Super-Prime / Alt-A

Expanded Approval

Expanded Investor

Foreign National

Documentation

Super-Prime / Alt-A

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

Expanded Approval

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
Asset Depletion AA to BB

Expanded Investor

Rental income verification:
Purchase: Market rents FNMA form 1007 for SFR & FNMA 216 for multi-units
Refinance: Market rents or lease with canceled checks for 3 months.

Debt Service Coverage Ratio = Lower of Gross Rent lease or Form 1007/216 divided by PITIA.
First time investor must own primary residence, max 65% LTV.
For DSCR < 1.00X, 12 months reserves, prior investor experience with 2 other properties, and for refi, must own property for three years.

Foreign National

Verification of earnings past 2 years

Occupancy

Super-Prime / Alt-A

Owner Occupied

Second Home

Expanded Approval

Owner Occupied

Second Home

Investment Property

Expanded Investor

Non-Owner Occupied. Certification of intent not to occupy is required.

Foreign National

Second or Non-Owner Occupied. If non-owner occupied, certification of intent not to occupy is required.

Maximum LTV

Super-Prime / Alt-A

90% Owner Occupied

75% Second Home

See maximum LTV adjustment by loan size and purpose

Expanded Approval

90%

See maximum LTV adjustment by loan size and purpose

Expanded Investor

80%

Foreign National

75%

Minimum FICO

Super-Prime / Alt-A

660

Expanded Approval

As low as 500, capped at 65% LTV

Expanded Investor

620

Foreign National

US credit minimum FICO 620. Foreign Credit.

Maximum Loan Amount

Super-Prime / Alt-A

$3,000,000

See maximum LTV adjustment by loan size

Expanded Approval

Credit grade AA, A: $2,000,000

Credit grade BB: $1,500,000

Credit grade B, C: $750,000

Expanded Investor

$1,000,000 ≤ 75% LTV

$750,000 ≤ 80% LTV

Larger loan sizes case by case.

Foreign National

$1,000,000 for LTV up to 60%

$750,000 for LTV up to 75%

Loan Terms

Super-Prime / Alt-A

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

Expanded Approval

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

Expanded Investor

30-Year Fixed
5/1 or 7/1 Hybrid ARM

Foreign National

30-Year Fixed
5/1 or 7/1 Hybrid ARM

Housing Event Seasoning

Super-Prime / Alt-A

48 months, no multiple events

Expanded Approval

36 months to settled, depending on credit and LTV

Expanded Investor

36 months

Foreign National

36 months

Maximum DTI

Super-Prime / Alt-A

50% Max LTV 80%

43% Max LTV 90%

Expanded Approval

50%

Expanded Investor

No Ratio for LTV < 70% (Min FICO 640)

Foreign National

50%

Reserve Requirements

Super-Prime / Alt-A

6 months PITI. Cash Out may count for Reserves.

12 months PITI for LTV ≥ 85%

Expanded Approval

LTV ≤ 85% 2 months

LTV > 85% 6 months

Non-Owner = 6 months

Loan size > $1.0mm = 6 months

Expanded Investor

6 months PITIA.

12 months PITI for borrowers owning more than 2 additional financed properties or for DSCR < 1.00X.

Foreign National

12 months PITI + 4 months if no verifiable housing history

Property Types

Super-Prime / Alt-A

SFR / Condos / PUD / Townhome / 2-4 Unit

Expanded Approval

SFR / Condos / PUD / Townhome / 2-4 Unit

Expanded Investor

SFR / Condos / PUD / Townhome / 2-4 Unit

Foreign National

SFR / Condos / PUD / Townhome / 2-4 Unit

Interest Only

Super-Prime / Alt-A

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%.

Expanded Approval

Credit grade AA & A only with LTV up to 80%. 10- year IO payment 5/1 or 7/1 Hybrid ARM and 40-year term. Qualify w/ amortizing payment.

Expanded Investor

7 year IO payment, 7/1 Hybrid ARM & 30-year term. Qualify with 23 year amortizing payment.

700 minimum FICO.

Foreign National

N/A

Mortgage Delinquency History

Super-Prime / Alt-A

0x30x12

1x30x12 considered with letter of explanation and DTI < 43%

Expanded Approval

0x30x12 to 0x120x12, depending on credit and LTV

Expanded Investor

0x30x24

Foreign National

0x30x24 unless ≤ 50% LTV

Credit History

Super-Prime / Alt-A

Min Tradelines: 4, at least 2 active

Tradeline History: 2 years

Expanded Approval

Min Tradelines: 3

Tradeline History: 3 years

Expanded Investor

Min Tradelines: 3, at least 2 active

Tradeline History: 5 years

Foreign National

Foreign Credit: 3 open tradelines, 2 year history with no lates

Tradeline History: 2 year history with no lates

Debt Service Coverage Ratio

Super-Prime / Alt-A

N/A

Expanded Approval

N/A

Expanded Investor

DSCR = Lower of Gross Rent lease or Form 1007/216 divided by PITIA.

First time investor must own primary residence, max 65% LTV.

For DSCR < 1.00X, 12 months reserves, prior investor experience with 2 other properties, and for refi, must own property for three years.

Foreign National

N/A

Prepay Penalty

Super-Prime / Alt-A

N/A

Expanded Approval

12 months (Investor Only)

Expanded Investor

12 to 36 months

Foreign National

24 to 48 months

Maximum Cash Out

Super-Prime / Alt-A

$500,000 to 75% LTV

$250,000 to 80% LTV

Expanded Approval

$250,000 to 70% LTV

$150,000 ≥ 70% LTV

Expanded Investor

$500,000. Must be used for business purposes.

Foreign National

$500,000 to 60% LTV

$250,000 ≥ 60% to 65% LTV

$100,000 > 65% LTV