Benefits

• Up to 90% financing (secondary financing may be accepted)
• Prev. occupied and 2nd homes  
• By-fors and co-signers accepted
• Older homes w/usefull llife exceeding the loan
• Recent bankruptcy or foreclosure
• T.I.N. (in lieu of S.S. number) acceptable with alternative payment history

Terms

2nd homes/buy for's             25% down

Stated income                     25% down

No credit                             40% down

Minimum down payment      20%, with a minimum credit score of 700

Minimum down payment      25%, with a minimum credit score of 620

Minimum down payment      30%, with a minimum credit score of 600

Maximum D.T.I.                45%, (all debt, except for stated income)  

Maximum C.L.T.V.' s        65%@30% down / 60%@25% down  / 55%@20% down

C.L.T.V. example:            20% down with a 670 score = 60% C.L.T.V.

Rates & terms                 12% - 15% varies with amort. (qualify 13.5% @ 72 months)

Amortization                    12-120 months (no call) or 180 months with a 60 month call

Funded Costs

• Origination: 5 points, maximum
• Lender: 5 discount points or $1,000 minimum
• Processing and closing fees : $450 (3rd party)
  
  

Required documentation from orginator:

• Application (initial submission)
• Credit report (initial submission)
• Appraisal  (buyer pays)
• Community lease and lender agreement
• Bill of sale or Purchase Agreement
• Insurance declaration
• Tax returns for stated income buyers
• Verification of paid up taxes (if applicable)
• Verification of rent (if applicable)
• Verification of down payment
• Verification of income or employment & assets