Full Doc Loans and Lines:
Max Loan/Line Amounts CLTV FICO DTI** Combined Lien Max
Primary Residence
$100,000 100% 720 40% $500,000
$100,000 refi 95% 700 40% $500,000
$350,000 purchase 95% 680 40% $750,000
90% 660 45% $1.1 M
90% 720 50% $1.1 M
$500,000< 85% 680 50% $1.5 M
80% 660 50% $1.5 M
80% 620 45% $1.5 M
65% 660 50% $1.5 M
$250,000 3-4 unit 75% 660 45% $650,000
Second or Vacation Homes- 1 unit
90% 720 40% $1.1 M
$500,000 85% 660 45% $1.5 M
65% 660 50% $2.0 M
Loans:
Fixed for 15 year, 20 year or 30/15 year
Fees: $250 processing, $75 Doc Prep, $30 Courier and $15 Flood cert
No Prepayment Penalty
Lines:
10 year interest access only access period - next 20 amortized
Qualify at 1%
Check access -available 2 weeks after closing- request money needed at time of closing
$20 annual fee- after 1st year
Investor pays all closing costs
No prepayment penalty
3 ways to earn money -$400 incentive for for loans over 100k-% $300 incentive for loans under 100K
.50% of 1.00% of loan amount up to $1,500
Broker fee (use quick point agreement)
Documentation needed:
1003/1008
Registration/Rate Lock Sheet
Credit report
Income Docs (2yr W-2 and 2 recent pay stubs or for self emp. 2 yr tax return, P & L)
Copy of Note on 1st Mtg. If recorded in past 3 years
Purchase Contract (if purchase money second)
Premier Stated Loans and Lines (Primary residence only)
Max Line/Loan Amount CLTV FICO DTI Combined Lien Max
$100,000 90% 740 45% $500,000
$100,000 85% 720 45% $500,000
$125,000 80% 700 45% $500,000
No Add On to Rate!!!
Liquid Express
$250,000 80% 700 38% $250,000
$250,000 75% 680 38% $500,000
$250,000 70% 680 38% $1.1 M
Add .75% to Rate
Must verify 50% of liquid assets of stated income (2 months statements)
Example- if you state $100,000- you must verify $50,000 in liquid assets
**If using funds for Debt Consolidation lower Debt Ratio by 5%
SAMC FEES: Underwriting Fee $225.00, Processing Fee $250.00 and Doc Prep Fee $195.00
For more information please contact Sandra Perez ext 231