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 Prime PLUS Loan Program
Full & Alt Doc
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Primary, Secondary Homes & Investment Properties
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PROGRAM ELIGIBILITYMax LTVPROGRAM LIMITATIONS
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Max Loan AmountMax DTIReservesFICOPurch / R&TC/OOverlaysLimit
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$1,500,000 50%6 Months74090.00%80.00%Interest Only / 2-4 Units80% LTV
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68085.00%75.00%2nd Home / Investor
(Min FICO 680, Max $3M Loan Amt)		80% LTV (Purch & R/T)
75% LTV (Cash-Out)
-5% LTV LnAmt>2mm
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66080.00%70.00%
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$2,500,000 50%9 Months72080.00%75.00%
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70080.00%70.00%No Ratio / Asset Depletion80% LTV
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68075.00%65.00%Non Warrantable Condos80% LTV
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$3,000,000 50%12 Months72075.00%70.00%Residual Income$2,500.00
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70070.00%70.00%
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$3,500,00050%12 Months70070%N/A
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PROGRAM REQUIREMENTS
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Credit
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BK / FC / DIL / SS
48 Months Seasoned
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Mortgage History1 x 30 x 12
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Qual FICO
Full Doc - Primary Wage Earners - Middle of 3 or Lower of 2. Bank Statement Program - For 50/50 Business Owners use highest mid FICO for all applicants
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Program Highlights
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Occupancy
Primary, Secondary Homes & Investment Properties
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Property Types
SFR, PUD, Townhome, 2-4 Units, Condos
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Non Warrantable Condos Max LTV 80% - See Guidelines was an error her as correct above
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Rural: Primary Purchase only; Max 70% LTV; Max Loan Amt: $1.5MM
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Loan Programs
Fully Amortized - 30 Year Fixed & 40 Year Fixed
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Interest Only - 30 Year Fixed 10 Yr I/O; 40 Year Fixed 10 Yr I/O
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Qual Payment - I/O
Qualify over the fully amortized period - 360 Months
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Max Cash Out
Primary: LTV ≤ 65: Unlimited; LTV > 65: $1,000,000
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2nd Home & Investor Occupancy: LTV ≤ 65: $1,000,000; LTV > 65: $500,000
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Cash Proceeds may be used to meet requirement
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Income History
12 Month documented history
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Asset Depletion
No minimum asset total required. Any occupancy type OK. Cash Out transactions OK.
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100% Checking & Savings, 70% Stocks & Bonds, 100% Retirement Accounts if ages 59.5+ otherwise use 70% of face value.
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Divide all eligible assets over 36 months if used as an additional income stream, otherwise, divide over 84 months.
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No Ratio / No DTI
Eligible Assets must cover 100% of the MTG Note, Minimum Reserve Requirement & 12 Months of Total Payments.
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Business Bank Statements
50% Default Factor OK or lesser expense factor to 10% acceptable with a CPA Letter.
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Personal Bank Statements
0% Expense Factor with no CPA letter required. Use 100% of eligible deposits.
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Blending Bank Statements
Blending Business & Personal Bank Statements OK. No limit on the number of bank accounts that may be used.
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Blended Income
OK. Multiple Bank Statement Streams, Asset Depletion and standard income sources may all be combined on the same application.
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Debt ConsolidationDefined as the payoff of any Mortgage/Title Lien including delinquent property taxes, any tradeline on credit and any Federal or State Tax Liens with an established Payment Plan. Max Cash in hand $2,000. See guidelines for further clarity.
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Prepayment PenaltyInvestment Only; Standard = % of amount prepaid (partial or full prepayment): 5‐year penalty with 5%, 4%, 3%, 2%, 1% stepdown fee structure; OR 4‐year penalty with 4%, 3%, 2%, 1% stepdown fee structure; OR 3-year penalty with 3%, 2%, 1% stepdown structure; OR 2-Year penalty with 2%, 1% stepdown fee structure; OR 1-year penalty with 1% fee. Please see Operational Prepayment Penalty Matrices for State restrictions.
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Exceptions
Encouraged and on a case by case basis with compensation factors.
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Other
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Citizenship
US Citizens; Permanent Resident Aliens; Non-Permanent Resident Aliens (w/ US Credit)
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ITIN: Standard Eligibility only (no recent event), Primary & Second Home only, max LTV 80%; Foreign Nationals - Not Allowed
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Escrows
Required for HPML Loans ONLY and LTV's > 85%
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Reserves
Cash Proceeds may be used to meet requirement
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Subordinate Financing
Allowed to maximum LTV
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Min Loan Amount
$300,000. Exceptions considered on a case by case basis.
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Seller Concessions6%
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Appraisals
Loan amounts ≤ $2,000,000, one Full Appraisal with supportive secondary valuation soure. See guidelines. Loan amounts > $2,000,000, two Full Appraisals required.
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Declining Markets
If property is located in a declining market as indicated by the appraisal, Max LTV is reduced by 5%
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