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Pre Qualification Form

No Income No Asset Verification - Investment Property and Second Homes
-CT, DE, FL, NH, MA, NJ and NY

      02/16/2012    

 

No Income No Asset Mortgage Program Details

This program is for the following states:
CT, DE, FL, MA, NH, NJ, NY and PA
 

Loan To Value Matrix

Property Type Loan Amount Purchase Rate and Term Refinance Cash Out Refinance
Second Homes/Vacation Properties
SFR Condos
PUDs
Up to $1,000,000 65% 55% 50%
$1,000,000 -$2,000,000 55% 55% 50%
$2,000,000 - $3,000,000 50% 50% 50%
$3,000,000 - $10,000,000 50% 50% 50%
Coops NY only 0 - $3,000,000 50% 50% 50%
$3,000,000 - $10,000,000 50% 50% 50%
Investment Properties
SFRs and Condos Up to $1,000,000 50% 50% 50%
$1,000,000 -$3,000,000 50% 50% 50%
$3,000,000 -$10,000,000 50% 50% 50%
3-4 Unit 0 -$3,000,000 50% 50% 50%
$3,000,000 -$10,000,000 50% 50% 50%
Coops NY only Up to $1,000,000 50% 50% 50%
$1,000,000 -$3,000,000 50% 50% 50%
$3,000,000 -$10,000,000 50% 50% 50%

Employment verification will be performed by the lender

Terms:
15 and 30 year fixed
3/1 ARM
5/1 ARM
7/1 ARM
10/1 ARM

Purpose:
Purchase
Rate and Term Refinance
Cash Out Refinance


Non US Citizens and permanent residence OK with sufficient credit

Property Types:
SFR
1-4 Unit
Condos
Coops - New York only
PUDs (Planned Unit Development)
 

Cross collateralization OK

Pledged Assets OK

Partnership OK

Corporate OK

Trust Held Title OK

Loan amounts to $10,000,000

Subordinate Financing OK to 90% CLTV

Debt To Income Ratio - Income Not Disclosed

Credit Criteria

Highest applicant resident credit score will be utilized and qualifying purposes
If credit report only shows 1 score it will be the qualifying score
2 scores, the lower of the 2 will be qualifying score
and 3 cores, the middle will be used.

Minimum 4 active credit lines of which 2 must be at least 2 years old

680 Minimum FICO Credit Score

For maximum financing, (reduce the LTV) credit report must include the following criteria
In the last 5 years, any of the following may result in a reduction of the LTV (Loan To Value)
-NOD Notice of Default
-F
oreclosure
-Bankruptcies
-Judgments
-Liens
-Charge offs
-Collections
-Derogatory public record
 

Mortgage lates in last 6 months and not more than one 30+ day -delinquency in the past 12 months

Consumer debt: No more than 30 day late in past 6 months, no 60 day lates in last 12 months. No 90 day lates in the past 24 months

Derogatory credit - please provide a Letter of Explanation

Rental Verification - most recent 12 months cancelled checks

Bankruptcy - Copy of bankruptcy discharge papers, list of debts discharged, written explanation

LTV Ratio is based on purchase price, not appraised value

Florida residence, reduce all LTVs by 15%

Philadelphia County, reduce all LTVs 10%

 

Credit score LTV reductions

Credit score of 651- 685
Purchase-reduce LTV 10% for loan amounts to $1,000,000, reduce 5% for loan amount from $1,000,000 to $3,000,000 and 10% from $3 million to 10 million.
Rate and Term refinance, reduce 5%
Cash Out refinance, reduce 5%

Credit Score of 620 - 650
Purchase-reduce LTV 15% for loan amounts to $1,000,000, reduce 10% for loan amount from $1,000,000 to $3,000,000
Rate and Term refinance, reduce 10%
Cash Out refinance, reduce 5%

 

Rate and Term Refinance - 12 months seasoning required for existing loans

 

Call us for further information 858-222-7534

 


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Program Reference #1in102310rb

 

 

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