A variety of documentation options
Primary Residence and Second Homes
Max LTV 85% with a 720+ score $1, M Max
Max LTV 80% with a 660+ score $750k Max or
70% up to $1m with a 660 score.
Note:
Max DTI is 50%
6 months reserves (PITIA)
ITIN must be assigned before the application
30 Year Fixed,
5 year / 6 month ARM, 7 Year / 6 month ARM, 10 Year / 6 month ARM All ARM's based on the 10 day SOFR plus a margin of 4.5%
Note: Interest Only Option Permitted
Assets:
Must be sourced and seasoned for 60 days prior to application
Rental History is required for past 12 months 0 x 30 if no prior ownership history
Max 10 units may be owned.
Permitted up to 6% on all transactions
Other Notes:
Max 80% CLTV with an institutional second mortgage - but no seller carry-back seconds.
Second Homes - 720 Min score - 2 tradelines 24 months or 3 for 12 months 45%
Max DTI with $5,000 min residual income, and 9 months reserves on deposit.
Investment Property: Not Permitted