Loan products

100% Financing (owner-occupied)
Non-Owner Occupied
Multi-Units
Sellers Concession
No Seasoning
No Credit/Alternative Credit
Low FICO Score

100% Financing (owner-occupied)

Up to 100% (CLTV Financing Available)
Credit scores as low as 580 (620 for stated)
$1 million loan amounts
Stated Wage Earner – Self-employed
1-4 units
No PMI (Private Mortgage Insurance)
55% DTI (max 55% debt to income ratio)
6% seller’s concession

Non-Owner Occupied

1 – 4 units – up to 100% financing
620 minimum FICO Score
Full doc, stated income, stated assets
2 trade lines, 24 months
55% DTI (max 55% debt to income ratio)
$1 million total loan amount
Max 2% seller concession

Multi-Units

A multi-unit property is any house that has at least two separate living units or apartments. If the property is owner occupied, the owner lives in one unit, while renting the additional units to tenants.
1 – 4 Units up to 100% financing (0/0 and N/0/0)
$1 million loan amounts
Credit scores as low as 580 (620 for stated & N/0/0)
5 – 8 Units up to 80% financing (0/0 an N/0/0)
$700,000 loan amounts

Sellers Concession

Seller concession is defined as the seller agreeing to pay any of the buyer’s closing costs and/or prepaid items. The maximum amount allowed on conventional loans is based on loan to value.
1-4 unit up to 100% CLTV owner occupied, varies, up to 6%
1-2 units up to 100% CLTV non-owner occupied, varies, up to 6%
3-4 units at 100% CLTV non-owner occupied up to 2%
3-4 unit Ð 100% CLTV non-owner occupied, varies, up to 6%
Applies only to a purchase.

No Seasoning

Seasoning refers to the amount of time a property for purchase or refinance is being held by its last owner.
0 months seasoning, _______ on various loan products
Applies to purchases, rate and term and cash-out refinances.
100% CLTV – OK!

No Credit/Alternative Credit

No credit means no FICO score, and no trade lines.
First time homebuyers can still qualify for a loan.

Program 1:

100% financing available on 1-4 unit 0/0 properties
3 alternate trade lines for 12 months (phone, cable, electric, etc.)
12 month rental history (cancelled checks)
2 months reserves

Program 2:
Up to 85% financing using only 12 months book statements or cancelled checks.

Low FICO Score

Financing for FICO scores 500 or under are available.
Up to 80% LTV on A+ pricing on purchases.
Rate & term and cash-out-refinances.