12 Months Purchase & R/T Purchase & R/T Purchase & R/T Purchase & R/T 720+ <=1,500,000 6 months 95*/ ,500,001 2,500, months 95*/ ,500,001 3,000, months ,000,001 4,000, months 4,000,001 5,000, months 5,000,001 7,500, months ,500,001 10,000, months <=1,500,000 6 months ,500,001 2,500, months ,500,001 3,000, months ,000,001 4,000, months 4,000,001 5,000, months 5,000,001 7,500, months ,500,001 10,000, months <=1,500,000 6 months ,500,001 2,500, months ,500,001 3,000, months 75 3,000,001 4,000, months 4,000,001 5,000, months <=1,500,000 6 months ,500,001 2,500, months ,500,001 3,000, months *95% LTV restricted to Purchase, Primary Residence, SFD, > conforming balance, max DTI of 35%. Program Restrictions DTI s > $3,000,000 Housing 0x30x12 43% Max DTI Credit Event (BK/FC/SS/DIL) 48 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% Cash Out limited to the lower of 50% of property value or $3,000,000 Property Types: SFR, Warrantable and Non Warrantable Condos (Condos available in FL only. FL Condos limited to % LTV) Max CLTV 95* / 90 % Max DTI Max 10,000,000 Impounds are required (See guideline for waiver) 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 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 $10MM or 6 properties Interest Only Cash Out Limit Residency Residual Income 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% 15 Acres (See guideline) of the loan. Max LTV/CLTV: 90% Condo: % ITIN Interested Party Contributions Cash in hand may be used to meet reserve requirements for loans meeting Min : Unit: % Maximum Loan Amt: $1,500,000 LTV>=75: 4% the Debt Consolidation definition Other LTV/CLTV Limits Maximum LTV/CLTV: 85% LTV<75: 6% Condo: 85% only Rate & Term Refinance Non Warr Condo: 80% Program Min: $150,000 Minimum 6 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 Reserves 24 Months 12 Months VOE Program Reserves 24 Months 12 Months Purch / RT Refi Purch / RT Purch / RT Refi Refi Purch / RT Refi Purch / RT Refi <=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, months months 3,000,001 4,000, months 12 months 4,000,001 5,000, months 12 months 5,000,001 7,500, months NA NA 12 months ,500,001 10,000, months NA NA 12 months <=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, months months 3,000,001 4,000, months 12 months 4,000,001 5,000, months 12 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 ,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 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 10,000,000 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 VOE Program VOE Program + $250 for 1st dependent + $125 for each additional dependent Interest Only Cash Out Limit (% property Value) Second Homes Financed Properties IO Period: 120 Months Program Max: 75% Max LTV/CLTV: 80% Impounds are required (See guideline for waiver) 20 financed properties including subject Qualifying Term: Amort Term Loan Amnt > 1MM: % Min : 0; Ln Amt > $2M 680 Add 2 months reserves for each additional financed property. Loans considered high cost by Federal or State law not allowed (3 or 240 mo) Condo: % A, B, & B Grades Only 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 $10MM or 6 properties A & B Grades Only Residual Income: $2,500 > $3,000,000 Max LTV/CLTV: 90% Program Min: $100,000 +$250 for the first dependent 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 (Condos available in FL only. FL Condos limited to Other LTV/CLTV Limits s>$1.5mm require 2 appraisals $1,250 /mo % LTV) Condo: 80% ITIN + $250 for the first dependent Debt Consolidation Refinance 2 4 Unit: 80% Maximum : $1,500,000 +$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% Maximum LTV/CLTV: 85% and Min : 620 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% or 24 Month Bank Statement Only LTV>=75: 4% LTV<75: 6% R/T Refi LTVs available for Debt Consolidation loans. LTV/CLTV capped at 85% Interest Only: 85% VOE Program Residency Cash in hand may be used to meet reserve requirements for loans meeting the Debt Consolidation definition Second Home: 80% Grade A & B only; Min 620; Max Loan Amt: $5M US Citizen Reserve requirements reduced to 1 month for all income document types when all of the above meet Max Acreage Written VOE must be obtained by LSM Permanent & Non Permanent resident alien Rate & Term Refinance 15 Acres MaxLTV/CLTV Purch or R/T: 80% and C/O: % 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 Reserves 24 Months or 12 Months Program 24 Months OR 12 Months Purch / RT Refi Purch / RT Refi 720+ <=1,000,000 6 months ,000,001-1,500, months ,500,001-3,000, months 3,000,001-4,000, months 4,000,001-5,000, months 5,000,001-10,000, months <=1,000,000 6 months ,000,001-1,500, months ,500,001-3,000, months 3,000,001-4,000, months 4,000,001-5,000, months 5,000,001-10,000, months <=1,000,000 6 months ,000,001-1,500, months 75 1,500,001-3,000, months <=1,000,000 6 months ,000,001-1,500, months 75 1,500,001-2,000, months <=1,000,000 6 months <=1,000,000 6 months 75 NA NA Grade Restrictions s > $3,000,000 Grade A B B- 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 Min Impounds are required (See guidelinge for waiver) 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 10,000,000 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 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 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 VOE Program Bank Statement - 24 mo Bank Statement - 12 mo No limit on financed properties Add 2 months reserves for each additional financed property (including departure residence). Total reserve requirement is not to exceed 12 mo LSM exposure to a single borrower not to exceed $10MM 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: % ITIN - 3%, 4%, or 5% for the term of the penalty Max LTV/CLTV: 80% Maximum LTV/CLTV: 75% - Declining structures that do not exceed 5% and do not drop below 3% in the first Min : 0 Maximum Loan Amt: $1,500,000 3 years (5%/4%/3%/2%/1%, 5%/4%/3%, etc) Program Min: $75,000 and 24 Month bank statement only Penalties not available in New Mexico and loans vested to individuals in New Jersey Other LTV/CLTV Limits Non-Warr Condo Max: $1.5MM Minimum 620 Condo: 80% s < $150k: % Max LTV/CLTV 2-4 Unit: 80% s>$1.5mm require 2 appraisals Interested Party Contributions Rural Property: % All LTV's: 3% Loan Amnt<150k: % DTI Interest Only: 80% Max DTI: 50% Max Acreage 10 Acres 3
4 Expanded No Ratio/DSCR >= < 1.00 Reserves Purchase Rate/Term Purchase Rate/Term Purchase Rate/Term 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 ,000,001 10,000,000 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) BK (Chap 13 Discharge) 12 mo Gross Income/PITIA BK (Other) 36 mo Transaction qualified on cash flow of the subject property Foreclosure 36 mo Gross Income: Lower of Estimated Market Rent from Form 1007 and monthly rent from an Short Sale/DIL 24 mo existing lease (If lease amount higher, may be utilized with two months proof of receipt) Min 620 Cash Out limited to the lower of 50% of property value or $3,000,000 Property Types: SFR, Warrantable and Non Warrantable Condos (Condos available in FL only. FL Condos limited to % LTV) Max LTV: Purchase 80 Investor Experience Impounds are required (See guideline for waiver) 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 12 months (Primary Points and Fees may not exceed 5% Max CLTV 80 residence can be included), with 1 having documented rental income of 12 months or more. Financed Properties Max 10,000,000 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 12 months. LSM exposure to a single borrower not to exceed $10MM or 6 properties 7/1 LIBOR ARM 1 YR LIBOR 6 % Margin/Floor 5/2/5 Caps Maximum LTV/CLTV is %; No Gift funds permitted; Minimum 620 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: % ITIN principal balance Max LTV/CLTV: 80% 2 4 Unit: % Not Allowed 3%, 4%, or 5% for the term of the penalty Declining structures that do not exceed 5% and do not drop below 3% in the first Other LTV/CLTV Limits Program Min: $75,000 Interested Party Contributions 3 years (5%/4%/3%/2%/1%, 5%/4%/3%, etc) Condo: % s < $150k: % Max LTV/CLTV All LTV's: 3% Penalties not available in New Mexico and loans vested to individuals in New Jersey 2 4 Unit: % Min $150k when DSCR < 1.15 Max Acreage Loan Amnt<150k: % Non Warrantable Condo Max: $1,500, Acres Interest Only: 75% s>$1.5mm require 2 appraisals Rural Properties Rural Properties Allowed 3
5 Foreign National 2nd Home and Investment umentation DSCR Reserves Purchase Rate/Term Purchase Rate/Term 680+ <=1,000, months ,000,001 1,500, months ,500,001 2,000, months 2,000,001 3,000, months 50 3,000,001 4,000, months ,000,001 5,000, months <=1,000, months 1,000,001 1,500, months Foreign Credit <=1,000, months 1,000,001 1,500, months 1,500,001 2,000, months 2,000,001 3,000, months 50 3,000,001 4,000, months ,000,001 5,000, months 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) umentation 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 Non Warrantable Condo Max: $1,5MM Gross Income: Lower of Estimated Market Rent from Form 1007 and monthly rent from an Impounds are required (See guideline for waiver) 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 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 $10MM 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 12 months (Primary 2 Acres residence can be included), with 1 having documented rental income of 12 months 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 12 months.
First Time Home Buyer not permitted
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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
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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
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1 March 1, 2018 11:54 AM Turn Times Appraisal Turn Times Fees Index Values Expiration Dates New Submissions 1 day Portland Metro 1.5-2 Weeks UW Fee $995 PRIME 4.500% 15 Day 03/15/18 Re-Submissions 1 day
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