No Doc Loan

AVAILABLE NO DOC LOAN PROGRAMS:

•             ARM Loans: 3/1 , 5/1 and 7/1 Hybrid ARM

MAXIMUM NO DOC LOAN SIZE

• $2,000,000

NO DOC LOAN PROPERTY TYPES:

• The No Doc Loan program allows 1-4 Family Residences, PUDs, Condos, Town-homes and 1 4 unit mixed use properties (commercial portion may not exceed 25% of the total square footage for No Doc Loan).

ELIGIBLE NO DOC LOAN BORROWERS:

• Business entities: LLCs, Partnerships, Corporations, Irrevocable Trusts. PERSONAL GUARANTOR IS REQUIRED.
• Individuals (including married or joint Applicants or Revocable Trusts Foreign Nationals and Non permanent resident aliens allowed are all available for No Doc Loans.

LOAN CREDIT:

• No pending combined collection matters over $5,000; no litigation in last 5 years other than resolved collection matters.
• We will consider 2nd chance Loans – prior foreclosure (with other lenders) or bankruptcy is permitted, however, borrower(s)/guarantor(s) must demonstrate an overall acceptable credit history with no evidence of credit abuse or mismanagement of finances. Credit explanations may be requested on a case by case basis for a second chance no doc loan.
• Past foreclosure, repossession or settled account may be considered on a case by case basis for a second chance no doc loan.

LOAN INCOME/ASSETS:

• Not required for No Doc Loan program.

LOAN LENDING TERRITORY:

• Selected counties in California, Georgia, Massachusetts, New York, Texas and Washington.

LOAN GUARANTOR:

• Required on all principals of 25% or over ownership.

LOAN RESTRICTIONS:

• Limit on number of 1-4 unit residential properties (including their primary residence) that are currently financed is 3 per household, entity, or guarantor for the No Doc Loan program..
• Units in condominium projects must be warrantable (see non-warrantable condo for more details) and adhere to industry standard condo project and PUDs eligibility requirements. Exposure not to exceed 20% of the total project for any attached PUD or Condo Units. This also includes attached or row style housing (SFR and 2 4 units) not managed by an HOA.
• No tear downs; habitable properties in good repair only.
• No Doc Loan Seasoning requirements:
• This unique program has no seasoning requirement if subject is free and clear. For no doc loan cash out transaction, if borrower has owned the property for less than one year at time of loan closing, LTV will be based on the lesser of borrower’s acquisition cost or current appraised value. We will not lend on any cash out transactions against an increased value if property is owned less than one year for No Doc Loan program. Borrower’s minimum contribution must be met through confirmation of cash down payment through HUD 1 closing statement.
• For Rate and Term transactions (see seasoning requirement below), the LTV will be based on the appraised value.
• If property owned less than 6 months, no refinancing of existing liens.
• If Seller owned property less than 6 months at time of application, LTV will be based on the lesser of Seller’s purchase price or current appraisal value for the No Doc Loan program..
• Cash out refinance not available for Texas properties.
• No ground leases, loan brokers or property over 10 acres permitted.

LOAN MAXIMUM LOAN AMOUNTS & LTV/CLTV – NO DOC LOAN

No Doc Loan Property Type

• Non Owner Occupied
• SFR, Condos, PUD
• Town-homes (1-4 units)

No Doc Loan Max Loan Amount – Max LTV / CLTV

• <=$400,000 – Purchase 65% – Refinance R/T and Cash out 50%
• $400,001 <= $2,000,000 – Purchase 60% – Refinance R/T and Cash out 50%