Loan Products
No MI
Available Products:
- 5/1, 7/1, 10/1, LIBOR ARMs (10 Year Interest Only option available)
- 15- and 30-year Fixed
- 30-year Interest Only (Interest Only for first 120 months-fully amortized over the last 240 months)
Features
- DTI as high at 55%
- Available for Permanent and Non-permanent Resident Aliens
- Purchase, Rate & Term and Cash Out refinances
- Financing available up to 97% LTV for Full Doc, 95% LTV for Stated Income and No Ratio
- Primary Wage Earner decision credit score (DCS) used for Full Doc
- SFR, PUD, Low/High Rise Condos, Co-ops, 2 Unit and 3-4 Unit
- Available for First Time Homebuyers with additional restrictions
- Follows flexible Alt A guidelines
Documentation Type:
- Full Documentation
- Stated Income
- No Ratio Documentation
Asset & Reserves
- Assets must be sourced and seasoned 60 days
- Gift funds are not available for loans > 97% LTV
- Seller contributions
- 6% for LTVs of 75.01% to 90%
- 3% for LTVs > 90%
Cash Out Allowances:
- Full Doc: $100,000
- All Other Documentation Types: $50,000