Ideal for borrowers with good credit who find it difficult to produce standard income documentation — those who are self-employed, 100% commissioned or salaried.
- Stated income is sufficient — minimal income verification required.
- More affordable mortgage payments with extended amortization periods of up to 40 years for qualified borrowers.
Interest Rates: Best published discounted rates based on product/term selected & 120 days rate guarantee for fixed rate products
Loan Amount For Purchase: $50,000 to $600,000 — some exceptions apply
Loan Amount For Refinance/Equity Take-Out limited to: $100,000 for debt consolidation (not available for default management) $200,000 for asset enhancing purposes
All applicants used to qualify must occupy the property, spousal guarantors acceptable provided they occupy the property
Owner occupied primary residences only: Maximum of 2 units — some exceptions apply
Maximum loan to value for self-employed or 100% commissioned applicants: 95% on purchase 90% on refinance
Maximum loan to value for salaried applicants: 65% on purchase or refinance
Down Payment: from borrower’s own resources — may not be gifted or borrowed