Below are the allowable criteria for the Asset Utilization program: Eligibility Criteria

Requirement

Product Type

Fully amortizing jumbo 5/1, 7/1 and 10/1 ARMs

Occupancy

Primary residence and 2

nd homes

Property Type

Attached and Detached SFR, PUDs, Condos

Units

1-2

Minimum FICO

720+

Minimum Loan Amount

$417,001

DTI

Maximum 45%

Reserves

24 months PITIA liquid reserves

Asset Seasoning

60 days minimum

4506Ts

Executed for prior two years tax returns, regardless of income type

Underwriting

DU Approve-Ineligible (due to loan amount). Anything other than DU Approve-Ineligible must be manually underwritten for approval.

Secondary Financing

Not allowed

Eligible Applicants

Non retired and retired individuals, all other income sources acceptable (i.e. self employed, salaried, retired) except interest and dividend income is not eligible.

Ineligible Borrowers

No non-permanent resident aliens or foreign nationals

First Time Homeowners

Not Allowed

Documentation

The most recent 2-years tax returns are required for all borrowers. If the borrower owns 25% or more of a business, then 2-years business tax returns and all applicable schedules are required, in addition to a current signed YTD P&L.

Pledged Assets

Accounts pledged or used to secure another lien must be excluded from calculation.

Maximum Loan Amounts: Loan Amounts*

Minimum FICO

Maximum LTV

$417,001 - $1,000,000

720

70%

$1,000,001 - $2,000,000

740

65%

$2,000,001 - $3,000,000

760

60%