Monday, October 4, 2010

Residental Loan Programs, Jumbo, No Doc, Lite Doc, Investment

*Program:  Jumbo Loans
             -full doc
-min 680 credit scores
             -cash out up to 65% LTV
             -80% max LTV on purchases
             -max loan amount of $5 million
             -21 states (No GA)
             -available 4.5% 5/1-Conforming-Cap 2% (no pre-pay penalty)
             -closing in 20 days or less
             -30-year 4.875-5.1% (no pre-pay)

*Program:  No Doc
             -50% d/p
             -no min credit scores requirement
             -no SSN needed
             -d/p must be seasoned in an American bank account for a min of 90 days
             -only document needed is valid US issued driver’s license
             -rates start at 7.875% (no pre-pay penalty)
             -available in any state in CONUS
             -max loan amount of $417k

*Program:  Min Doc
             -40% d/p
             -min low credit scores of 740
             -6 mos bank statements
             -2 years business tax returns
             -rates start at 7.875% (no pre-pay penalty)
             -available in any state in CONUS
             -max loan amount of $417k

*Program:  Investment
             -20% d/p no MI
             -10% d/p w/MI
             -full doc
             -rates start at 5% 30-year (no pre-pay penalty)
             -min 680 credit scores
             -min $150k loan amount

*Program:  Traditional
             -available 3.5-4% 5/1 (no pre-pay penalty)
             -rates start at 4.25% 30-year (no pre-pay penalty)
             -min 620 credit scores
             -max loan amount of $417k
             -available in any state in CONUS
             -d/p as low as 3%
            

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