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
-Foreclosure
-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
