Portfolio Lending - Minimum $100k, No MI

[Jerry Padilla]

*UNLIMITED AMOUNT OF FINANCED PROPERTIES – MORE THAN 10 FINANCED PROPERTIES ALLOWED. (ONLY 5 LOANS ALLOWED UNDER THIS PROGRAM)

*MINIMUM $100K LOAN AMOUNT – NO EXCEPTIONS

Purchase/Rate & Term Criteria – LTV

1-4 Unit Residential Property

• 85% LTV
  • 660 Credit Score Required
  • $1,500,000 max loan amount
  • 9 months Reserve Requirement
  • NO Mortgage Insurance
• 80% LTV
  • 620 Credit Score Required
  • $1,500,000 max loan amount
  • 6 months Reserve Requirement
• 75% LTV
  • 620 Credit Score Required
  • $1,750,000 max loan amount
  • 6 months Reserve Requirement
• 70% LTV
  • 620 Credit Score Required
  • $2,000,000 max loan amount
  • 6 months Reserve Requirement

Cash Out Refinance –

1-4 Unit Residential Property

• 80% LTV
  • 640 Credit Score Required
  • $1,000,000 max loan amount
  • 6 months Reserve Requirement
  • Maximum Cash Back $350k

*6 months reserves required for all additional properties.

*Up to 6% Seller Contributions Allowed

*ESCROW WAVERS NOT ALLOWED

*Non Traditional Credit Not Permitted

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

* New York and Maine now 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)