Alt-A Loan Options for Well-Qualified Borrowers

Alt-A Loan Options for Well-Qualified Borrowers

Alt-A Loan Programs by LendSure

LendSure’s Super Prime / Alt-A program offers borrowers with excellent credit highly-competitive rates, unsurpassed funding times, and loan options that are not available through conventional lenders.

  • 2-4 Unit properties now allowed
  • 2 Years Self-Employed allowed
  • Major credit event seasoning reduced to 48 months
  • Up to 80% LTV for non-warrantable condos
  • Highly competitive rates and unsurpassed funding times

Up to 90% LTV available for:

  • Purchase loans up to $1,000,000 with no mortgage insurance
  • 12- and 24-Month Personal Bank Statement Loans
  • 12- and 24-Month Business Bank Statement Loans
  • Fixed or 5/1 or 7/1 Hybrid ARM

Alt-A Program Guidelines

Income Documentation

Full Doc Wages: Two years 1040s + W2s, and recent pay stubs

Full Doc Self Employed or 1099: Two years tax returns + YTD P/L or Bank Statements for app date > 1Q of fiscal year

Bank Statement Self Employed: Personal or Business 12 or 24-month, 2 years self employed, same business. 12-month bank statement over 80% LTV must be Purch, OO, min FICO 700, no FTHB, 0x30x12.

Asset Depletion

Maximum Debt-to-Income Ratio

50% Maximum LTV 80% / 43% Maximum LTV 90%

Maximum Cash Out

$500,000 to 75% LTV / $250,000 to 80% LTV

Occupancy

Owner Occupied with a maximum LTV of 90%.
Second Home with a maximum LTV of 75%.

Loan Amounts

$150,000 Minimum Full Doc; $250,000 Minimum Bank Statement.
Up to $3,000,000 Maximum.

See maximum LTV adjustment by loan size

Mortgage Delinquency History

0x30x12, 1x30x12 case by case with compensating factors & DTI ≤ 43.

Credit Event Seasoning

Bankruptcy, Foreclosure, Short Sale, Loan Modification: 48 months (No Multiple Events)

First Time Home Buyer

Maximum 85% LTV with 12 months cancelled rent checks.
≤43% DTI, >43% with Senior Management approval.

Gift Funds

Maximum 80% LTV

Loan Terms

30-Year Fixed
5/1 or 7/1 Hybrid ARM
10-Year Interest Only & 40-Year Term

Index & Adjustment Caps

Margin: 3.95% Index: 1-Year LIBOR Floor: Start Rate
3.0% Initial Change Cap / 2.0% Annual Cap / 6.0% Life Cap

Qualifying Rate

Higher of Note Rate or Fully Indexed Rate

Interest Only

7 year IO payment, 7/1 Hybrid ARM & 30-year term. Qualify with 23 year amortizing payment.
10 year IO payment, 5/1 or 7/1 Hybrid ARM & 40-year term. Qualify with 30 year amortizing payment.
Purchase Money, OO, min FICO 700, ≥ $500,000, max LTV 80%.

Secondary Financing

Allowed only when Max CLTV 80%

Credit History

Minimum Tradelines: 4 tradelines, at least 2 active
Tradeline History: 2 years

Payment Shock

2.5x

Property Types

SFR / Condos / PUD / Townhome / 2-4 Unit.
No Texas properties > 10 acres.

Deviations

Case by case basis