Sub-Prime - Products and guidelines that accommodate borrowers with less-than-perfect credit histories. May include bankruptcy, foreclosure, or late payments.
Typical guidelines:
- Residential pay history to 1x90 are eligible
- Allow open collections, judgements, and tax liens notaffecting title
- No seasoning on BKs, foreclosures, or CCCS
- 100% Full Doc with no tradelines at 620 midscoreand no BK
- 100% LTV Full Doc with 580 midscore, rent-freeokay
- 100% LTV non-owner occupied with no MI
- Interest only 1st and 2nd mortgages available
- 100% Stated Income with 620 midscore
- 40 and 50 year loan options available
Stated Income - Stated income (and stated asset) products are designed for self-employed and non-W-2 borrowers. Also includes no doc and no asset (verfication) products. Benefits: Vastly reduced paperwork required to process the loan. Competitive rates.
Typical guidelines:
- NINA 80/20 at 680 midscore, primary residence
- NIVA, SISA, SIVA 80/20 combo at 640 midscore,primary residence
- Full Doc primary residence 80/20 combo at 620midscore (600 for cash out)
- 100% CLTV available for non-owner occupied
- Loan amounts up to $2 million
- Available on most property types (including condotels)
- Stated income allowed on W-2, self-employed & fixedincome
- ARMs, 40-year loans, Interest Only 1st & 2nds, andHELOC 2nds available on most programs
Option ARM - an Adjustable Rate Mortgage (ARM) that offers several monthly options for payment. Benefits: four choices each month – minimum fixed payment, interest-only payment, 15-year amortized payment, or 30-year amortized payment – enable you to tailor your budget and cash flow.
Typical guidelines:
- Up to 95% Purchase, Rate & Term, and Cash Outcombo with 2nd
- Introductory rate as low as 1%*
- 1st time homebuyers on stated income up to 95%
- Four monthly payment options
- Choose MTA or LIBOR index
- HELOCs, Interest Only 2nds and 40-year loans
Full Doc/Reduced Income
Typical guidelines:
- Minimum 520 midscore
- 90% LTV at 580 midscore
- 100% LTV at 660 midscore
- Non-owner occupied 100% LTV at 700 midscore
- Interest Only loans available at 600 midscore
- Reduced Income -- 100% financing on 12 mos bank statement program (personal, DBA or business); available for W-2 and self-employed
- 2-1 Buydown and Select Score options available
- 1099 Income program - 2-year history of 1099 income in same field with no gaps - No Tax Returns Required
- Interest Only 1sts available