No Income No
Asset Mortgage Program Details
This
program is for the following states:
CT, DE, FL, MA, NH, NJ, NY and PA
Primary
Residence LTV Matrix up to 730k - NY
| Property Type |
Loan Amount |
Purchase |
Purchase |
Rate and Term |
Cash Out Refinance |
| |
|
|
|
|
|
| SFR and Condos |
$417,000 |
$730,000 |
68% |
63% |
58% |
| Coops |
58% |
53% |
50% |
| 2 Unit |
68% |
63% |
58% |
| 2-3 Unit |
58% |
53% |
50% |
| 3-4 Unit |
63% |
58% |
53% |
Jumbo Primary Residence LTV Matrix
- All other states
| |
Loan Amount |
Purchase |
Rate and Term
Refinance |
Cash Out Refinance |
| 1-2
family homes and Condos |
Up to $1,000,000 |
65% |
60% |
55% |
| $1,000,000
-$2,000,000 |
60% |
60% |
55% |
| $2,000,000 -
$3,000,000 |
55% |
55% |
55% |
| $3,000,000 -
$10,000,000 |
50% |
50% |
50% |
| 3-4 Units
(coops in NY) |
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% |
Arms and fixed rates
available
Non US Citizens and
permanent resident Aliens OK with sufficient credit
Property types:
SFR
1-4 Family
Condos
Coops for New York
PUD
Pledged assets OK
Corporate, Partnership
or Trust OK
Loan amounts from
$417,000 to $730,000
Subordinate Financing
OK
Income - not disclosed
|
Credit Criteria
680 Minimum FICO Credit
Score
For maximum
financing, (reduce the LTV) credit report must
include the following criteria
Minimum 4 active credit lines of which 2 must be at
least 2 years old
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
Rate and Term Refinance - 12
months seasoning required for existing loans
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 10%
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 15
Call us for further information 858-222-7534
Pre Qualification Form -
No Credit
Check Required
Full Application
Credit Resolution/Repair
Form
Loan Modification -
Confidential Resolution Form
608
|
