Foreign National Programs

 


 

Full Documentation Purchase and Rate & Term Cash-Out Refinance****

Occupancy Units Reserves Score*** LTV L/A CLTV Score*** LTV L/A CLTV Max C/B

O/O 1 Unit 6 Months 620 80% 500K 80% - - - - -

O/O 1 Unit 6 Months 620 75% 650k 80% - - - - -

O/O 1 Unit 6 Months 620 70% 1Million* 80% - - - - -

O/O 1 Unit 6 Months 620 65% 1.5 Million* 80% - - - - -

O/O 1 Unit 6 Months 620 60% 1.5 Million* 80% 620 60% 500K 60% 250K

2nd Home 1 Unit 6 Months 620 80% 500K 80% - - - - -

2nd Home 1 Unit 6 Months 620 75% 650K 80% - - - - -

2nd Home 1 Unit 6 Months 620 70% 1Million* 80% - - - - -

2nd Home 1 Unit 6 Months 620 65% 1.5 Million* 80% - - - - -

2nd Home 1 Unit 6 Months 620 60% 1.5 Million* 80% 620 60% 500K 60% 250K

Investor 1 Unit 6 Months 620 70% 400K 70% - - - - -

Investor 2-4 Units 6 Months 660** 60% 350K 60% - - - - -

Stated Income Documentation Purchase and Rate & Term Cash-Out Refinance****

Occupancy Units Reserves Score*** LTV L/A CLTV Score*** LTV L/A CLTV Max C/B

O/O 1 Unit 6 Months 660 75% 650K 75% - - - - -

O/O 1 Unit 6 Months 660 70% 1Million* 75% - - - - -

O/O 1 Unit 6 Months 660 65% 1.5 Million* 75% - - - - -

O/O 1 Unit 6 Months 660 60% 1.5 Million* 75% 660 60 500K 60% 250K

2nd Home 1 Unit 6 Months 660 75% 650K 75% - - - - -

2nd Home 1 Unit 6 Months 660 70% 1Million* 75% - - - - -

2nd Home 1 Unit 6 Months 660 65% 1.5 Million* 75% - - - - -

2nd Home 1 Unit 6 Months 660 60% 1.5 Million* 75% 660 60% 500K 60% 250K

Investor 1 Unit 6 Months 660 70% 400K 70% - - - - -

Investor 2-4 Units 6 Months 680 60% 350K 60% - - - - -

Stated Income/Stated Asset

Documentation*****

Purchase Only Cash-Out Not Allowed

Occupancy Units Reserves Score*** LTV L/A CLTV Score*** LTV L/A CLTV Max C/B

O/O 1 Unit 6 Months 680 70% 750K 70% - - - - -

2nd Home 1 Unit 6 Months 680 70% 750K 70% - - - - -

Title Vesting

Individual

Joint

Revocable Family Trust

Corporate

L.L.C.

Product Type

15 & 30 Year Fixed

1 & 3 month MTA ARM Deferred Interest

1/1,3/1, & 5/1 MTA ARM

3/1,5/1 Treasury ARM

Qualification Rate

1 & 3 month MTA fully indexed rate

1/1 MTA 2% over note start rate

3/1 & 5/1 MTA note start rate

3/1 & 5/1 Treasury note start rate

Amortization Term

10, 15, 20, 25 & 30

Ratios

36/42%

Property Types

Single Family Detached

2-4 Unit Multi Family

PUD Attached & Detached

FNMA A, FNMA B, FHLMC II, FHLMC III &

Portfolio Non-warrantable Condos

*Loan amounts > $1,000,000 must have 12 months PITI in reserves.

**Minimum 640 credit score required for full doc 2 unit properties only.

***If borrower does not have U.S. credit obtain 1 Credit Reference letter or 1 Foreign Credit Report.

****Must have 24 months seasoning to use appraised value, if not use acquisition cost.

*****On Stated Income/Stated Asset Credit Reference letter is not required, auto debit is required.

U.S. credit is not a requirement, if borrower has credit in the U.S. they must meet the minimum credit score for the

transaction.

Rates and underwriting guidelines are available on line at www.buexpress.com