1. 681 & Above 640 - 680 620 - 639
Owner LTV CLTV 1st AMT 1st C/O 2nd AMT 2nd C/O I/O UNITS LTV CLTV 1st AMT 1st C/O 2nd AMT 2nd C/O I/O UNITS LTV CLTV 1st AMT 1st C/O 2nd AMT 2nd C/O I/O UNITS
1st & 2nd Trust Deed 80% 90% 1MM 300K 250K 250K Yes 1 80% 90% 750K 300K 250K 250K Yes 1 80% 90% 750K 300K 250K 250K Yes 1
Full Doc 75% 75% 1.5MM 300K 250K 250K Yes 1 75% 90% 1MM 300K 250K 250K Yes 1 75% 90% 1MM 300K 250K 250K Yes 1
Stated Income / Verified Assets 80% 90% 750K 300K 100K 100K Yes 1 80% 90% 750K 300K 100K 100K Yes 1
80% 80% 1MM 300K 100K 100K Yes 1 75% 80% 1MM 300K 100K 100K Yes 1
75% 75% 1.5MM 300K 100K 100K Yes 1
Appraisals
Mortgage / Rent History
Charge Offs, Collections, Judgments, REPO's & Credit Related
BK's & Foreclosures
Tax Liens
Reserves
Qualifying Ratios
Mortgage Insurance
Gifts or Closing Cost Credits
State Restrictions
Maximum Combined Loan Amount
Use this matrix for a first and second TD.
Combined loan amounts > $750K to $1MM 1 Full Appraisal with interior photos and a Field Review; Combined loan amounts > $1MM to $1.5MM 1 Full
Appraisal w/interior photos and a 2055 or 2 Full Appraisals with interior photos.
Traditional: 5 trades, with a minimum 24 month history from date opened. Will accept 3 trades + mortgage / rent + 1 non-traditional.
Traditional: None within past 24 months. Open items must be paid at or prior to closing.(Medical collections not counted in number of lates; any cumulative
balance over $500 requires payment prior to or at closing).
Enhanced: Less than 24 months not to exceed $500 cumulative. Greater than 24 months must be paid down to $2,000 cumulative. Disregard medical
collections that are not excessive or impact the borrower's ability to repay loan.
BK discharged 24 months good credit re-established; No foreclosures in the last 3 years
None in past 24 months
Owner Occupied, loan amount <= $750K = 2 mos PITI, exclusive of cash-out; loan amount > $750K = 6 mos PITI, exclusive of cash-out.
Not Required
Closed-end seconds: AK, AR, MA, ME, NY, TX cash-out, WV ineligible. HELOC: AK, AR, MA, ME, NY, OK,TX, WV ineligible.
Credit History Trades
Enhanced: (<=80% LTV/): 4 trades. 2 trades with a minimum 12 month history + 1 trade with a minimum 24 month history + mortgage / rent with 24 month
history.
12 months - 0 x 30
Helpful © 8/25/2006
40%
$1.5 MM
Intended for Customer use only. Not intended for distribution to public. All rates, terms and conditions are subject to change without notice. Please contact your Sales Rep. for more information.
Liens
Allowed on recurring/non-recurring and closing costs. Owner-occupied: 75% LTV/CLTV = 9% all other LTV/CLTV = 6% and gifts eligible for down payment,
closing costs and reserves.
Two Complete Loan Packages
Required:
1st Trust Deed
• Complete Original Credit
Package
• Including Appraisal & Original
Photos
2nd Trust Deed
• Separate 1003/1008
Detailing 2nd TD
• Copy of Original Package
• Original Appraisal Photos
Pro Series I+ Pro Series I Pro Series II
Owner Occupied 1st 1st 2nd 2nd Units CLTV 1st C/O 2nd 2nd O Units 1st 1st O 2nd C/O Units
Helpful Hints
1-Month LIBOR or Option ARM Combo - HELOC and Closed End 2nd