Purpose:

  • Purchase
  • Rate & Term Refinance
  • Cash Out Refinance / Debt Consolidation

Loan Amounts:

Maximum  - $2,500,000

Eligible Property Types:

  • SFR Single Family Residence
  • Condos - Warrantable & Non-Warrantable
  • Condotels

Occupancies:

  • Owner Occupied
  • Non Owner/Investment
  • Second/Vacation Homes

Available Terms:

  • ARM: 3,5 and 7 year
  • 30 year fixed (Interest Only Available)
  • 40 year fixed (Interest Only Available)

"Housing Event" Credit Seasoning:

  • Bankruptcy - 2 years required
  • Foreclosure - 2 years required
  • Short Sale - 2 years required
  • Deed in Lieu - 2 years required

Credit Scores:

  • 610 Minimum
  • 660 to 80% LTV - $500,000 Cash Out
  • 680 to 90% LTV - $1,500,000

Credit Criteria:

  • Multiple foreclosures and short sales OK

Employment Types:

  • Wage Earner
  • Self Employed

Income Documentation:

Full Doc Full Income Documentation:

  • Wage Earners: W-2's and paystubs
  • Self Employed: Tax returns, business and or personal
  • 1-year 1040 plus schedule C

50% DTI Debt-to-Income ratio

Reserves Requirements:

3 Months (PITI/PITIA)

3 months PITI for all REO Real Estate Owned

First Time Home Buyers - OK

100% gift funds from family member OK

Rent free housing history OK

Pre-payment penalty options

Investors: unlimited financed REO Real Estate Owned OK

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