Portfolio Low Down Payment Primary Residence Financing

[Jerry Padilla]

*PRIMARY RESIDENCE ONLY - UNLIMITED AMOUNT OF FINANCED PROPERTIES

*MINIMUM CONFORMING LIMITS + $1 – NO EXCEPTIONS

*Maximum Financing Total Under This Program is $3,000,000 unpaid principal balance

* NO MI

30 yr fixed

5/1 ARM

7/1 ARM

Purchase/Rate & Term Criteria – LTV

• Seller may contribute up to ( 3% if >90% LTV) & (6% if < or = 90%)
• Gift Finds not allowed if >90% LTV
• No Escrow Waiver

Cash Out & Rate & Term Criteria

• 6 month seasoning requirement
• Property must not have been listed for sale for previous 6 months from application date.

*Non Traditional Credit Not Permitted

*Declining Markets noted by appraiser - LTV will be reduced by 5%

* New York and Maine not available, Most States This Program is Available!

* Massachusetts not allowed

Properties Allowed:

Single Family (Detached, Semi Detached, Attached)

1-4 units

PUD (Detached, Attached)

Warrantable Condominium(Detached, Attached)

Non-Warrantable Condominiums Attached/Detached) including Condo-tels.

(Subject to Prime Lending Approval)

** FIRST TIME HOME BUYERS - payment shock ratio is required unless living rent free or currently own home free and clear. Caluclation divides proposed monthly housing payment by current total monthly housing payment. This ratio must not exceed 250%.

1-4 Unit Primary Residential Property or 1 Unit Second Home

• 95% LTV
  • 700 Credit Score Required
  • $3,000,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

$2,000,000 max loan amount

• 90% LTV
  • 700 Credit Score Required
  • $3,000,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

Cash Out Refinance Criteria - Maximum Cash Back - $500,000

1-4 Unit Primary Residential Property or 1 Unit Second Home

• 85% LTV
  • 700 Credit Score Required
  • $1,500,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

Cash Out Debt Consolidation - Maximum $100,000 to be paid off

1-4 Unit Primary Residential Property or 1 Unit Second Home

• 95% LTV
  • 740 Credit Score Required
  • $750,000 max loan amount
  • 9 months Reserve Requirement
  • NO Mortgage Insurance
  • Max DTI 35%
• 90% LTV
  • 700 Credit Score Required
  • $750,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 35%

Texas Re - Financing Only

1 Unit Primary Residential Property Only!

• Rate & Term Refinance:
  • 80% LTV
  • 700 Credit Score Required
  • $3,000,000 max loan amount
  • 9 months Reserve Requirement
  • NO Mortgage Insurance
  • Max DTI 45%
• Cash Out Refinance:
  • 80% LTV
  • 700 Credit Score Required
  • $1,500,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%