Alt-A Express (Stated Income)
Our “Express” program eliminates any minimum property income requirement and relies primarily on
the business owner’s stated personal budget. Th is program is designed for business owners who want to
maximize their loan-to-value (“LTV”) and minimize the required paperwork. Eligible commercial
properties are at least 75% owner-occupied if the LTV is 80% or more.
| Program Highlights |
| Max 1st Mortgage loan amount |
|
$500,000 (up to $1M at 60% LTV) |
| Purchases to |
|
90% LTV |
| Refi nance to |
|
70% LTV |
| Cash out to |
|
Not Available |
Qualifying Parameters
- Borrower has been in business at least 2 years
- Borrower occupies at least 75% of the property if the LTV is 80%
- Borrower occupies at least 50% of the property if the LTV is less
- Borrower completes our 5-page application
- Minimum 660 average credit score and 600 individual score(s)
Program Option
- Preferred pricing for lower LTV loans
- Fixed, Hybrid, and ARM rate options
- Fully Amortizing 30-year term
- No call provisions or balloon payments
- Multiple prepayment penalty options
- Ability to prepay up to 20% of principal within any rolling 12-month period
without prepayment premium