| InterestSmartSM 6-Month LIBOR ARM Program | ||||||||||||||||||||
| 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 | 2 Months | 620 | 95% | 300K | 95% | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 2 Months | 620 | 95% | 400K | - | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 2 Months | 620 | 90% | 500K | 90% | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 2 Months | 620 | 80% | 650K | 90% | 700 | 80% | 650K | 80% | 325K | |||||||||
| O/O | 1 Unit | 2 Months | 620 | 75% | 1 Million | 90% | 620 | 75% | 1 Million | 80% | 325K | |||||||||
| O/O | 2 Units | 2 Months | 640 | 90% | 350K | 90% | - | - | - | - | - | |||||||||
| O/O | 2-4 Units | 2 Months | 660* | 75% | 500K | 90% | 660* 75% | 350K | 75% | 325K | ||||||||||
| Home | 1 Unit | 6 Months | 620 | 90% | 500K | 90% | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 620 | 80% | 650K | 90% | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 620 | 75% | 1 Million | 90% | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 620 | 65% | 1 Million | 90% | 620 | 65% | 650K | 70% | 325K | |||||||||
| Home | 1 Unit | 6 Months | 620 | 60% | 1 Million | 90% | 620 | 60% | 1 Million | 70% | 325K | |||||||||
| Investor | 1 Unit | 6 Months | 620 | 70% | 350K | - | - | - | - | - | - | |||||||||
| Investor | 2-4 Units | 6 Months | 660* 65% | 500K | - | - | - | - | - | - | ||||||||||
| 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 | 680 | 90% | 300K | - | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 6 Months | 660 | 80% | 500K | 80% | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 4 Months | 660 | 75% | 650K | 80% | 660 | 75% | 500K | 75% | 325K | |||||||||
| O/O | 1 Unit | 4 Months | 660 | 70% | 750K | 80% | 660 | 70% | 650K | 75% | 325K | |||||||||
| O/O | 1 Unit | 4 Months | 660 | 65% | 1 Million | 80% | 660 | 65% | 650K | 75% | 325K | |||||||||
| O/O | 1 Unit | 2 Months | 660 | 60% | 1 Million | 80% | 660 | 60% | 1 Million | 75% | 325K | |||||||||
| Home | 1 Unit | 6 Months | 680 | 90% | 300K | - | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 660 | 80% | 500K | 80% | - | - | - | - | - | |||||||||
| Home | 1 Unit | 4 Months | 660 | 75% | 650K | 75% | - | - | - | - | - | |||||||||
| Home | 1 Unit | 4 Months | 660 | 70% | 750K | 75% | 660 | 70% | 500K | 70% | 325K | |||||||||
| Home | 1 Unit | 4 Months | 660 | 65% | 1 Million | 75% | 660 | 65% | 650K | 70% | 325K | |||||||||
| Home | 1 Unit | 2 Months | 660 | 55% | 1 Million | 75% | 660 | 55% | 1 Million | 70% | 325K | |||||||||
| Investor | 1 Unit | 4 Months | 660 | 65% | 300K | - | - | - | - | - | - | |||||||||
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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 | 90% | 300K | - | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 6 Months | 680 | 80% | 400K | - | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 6 Months | 680 | 75% | 500K | - | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 6 Months | 680 | 70% | 650K | - | - | - | - | - | - | |||||||||
| O/O | 1 Unit | 6 Months | 680 | 65% | 1 Million | - | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 680 | 90% | 300K | - | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 680 | 80% | 400K | - | - | - | - | - | - | |||||||||
| Home | 1 Unit | 6 Months | 680 | 70% | 650K | |||||||||||||||
| Home | 1 Unit | 6 Months | 680 | 65% | 1 Million | |||||||||||||||
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Title Vesting
Individual Joint Revocable Family Trust |
Product Type
6-Month LIBOR Indexed ARM |
Qualification Rate
2% over the note start rate or 6%, whichever is higher. |
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Amortization Term
30 Years |
Ratios
O/O Full Doc > 80% LTV 28/36% All others 33/38% |
Property Types
Single Family Detached 2-4 Unit Multi Family PUD Attached & Detached FNMA A & FHLMC III |
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*Full doc 2 Unit properties require a minimum credit score of 640.
**Cash-out refinance on Stated Documentation requires 6 months reserve. The borrower is required to make interest only payments during the first five (5) years of the loan term. At the end of the fifth (5th) year, the loan will enter a repayment period that will fully amortize the loan over the remaining twenty-five (25) years. This program must be manually underwritten. LTV’s > 80% must comply with MI company criteria.
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