- Product Type
- 15, 30, 40-Year Fixed Rate
- Interest Only
- Min Credit Score: 660 · 40-Year Term / 30-Year Amortization: First 10 years are interest-only.
- Loan Amounts
- Standard $150,000 · ≥ $100,000 Loan Amounts from $100,000–$149,999: Min Score 660, Max LTV 80% Purchase / 75% Refinance · Max: $4,000,000.
- Property Types
- Single Family
- Condo & NW Condo: Max LTV 85%
- CondoTel: Max LTV 85% · Max Loan Amount $2.5M
- Rural Property: Max LTV 80% Purchase / 75% Refinance
- Short Term Rentals Allowed: Max LTV 80% Purchase / 75% Refinance
- Occupancy
- Primary, Second Home, Investment
- Acreage
- Max 20-Acres
- Cash-In-Hand
- Unlimited
- DTI
50% (Standard for all income types) · FTHB <680 Score: Max DTI 43%.
Expanded DTI 50.01–55% requires ALL of the following overlays:
- Primary Residence Only
- Min Score 660 · Min residual income $3,500
- Max LTV/CLTV 80%
- Min 6-months reserves
- Personal Bank Statements
- 12 / 24 Months Personal + 2-months Business statements reflecting business activity and transfers to the personal account.
- Expense Factor: w/ 2m Bus. Stmts — None · w/o 2m Bus. Stmts — 10%.
- Business Bank Statements
- 12 / 24-Months Business · Expense Factor: 50% (standard).
- CPA, EA, or Tax Preparer — Expense Statement, P&L · Min 10% ratio will be used.
- Profit & Loss Statement Only
- 12- or 24-months CPA/EA/CTEC/Tax-Attorney prepared P&L only.
- Preparer must attest they have completed or filed the borrower's most recent business tax return.
- Max 1x30x12 housing · Min 36 months credit-event seasoning.
- Written VOE Only
- FNMA Form 1005.
- Two (2) most recent months of personal bank statements reflecting employer deposit(s) on each statement.
- Housing history Max 1x30x12 · Credit events must be > 36 mo.
- 1099 Only
- 1- or 2-Years 1099 · Fixed Expense Ratio of 10%.
- Most recent 2 months of bank statements required to support continued receipt of income from same source.
- Housing history Max 1x30x12 · Credit events must be > 36 mo.
- Asset Utilization
- Calculation method: Eligible assets divided by 84 to determine a monthly income figure for loan application.
- Housing history Max 1x30x12 · Credit events must be > 36 mo.
- Tradeline Requirements
- Min: 2 reporting 24-months w/activity in last 12-months OR 3 reporting 12-months w/recent activity. If primary borrower has 3 credit scores, minimum tradeline requirement is waived.
- Housing History
- 1x30x12 — No adjustments to LTV or Loan Amounts.
- 0x60x12 — Max Loan Amount $1,500,000 · Max LTV/CLTV 80% Purchase / 75% Refinance.
- 0x90x12 — Max Loan Amount $1,000,000 · Max LTV/CLTV 70% Purchase · Refinance Not Eligible with a 0x90x12 rating.
- Credit Event Seasoning
- BK/FC/SS/DIL/Pre-Foreclosure/MC ≥ 36 mo. — No adjustments to LTV or Loan Amounts.
- ≥ 24–35 mo. — Max Loan Amount $1,500,000 · Max LTV/CLTV 80% Purchase / 75% Refinance.
- ≥ 12–23 mo. — Max LTV/CLTV 70% Purchase · Refinance Not Eligible when credit event has < 24 months seasoning.
- PITIA Reserves
- LTV ≤ 80%: 3 months PITIA
- LTV 80.01–85%: 6 months PITIA
- LTV > 85.01%: 12 months PITIA
- Loan Amount > $1.5M: 9 months PITIA
- Loan Amount > $2.5M: 12 months PITIA
- Cash-Out can be used to satisfy reserve requirements.
- Gift Funds
- Min borrower contribution (down payment or closing costs): 5% Primary, Second Home · 10% Investment property. Gift funds not allowed to satisfy reserve requirements.
- State Specific Overlays
- CT, FL, IL, NJ, NY: Max LTV/CLTV 85% Purchase / 80% Refinance · Max Loan Amount $2.0M.
- Prepayment Penalty
- Investment Property Only — Prepayment Fee Structures: 5% Fixed, 3% Fixed (min 2-yr); 1-yr term requires 5%. No prepay states: AK, KS, MI, MN, NM, RI, IL & NJ (individual vesting), PA <$320K, OH 1-2 units.