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Stated
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SC30W, SC15W, SJ30W, SJ15W |
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| Program Description |
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Stated Income, Limited Documentation, Verification of Assets.
No Ratio Available |
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| Loan Terms |
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30 Year and 15 Year Amortization |
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| Eligible Transaction |
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Purchase, Rate and Term Refinance, Cash Out Refinance |
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| Loan Size Limit |
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There is no minimum Loan Amoun.
Maximum Loan Amount is $1,000,000 |
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| LTVs |
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Primary Residence
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Second Home
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Investment Property
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Purchase and Rate/Term Refinance
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up to $300,000
300,001-400,000
400,001-500,000
500,001-650,000
650,001-750,000
750,001-1,000,000
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90%
85%
80%
75%
65%
65%
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80%
75%
70%
65%
N/A
N/A
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80%
75%
65%
65%
N/A
N/A
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Cash Out Refinance
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up to $250,000
250,001-300,000
300,001-400,000
400,001-500,000
500,001-650,000
650,001-750,000
750,001-1,000,000 |
85%
85%
80%
80%
75%
65%
55%
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75%
70%
70%
65%
65%
N/A
N/A
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75%
75%
65%
55%
55%
N/A
N/A
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| Occupancy |
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Primary Residence, Investment Properties, Second/Vacation Homes |
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| Eligible Property Types |
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Single Family Detached and Attached (1-4 units) (1-2 Units on Second/Vacation Homes), Condos, Condotel, Doublewide manufactured homes, Non-Warrentable Condo, PUDs |
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| Mortgage Insurance |
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Loans with 80.01 to 90% LTV are
eligible for the Self Insurance program. Private mortgage insurance is
required for loans with >80% LTV not in the self insurance program.
Mortgage Insurance premium may not be financed.
| 30 Year |
15 Year |
LTV |
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| 30% |
25% |
90.01 - 95.00 |
| 25% |
12% |
85.01 - 90.00 |
| 12% |
6% |
80.01 - 85.00 |
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| Qualifying Ratios |
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Minimum FICO Score 680. |
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| Income Requirements |
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No maximum income requirements. |
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| Settlement Costs |
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One month premium plus one month
reserves must be collected from the Borrower at closing. |
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| Escrow Waiver |
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Escows are mandatory for loans with an 80% LTV or higher.
.250 discount points |
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| Maximum Seller Contributions |
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LTV greater than 90% - 3% of value (lower of appraised value or
sales price)
LTV equal to or lesser than 90% - 6% of value
LTV less than 75% - 9% of value |
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| Prepay Penalty |
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None |
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| Secondary Financing |
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Primary Residence
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Second Home
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Investment Property
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Purchase and Rate/Term Refinance
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up to $650,000
650,001-1,000,000
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90%
80%
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80%
N/A%
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80%
N/A%
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Cash Out Refinance
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up to $650,000
650,001-1,000,000
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90%
80%
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75%
N/A%
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75%
N/A%
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| Lock Periods |
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25,40, 55, 65, 85 and 115 day locks are available.
An upfront fee of .500 is for 85
day locks and .625 for 115 day locks is due along with the Lock request. All extendable lock fees are non-refundable and non-creditable. |
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| Miscellaneous |
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6 months PITI post closing; OR
$50,000 minimum equity in property; OR $100,000 in liquid verifiable funds;
OR 6 months reserves of stated income, liquid and verifiable. |
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Adjustments
Adjustments subject to change without notice. Check daily rate sheets to verify. |
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$0 -$34,999 minus 1.750
$35,000 - $44,999 minus .500
$45,000 - $99,999 minus .250
$650,001 - $1,000,000 minus .500
No Ratio minus .125
No Income No Asset minus .500
Cash-Out Refinances minus .250
Multi-Family 2-4 minus 1.000
Condotels minus 1.625
High Rise Condo minus .875
Foreign Nationals minus .250
Primary and Second Homes up to 70% LTV add
.250
Primary and Second Homes 80.01-85.00% LTV
minus .250
Primary 90.01-95.00% LTV minus 1.250
Investment Property up to 85% LTV minus
1.500
Investment Property 85.01-90.00% LTV minus
2.000
AL property minus .200
KS, MO, NC, SC, TN, VA property minus .100
FL property add .100,
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