Expanded Approval Loans Offer Greater Mortgage Flexibility

Expanded Approval Loans Offer Greater Mortgage Flexibility

LendSure Expanded Approval Loans

LendSure’s “Expanded Approval” enhanced loan programs feature higher LTVs, larger loan sizes, mortgage rating tolerance and highly competitive pricing to help you serve more borrowers.

  • Up to 90% LTV with no mortgage insurance
  • Personal or business bank accounts permitted
  • Little or no seasoning on bankruptcy, foreclosure, short sale or loan modification (see guidelines)
  • 10-Year Interest-Only and 40-year loan term available
  • Non-warrantable condos permitted
  • Loan amounts up to $2,000,000
  • Flexible on bank NSFs and overdrafts
  • Up to 2 points lender-paid compensation available without increasing the borrower’s rate

Expanded Approval Program Guidelines

Submit Your Scenario

Income Documentation

Full Doc Wages: Two Years 1040s + W2s, and Recent Pay Stubs or Asset Depletion

Bank Statement Self Employed: Personal or Business, 24 month, limited to AA and A credit grades

Maximum Debt-to-Income Ratio

50% Max

Maximum Cash Out

For AA & A credit grades to $350,000 < 70% LTV, other programs to $250,000
<70% LTV, Maximum $150,000 ≥70% LTV

Occupancy

Owner Occupied, Non-owner, and Second home

Loan Amounts

$2,000,000 Maximum for AA & A credit grades
$1,500,000 Maximum for BB credit grades
$750,000 Maximum for B & C credit grades

$150,000 Minimum for Full Doc
$250,000 Minimum for Bank Statement

Reserve Requirements

LTV ≤ 85% 2 months
LTV > 85% 6 months
Non-Owner = 6 months
Loan size > $1.0mm = 6 months

First Time Home Buyer

Yes for AA & A credit grade ≤43% DTI, >43% with Senior Management approval

Gift Funds

Max 80% LTV

Loan Terms

30-Year Amortized & Term – 5/1 or 7/1 Hybrid ARM or 30-Yr Fixe
All Loans require impounding for Taxes & Insurance

Index & Adjustment Caps

Margin: 3.95% for AA and A credit grades
Index: 1-Year LIBOR Floor: Start Rate
2.0% Initial Change Cap / 2.0% Annual Cap / 6.0% Life Cap

Qualifying Rate

Higher of Note Rate or Fully Indexed Rate

Interest Only

Purchase Money, Owner-Occupied, Minimum FICO 700, ≥ $500,000.
7-year IO payment, 7/1 Hybrid ARM & 30-year term.
10-year IO payment, 5/1 or 7/1 Hybrid ARM & 40-year term.
Qualify with amortizing payment
AA & A credit grades
Maximum 80% LTV

Secondary Financing

Allowed only when Max CLTV 80%

Credit History

Minimum Tradelines: 3 tradelines​
Tradeline History: 3 years

Payment Shock

3x

Property Types

SFR / 1-4 Units (no second) / Condos / Townhome / PUD
No Rural
No Texas properties > 10 acres

Deviations

Case by case basis

Prepay Penalty (Investor Only)

12 months Prepay