| Type
of Property |
Owner
occupied only
Single family, townhouse, condo, 2-4 units |
| LTV
Limitations |
Up
to 100% - Single family, townhouse, condo
Up to 80% - 2-4 units
Note: Land size must not exceed 5 acres |
| Length
of Ownership |
The
borrower must have owned property for 12 consecutive months within the
past three years. This does not have to be their current residence. To
show proof, the borrower must provide copies of previous insurance policies,
HUD-1, mortgage statements, etc. If this cannot be provided, maximum CLTV
will be limited to 80%. |
| Lien
Position |
First
or second only |
| Loan
Term |
10
years, interest only payments |
| Annual
Fee |
$35.00
|
Prepayment/Cancellation
Fee |
$1,000
if account is closed within the first year |
| Minimum
Loan Amount |
$5,000.00
|
Minimum
Income
Requirement |
Loan
amount to $50,000 - Minimum $20,000
Loan amount over $50,000 to $75,000
- Minimum $25,000
Loan amount over
$75,000 to $100,000 - Minimum $30,000
Loan amount over $100,000 - Full
documentation required
|
Maximum
Loan Amount:
"NIV" |
Non
self-employed: $100,000
Self-employed: $25,000.00 |
Requirements
Over
"NIV" Loan Limit |
Full
documentation |
| Restrictions
|
Owners
of mortgage companies are not eligible for this program |
| Valid
Length of Application Approval |
30
days - must close within this time frame or application will be automatically
cancelled. |
Appraisal
Requirement:
Lender orders all appraisal |
Loan
amount to $50,000: Short Form
Loan amount over $50,000
to $100,000: Short Form, FHLMC 704 or equivalent (drive by with new pictures
and comparables)
Loan amount over $100,000
to $250,000: Abbreviated Fannie Mae appraisal form without addendums
Loan amount over $250,000:
Full report from lender's approved appraiser. |
| Credit
Report Requirement |
Lender
orders credit report |
| Points
and Fees |
Maximum
allowed between Broker (you) and Lender (us) is 10 pts. Our charges: 2
points + $650.00 for administrative and processing.
Title,
escrow and other escrow incidentals will be determined before closing.
A final fee sheet need to be filled out 48 hours before scheduled sign-off.
|