| RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC LOAN PROGRAMS | | ADJUSTABLE RATE MORTGAGES (ARMS) * ALL LOANS SECURED BY A
PRIMARY RESIDENCE MUST BE PRICED AT PAR. RATES SUBJECT TO CHANGE
WITHOUT NOTICE. * ALL LOANS HAVE A THREE YEAR PREPAYMENT PENALTY
(3/2/1) UNLESS PRICED AT PAR *1 YEAR LIBOR INDEX – MARGIN 3.25% - 2/6 CAPS **** NO ADD-ONS FOR INVESTMENT
PROPERTY LOANS *6% SELLER CONTRIBUTION ALLOWED TOWARDS BUYERS CLOSING COST (EXCLUDING PRE
PAIDS AND ESCROWS).
|
| MAXIMUM LOAN TO VALUE GUIDELINES | SINGLE FAMILY LTV
| | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | -
Primary Residences -
Second Homes -
Investment Properties
| $100,001 - $6,000,000 ($11,500,000 MAX) Over $1,000,000 | UP TO 70% ___________________ UP TO 70% | UP TO 50% _________________ UP TO 50% |
| |
CONDOMINIUM / TOWNHOUSE LTV
UNIT OWNERS HAVE CONTROL OF HOA
| | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $6,000,000 ($11,500,000 MAX) Over $1,000,000 | UP TO 70% ___________________ UP TO 70% | NOT AVAILABLE _________________ NOT AVAILABLE |
|
NEW CONDOMINIUM BUILDINGS / NEW TOWNHOUSE LTV
DEVELOPER CONTROLS HOA | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $6,000,000 ($11,500,000 MAX) Over $1,000,000 | 65% ___________________ 65% | NOT AVAILABLE _________________ NOT AVAILABLE |
|
*****WE DO CONDO HOTELS****** - NEW CONDO BUILDINGS MUST BE 50% CLOSED.
IF NOT PLEASE CALL 858-222-7534.
- CONDO QUESTIONNAIRE REQUIRED ON ALL CONDO LOANS
- An increased due diligence will be performed on all condo
buildings for condo loans over $1,000,000. This will include a
building site inspection.
| | All rates, programs and terms are subject to change without
notice. See program for further loan information and parameters. RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC
LOAN PROGRAMS
|
Product Offering Types: - 1/1 ARMs (Fully Amortizing)
- 3/1 ARMs (Fully Amortizing)
- 5/1 ARMs (Fully Amortizing)
| Description:
An adjustable rate mortgage based on the 1 year
LIBOR (“LIBOR”) as published in the
Wall Street Journal.
Interest rate renewals will utilize the most recent Index figure
available as of the first business day of the month immediately
preceding the month in which the change date occurs. | Caps:
The interest rate may not increase or decrease by
more than 2 percent above or below the previous rate. In addition,
the interest rate has a life-of-loan cap of 6 percent above the
initial interest rate. | | Terms:
30 or 15 years | | Late Charge Fee:
7% of overdue principal and interest payment if not
paid within 10 calendar days of the due date | Occupancy: - Primary
- Second Homes
- Investment
| Prepayment Penalties:
Prepayment penalties are (3/2/1). 3% the first year;
2% the second year and 1% the third year. A principal reduction of
20% per annum is allowable with no penalty. | | Escrows:
Escrow waivers are NOT allowed. No exceptions | | Lending Areas:
Primary geographic area is Dade, Broward, Palm Beach,
and Monroe counties. Exceptions may be
made, Inquire about properties outside Florida.
| | Multiple Loans To One Borrower:
Our Investor will only make a maximum of two loans to
any individual or family of individuals if the income is coming from
the same business. The second loan’s LTV may not exceed 60% and both
loans will cross-defaulted. | | Acceptable Collateral Types: | For the purpose of this program acceptable collateral
includes: Single Family Homes – Condominiums 2-4 Family Properties – Townhouses – Condo Hotels STUDIOS, EFFICIENCIES ARE NOT ACCEPTABLE COLLATERAL. |
DOCUMENTATION CHECKLIST The following list of documentation has been provided as a stacking order guide | IN FILE | Additional documentation may be required at the Underwriter’s discretion. All
files are to be submitted in a file folder with original
documentation and fastened to rights side of the file. Incomplete
packages will delay underwriting review. | | BROKER EXPLANATION LETTER (if applicable) – Explain any non-confirming
characteristics, compensating factors and/ore exception requests, if
any | | ASSIGNMENT LETTER – On Broker’s letterhead, signed, dated, referencing borrowers
name and property address | | TYPED FORM 1008 | | TYPED FORM 1003 APPLICATION: Must reflect updated and verified information.
Government Monitoring Section should be the same as on the original
handwritten application. | | ORIGINAL INITIAL FORM 1003 APPLICATION – Must be signed and dated by Borrower
and Broker. Please ascertain that it is complete including “present
address” and employment address” (NO P.O. boxes allowed). Borrower’s
“type of business” and “position” must be indicated under employment
section. Income must be stated on page two. Government Monitoring
Section must be completed in accordance with the Home Mortgage
Disclosure Act and Equal Credit Opportunity Act. | | COPY OF BORROWER’S ID: Foreign National – Valid Visa and Passport, if living in the United States also
include: Driver’s License Permanent Resident Alien: Green Card and Driver’s License | | Borrower’s email
address:____________________________________________________ | | | Copy of Business Card & Borrower’s business website (for self employed
borrowers if
available)._________________________________________________________________ | | FOREIGN NATIONALS: Documentation confirming home address: Such as
Utility Bill, Credit Card Statement or bank statement | | SATISFACTORY US FACTUAL CREDIT REPORT: (If NRA’s form the U.K., Ireland,
and Canada include Factual International Credit Report). | | ORIGINAL BANKING REFERENCE LETTERS: One original personal banking
reference letter (US or foreign bank). Letter of reference is to be
on company letterhead with address and phone number, dated and
executed by the appropriate parties. Letter must include how the
account is titled, type of account, account number, when it was
established (must have been open for a minimum of 2 years English
translations are to be placed in front of the reference letters and
signed, dated and certified by a translator. | | ASSET VERIFICATION: Verification of Initial Down Payment, cash to close,
and reserves equivalent to no less than 24 months of PITI and
HOA when applicable (Venezuelans require 36 months reserves). All
cash to close including required reserves must be on deposit in a US
Banking Institution. The borrower’s liquid asset position must be
commensurate with the borrower’s financial statement and income
level. GIFT FUNDS ARE NOT ACCEPTABLE. |
|
INCOME VERIFICATION FOR FOREIGN NATIONAL BORROWERS:
- IF SELF-EMPLOYED: ORIGINAL ACCOUNTANT LETTER* Letter must explain
borrower’s source of income and must include previous two years
of income and current YTD income. All letters of reference are
to be on company letterhead, date and executed by the
appropriate parties. English translations are to be placed in
front of the reference letters and signed, dated and certified
by a translator.
- SALARIED EMPLOYEE: Letter from Employer stating current monthly salary
and a valid pay stub if applicable.
- RENTAL INCOME CANNOT BE USED FOR QUALIFYING FOR THE LOAN
| | PURCHASE/ SALE AGREEMENT – All pages including addendums and fully
executed by all parties. Required for appraisal order. | | ESCROW LETTER – Held by third party, on company letter held signed and
dated | | CONDO QUESTIONNAIRE:
All condominium loans require Investor’s Condo
Questionnaire form to be submitted at the time of submission.
MUST INCLUDE A COPY OF LAST YEAR’S AND THE MOST CURRENT BUDGET FOR
THE ASSOCIATION. | | ORIGINAL APPRAISAL – Investor will order the appraisal on all files.
Refer to our Rate Sheet for the estimated fee for the appraisal.
This fee is estimated and may vary due to complexity of actual
appraisal. A check payable to the Investor needs to be collected
upfront prior to ordering an appraisal. Upon receipt of the
appraisal fee, Investor will order the appraisal. The submitted file
will be approved as “Credit Only” until Appraisal is Received. If
Borrower is a Resident of the U.S. the appraisal fee cannot be
collected until the TIL has been received by the Borrower. This is
no earlier than 3 business days from issuance. | | CORPORATE DOCUMENTS (IF APPLICABLE): Investor accepts certain
corporations established for the purpose of owning the subject real
estate to take title. Provide copies of all corporate documents
including Articles of Incorporation, By Laws, Tax Id#, Certificate
of Good Standing, Operating Agreement for LLC’s, Shares Registry.
All shareholders must personally guarantee the loan. If corporate
borrower is owned by another entity copies of owning entity
documents must be submitted with application. | | AUTOMATIC PAYMENT AUTHORIZATION: Borrower to provide automatic payment
authorization for mortgage payments from a U.S. bank account. Signed
ACH form and voided check required prior to scheduling closing. | | GOOD FAITH ESTIMATE, TIL DISCLOSURE, OTHER APPLICABLE DISCLOSURES - Lender reserves the right not to accept an application due to inaccurate Good
Faith Estimate. The GFE must be dated within 3 days of the
application date and include a List of the Identified Providers
of Settlement and title services. Refer to the Good Faith
Estimate Worksheet as part of this Submission Sheet for
guidance.
- Re-disclosure of the Good Faith Estimate is only allowed due to changed
circumstances which will be determined and approved by Lender.
Lender will determine if Broker or Lender are to re-disclose if
applicable.
- Truth-In-Lending Disclosure Statement (must accurately reflect the arm period
(12, 36, 60), prepayment penalty if applicable.
- Copy of Executed Mortgage Broker Fee Agreement listing all Broker fees must
executed and in file.
|
Maximum LTVs: | |
SINGLE FAMILY LTV | | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $6,000,000 ($11,500,000 MAX) Over $1,000,000 | UP TO 70% ___________________ UP TO 70% | 50% _________________ 50% |
| |
CONDOMINIUM / TOWNHOUSE LTV
UNIT OWNERS HAVE CONTROL OF HOA
| | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $6,000,000 ($11,500,00 MAX) Over $1,000,000 | UP TO 70% ___________________ UP TO 70% | NOT AVAILABLE _________________ NOT AVAILABLE |
| |
NEW CONDOMINIUM BUILDINGS / NEW TOWNHOUSE LTV DEVELOPER CONTROLS HOA | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $6,000,000 ($11,500,000 MAX) Over $1,000,000 | UP TO 65% ___________________ UP TO 65% | NOT AVAILABLE _________________ NOT AVAILABLE |
|
Condominium Highlights: | - New condo buildings must be 50% closed. Condos that
are not 5-% closed will be considered on a case by case basis.
- Condo Questionnaires required on all buildings.
- An increased due diligence will be performed on all condo buildings for condo
loans over $1,000,000. This will include a building site
inspection.
|
| KEY FEATURES | - Alternate Income documentation for Foreign Nationals.
Self-employed Foreign Nationals require an accountant’s letter
with 2 years of income and a YTD figure
- Domestic Borrowers require full income documentation (4506 required)
- Minimum U.S. credit score for Domestic Borrowers is 680
- Corporate title acceptable (Shell Corps only)
- No escrow waivers are allowed
- Primary geographic lending area Dade, Broward, Palm Beach and Monroe
Counties. Exceptions may be made,
Inquire about properties outside Florida.
- All loans must establish an ACH DEBIT for mortgage payments from a U.S. BANK.
The ACH Debit Payment requirement will be allowed by increasing
the rate by 1.00%.
- Prepayment Penalties are (3/2/1) 3% first year; 2% second year and 1% the
third year. A principal reduction of 20% per annum is allowable
with no penalty
- Our Investor requires the CASH TO CLOSE and CASH RESERVES after closing to be
on deposit in a U.S. Bank prior to closing. See Program
Description for cash reserve requirements. The Borrower’s liquid
asset position must be commensurate with the Borrower’s
financial statement and income level.
|
ESTIMATED APPRAISAL FEES |
| PURCHASE PRICE | APPRAISAL FEE | | $ 0.00 - $500,000.00 | $ 375.00 - $450 | | $ 500,000.00 - $ 750,000.00 | $ 450.00 - $650 | | $ 750,000.00 - $ 1,000,000.00 | $ 750.00 - $900 | | $ 1,000,000.00 - UP | CALL FOR QUOTE |
|
| All rates, programs and terms are subject to change without
notice.
FOREIGN NATIONAL LOAN PROGRAMS - WHOLESALE RATES | |
| |
ALL LOANS WILL BE LOCKED IN FOR 30 DAYS AT
LOAN SUBMISSION | |
RESIDENTIAL FOREIGN NATIONAL AND DOMESTIC LOAN PROGRAMS | | ADJUSTABLE RATE MORTGAGES (ARMS) *ALL LOANS SECURED BY A PRIMARY RESIDENCE MUST BE PRICED AT PAR. *ALL LOANS HAVE A THREE YEAR PREPAYMENT PENALTY (3/2/1) UNLESS
PRICED AT PAR *1 YEAR LIBOR INDEX – MARGIN 3.25% - 2/6 CAPS **** NO ADD-ONS FOR INVESTMENT
PROPERTY LOANS *6% SELLER CONTRIBUTION ALLOWED TOWARDS BUYERS CLOSING COST (EXCLUDING PREPAIDS
AND ESCROWS). |
| MAXIMUM LOAN TO VALUE GUIDELINES | SINGLE FAMILY LTV
| | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $1,000,000 ($11,500,000 MAX) Over $1,000,000 | 70% ___________________ 70% | 50% _________________ 50% |
| CONDOMINIUM / TOWNHOUSE LTV
UNIT OWNERS HAVE CONTROL OF HOA
| | | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $1,000,000 ($11,500,000 MAX) Over $1,000,000 | 70% ___________________ 70% | NOT AVAILABLE _________________ NOT AVAILABLE |
| NEW CONDOMINIUM BUILDINGS / NEW TOWNHOUSE LTV DEVELOPER CONTROLS HOA | LOAN AMOUNT | PURCHASE – RATE & TERM REFINANCE | REFINANCE CASH OUT | - Primary Residences
- Second Homes
- Investment Properties
| $100,001 - $1,000,000 ($11,500,000 MAX) Over $1,000,000 | 65% ___________________ 65% | NOT AVAILABLE _________________ NOT AVAILABLE |
| - NEW CONDO BUILDINGS MUST BE 50% CLOSED. IF NOT PLEASE
CALL.
- CONDO QUESTIONNAIRE REQUIRED ON ALL CONDO LOANS
- An increased due diligence will be performed on all condo buildings for condo
loans over $1,000,000. This will include a building site
inspection
-
| | All rates, programs and terms are subject to change without
notice. |
DOCUMENTATION CHECKLIST | The following documentation is required to be present
in the loan files prior to underwriting: - 1. Complete Residential Mortgage Application (FNMA 1003) signed and dated by
the borrower and the interviewer. Completer executed 1003s must
be received prior to scheduling closing.
- 2. Self-employed Foreign National Borrowers require an Accountant/CPA Letter
verifying income figures for the last two years and providing a
year to date income figure. Salaried employees must provide a
letter from the employer stating their current monthly salary or
a valid pay stub.
Domestic Borrowers require full income documentation which may include;
two years personal and/or corporate tax returns; pay stubs; W2s or a
standard VOE. - 3. Factual Data Credit Report, accessing at least three repositories.
(Resident Aliens must have a middle credit score of 680). Credit
score exceptions can be approved by the Investor.
International Credit Reports are required on borrowers from
Canada, Ireland and the United Kingdom.
- 4. Mortgage Verification, when applicable.
- 5. Verification of Initial Down payment, cash to close and reserves equivalent
to no less than 24 months of PITI and HOA when applicable
(Venezuelans require 36 months reserves). All cash to close
including required reserves must be on deposit in a US Banking
Institution. The borrower’s liquid asset position must be
commensurate with the borrower’s financial statement and income
level. GIFT FUNDS ARE NOT ACCEPTABLE.
- 6. Escrow Letter (Verification of down payment)
- 7. One letter of reference from a banking or financial institution, showing at
least 24 months history and relationship status.
- 8. Fully Executed Sales Contract, When applicable.
- 9. Appraisal by one of the Investor approved appraisers. All appraisals must be
addressed and ordered by Investor.
- 10. Copy of Borrower’s passport and visa (when applicable), if foreign
national, or copy of green card, if resident alien.
- 11. Borrowers must set up an Auto Payment Debt Account with a U.S. banking
institution. Mandatory ACH for mortgage payments must be signed
prior to scheduling closing and be accompanied by a cancelled
check.
- 12. A Waiver of the ACH debit payment requirement will be allowed by increasing
the rate by 1%.
- 13. All letters, documents and bank statements translated if necessary.
- 14. Corporate title acceptable (Shell Corps. ONLY).
| | QUALIFYING RATIOS | The borrower’s income must be plausible. Qualifying
rations should generally not exceed 30% for the primary housing
expense/income ratio and 40% for the total obligation/income ratio. | | CREDIT SCORE | Quality credit is mandatory on all loans. Minimum
United States credit score for domestic borrowers is 680. |
Reference # 245r081210b254 |
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