Purpose                                     Purchase/Cash-Out/Refinance

Loan Amount                            $100k - $2M

Terms                                         5-Year ARM/30–Year Fixed

Amortization                             15, 25, 30

Max LTV                                    <$500k: 75%/>$500: 70%

FICO                                          650

Min DSCR                                  1.0x1

Stabilization                               SFR/Duplexes- 100%/Triplexes- 66.67%/4-Plexes-75% 

UW Method                               Property DSCR

 

Pre-Payment Fee                       5% for 5 years/Declining 3%, 2%, 1%

                                                    Declining 5%, 4%, 3%, 2%, 1%

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Documentation                          No tax returns required. Leases if using actual rents.

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Eligible Properties                      1-4 Attached/Detached, PUD, Single Family, Townhome.                 

 

 1Debt service requirement is based on borrower’s FICO score and may be higher than figures shown

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GENERAL GUIDELINES 

• RESERVES REQUIREMENT

6+ months of liquid financial reserves measured by number of months of the qualifying

Principal and interest payment of the subject property for all purchases, cash-out and rate/term transactions.

• BUY DOWNS

0.375% = 1 point cost

• CAPS/FLOORS

WSJ Prime Index plus margin on note date. Initial Reset and Annual Adjust cap 2%.
Life Cap: Initial rate +6%. Life Floor: Initial rate

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