Low Down, MFR, Primary Home Financing Over Conforming Limits

[Jerry Padilla]

PRIMARY HOME PORTFOLIO LOAN / LOW DOWN PAYMENT PROGRAM

Minimum Loan Amount:

Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming - Conforming Limits + $1

Maine & New York - High Balance Limits + $25k

Massachusetts is the only state not allowed with this program

Look Up Conforming and High Balance Loan Limits for your area here;

Conforming Loan Lookup

No Escrow Wavers Allowed!

Purchase (No Cash Out) 1-4 Unit Primary Home, 1 Unit Second Home

• 95% LTV -
  • Up to $2 million
  • Minimum credit score 740
  • NO Mortgage Insurance
  • 9 months reserves
  • 43% Max DTI'S
  • Up to 3% sellers concessions allowed
• 90% LTV -
  • Up to $3 million
  • Minimum credit score 700
  • NO Mortgage Insruance
  • 9 months reserves
  • 45% DTI'S
  • Up to 6% sellers concessions allowed

Cash Out Financing - Primary Home 1-4 Unit Primary Home, 1 Unit Second Home

• 85% LTV -
  • Up to $1.5 million
  • Minimum credit score 700
  • NO Mortgage Insurance
  • 9 months reserves
  • 45% DTI'S
  • Maximum Cash Out of $500,000
  • 2-4 Unit Cash Out not allowed in Texas

Financing Transaction Requirements:

• Gift funds not allowed on LTV's greater than 90%
• No derogatory events allowed in the past 4 years - including No Foreclosure, Short Sale, Deed In Lieu of Foreclosure, Chapter 7 or 13 bankruptcies
• Unlimited Primary Residence Homes, Maximum of 5 Portfolio Loans with this program, Maximum of 10 Financed Properties with Second Home, maximum of $3 million in unpaid principle
• Properties listed for sale must be taken off of the market prior to application
• ***** First Time Home Buyer - must meet payment shock guideline - *****
   First-time homebuyers may not exceed a 250% Payment Shock ratio
  Payment Shock Ratio is the percentage ratio of the borrower’s new Total Monthly Housing Payment over the borrower’s prior Total Monthly Housing Payment.
   Example: For a borrower with a proposed Total Monthly Housing Payment of $5,000 and an existing Total Monthly Housing Payment of $3,000, such borrower’s Payment Shock Ratio is 166.7% ($5,000 divided by $3,000).
   Note: If a borrower has been living rent free or owns their current home free and clear, no payment shock calculation is required.
•  ***** Living Rent Free *****
  • Less than 38% DTI
  • Additional 6 months of reserves required
  • 120% residual income required
• Minimal Residual Income Requirements - must be met and depend on loan amount and household size.

Cash Out Financing -

• 6 Months seasoning required
• Properties must not have been on the market for the past 6 months

Delayed Financing -

• 12 months or less of seasoning
• Property must not have been listed for sale

Some of the highest priced cities/counties that we lend in are (but not limited too);

Atherton, Calif. - San Mateo, Cherry Hills Village, Colo. - Arapahoe, Scarsdale, N.Y. - Westchester, Los Altos Hills, Calif. - Santa Clara, Short Hills, N.J. - Essex, Hillsborough, Calif. - San Mateo, Old Greenwich, Conn. - Fairfield, Bronxville, N.Y. - Westchester, Highland Park, Texas - Dallas, Darien, Conn. - Fairfield, West University Place, Texas - Harris, The Village of Indian Hill, Ohio - Hamilton, Winnetka, Ill. - Cook, Great Falls, Va. - Fairfax, Glencoe, Ill. - Cook, Kentfield, Calif. - Marin, University Park, Texas - Dallas, Paradise Valley, Ariz. - Maricopa, Westport, Conn. - Fairfield, McLean, Va. - Fairfax, Piedmont, Calif. - Alameda, Greenville, N.Y. - Westchester, Upper Saddle River, N.J. - Bergen, Larchmont, N.Y. - Westchester, Travilah, Md. - Montgomery, Riverside, Conn. - Fairfield, Palm Beach, Fla. - Palm Beach, Los Altos, Calif. - Santa Clara, Ladue, Mo. - St. Louis, Hinsdale, Ill. - Cook, Montecito, Calif. - Santa Barbara, Lake Forest, Ill. - Lake, Tiburon, Calif. - Marin, Rye, N.Y. - Westchester, Upper Montclair, N.J. - Essex, Orinda, Calif. - Contra Costa, Rumson, N.J. - Monmouth, Wolf Trap, Va. - Fairfax, Southlake, Texas - Denton, Inverness, Ill. - Cook, North Caldwell, N.J. - Essex, Pepper Pike, Ohio - Cuyahoga, Bellaire, Texas - Harris, Indian River Shores, Fla. - Indian River, Potomac, Md. - Montgomery, Palos Verdes Estates, Calif. - Los Angeles, Alamo, Calif. - Contra Costa, Town and Country, Mo. - St. Louis, Woodbury, N.Y.- Nassau, Malibu, Calif. - Los Angeles, New Albany, Ohio -- Franklin, Mill Valley, Calif. - Marin, Orono, Minn. - Hennepin, East Hills, N.Y. - Nassau, Oak Brook, Ill. - Cook, Franklin Lakes, N.J. - Bergen, Glen Ridge, N.J. - Essex, La Cañada Flintridge, Calif. - Los Angeles, Long Grove, Ill. - Lake, Lawrence, N.Y. - Nassau, Saratoga, Calif. - Santa Clara, Blackhawk, Calif. - Contra Costa, Chatham, N.J. - Morris, Old Tappan, N.J. - Bergen, Leawood, Kan. - Johnson, Irvington, N.Y. - Westchester, Briarcliff Manor, N.Y. - Westchester, Pelham, N.Y. - Westchester, Chevy Chase, Md. - Montgomery, Manhattan Beach, Calif. - Los Angeles, Summit, N.J. - Union, Darnestown, Md. - Montgomery, Ridgewood, N.J. - Bergen, Bethesda, Md. - Montgomery, Key Biscayne, Fla. - Miami-Dade, Pinecrest, Fla. - Miami-Dade, Coto de Caza, Calif. - Orange, Woodcliff Lake, N.J. - Bergen, Hawthorn Woods, Ill. - Lake, Colleyville, Texas - Tarrant, Wilmette, Ill. - Cook, Tenafly, N.J. - Bergen, Greenwood Village, Colo. - Arapahoe, San Marino, Calif. - Los Angeles, Garden City, N.Y. - Nassau, Menlo Park, Calif. - San Mateo, Glen Rock, N.J. - Bergen, Lafayette, Calif. - Contra Costa, Greenwich, Conn. - Fairfield, Burr Ridge, Ill. - Cook, Little Silver, N.J. - Monmouth, Harrison, N.Y. - Westchester, Bernardsville, N.J. - Somerset, Princeton, N.J. - Mercer, Clarendon Hills, Ill. - DuPage, South Kensington, Md. - Montgomery, Westfield, N.J. - Union, Highland Park, Ill. - Lake