| Program Category Description |
Time to Process |
Credit History |
Tax Returns Req'd? |
Job/Work Verified? |
Max. Loan to Value % |
Property Notes |
Vesting/ Ownership |
(A) Conforming
Fixed & ARM rates FNMA
/FHLMC
|
Expect (4) Weeks |
Established; all as agreed;
all on time. |
(2) years (3) years if self emp'd
|
Yes; term, salary/wages &
status |
80% Prop Val. 75% Cashout; higher
w/M.I. |
Must be conforming property (SFR,
zoning, construction & quality) |
Must "vest" in name
of borrower @ time of funding |
(A-) Conventional
Fixed & ARM rates available
|
Expect (3) Weeks |
Established; up to (2) 30 day
lates O.K. |
(2) years (3) years if self emp'd
|
Yes; term, salary/wages &
status |
80% Prop Val. 75% Cashout; higher
w/M.I. |
Must be conforming property (SFR,
zoning, construction & quality) |
Must "vest" in name
of borrower @ time of funding |
(B) Institutional
Fixed & ARM rates
available
|
Expect (3) Weeks |
Established; 30 60day lates w/
offsetting (+) |
(2) years; "No-Qual"
rate higher |
Yes; No-qual avail. @ higher rate
|
75% Prop Val. 65% Cashout; |
Must be conforming property (SFR,
zoning, construction & quality) |
Must "vest" in name
of borrower @ time of funding |
(C1) Institutional
Fixed & ARM rates available
|
Expect (3) Weeks |
30/60/90's OK w/ offsetting (+)
credit |
(2) years; "No-Qual"
rate higher |
Yes; No-qual avail. @ higher rate
|
70% Prop Val. 60% Cashout; |
Must be conforming property (SFR,
zoning, construction & quality) |
Must "vest" in name
of borrower @ time of funding |
| (C2) Institutional Fixed
& ARM rates available |
Expect (3)
Weeks
|
Collection/ ChargeOff/ prior BK/NOD
|
(2) years; "No-Qual"
rate higher |
Yes; No-qual avail. @ higher rate
|
65% Prop Val. 55% Cashout; |
Must be conforming property (SFR,
zoning, construction & quality) |
Must "vest" in name
of borrower @ time of funding |
Preferred Equity
Equity Qualified (PMM) fixed
rate |
Expect (10-14) Days |
Established Credit helpful; Mostly
on time |
Helpful but not req'd
|
Telephone Verification
Only
|
65%; Reduce LTVfor units, comm'l
prop. |
Property easily resold;
Holdbacks may be req'd for needed repairs |
May borrow as: Executor/Admin.,
trustee, conserv. etc. |
Equity Only
Equity Qualified (PMM) fixed
rate
|
Expect (10-14) Days |
Considered case-by-case |
Helpful but not req'd
|
"No Qual" is O.K.
|
60%; Reduce LTVfor units, comm'l
prop. |
Property easily resold;
Holdbacks may be req'd for needed repairs |
May borrow as: Executor/Admin.,
trustee, conserv. etc |
Easy Equity: Non-conforming
(PMM) fixed rate
|
Expect (10-14) Days |
Considered case-by-case |
Helpful but not req'd
|
"No Qual" OK w/rental
agreement(s) |
55%; Reduce LTVfor units, comm'l
prop. |
Property easily resold;
Holdbacks may be req'd for needed repairs |
May borrow as: Executor/Admin.,
trustee, conserv. etc |
