Alt-A (Stated Income)
| Program Highlights |
| Max 1st Mortgage loan amount |
|
$1,000,000 (up to $2M at 65% LTV) |
| Purchases to |
|
90% LTV |
| Refi nance to |
|
70% LTV |
| Cash out to |
|
65% LTV |
| Combined LTVs to |
|
90%LTV |
Qualifying Parameters
- Borrower has been in business at least 2 years
- Borrower completes our 5-page application
- Minimum 660 average credit score and 600 individual score(s)
- Minimum 700 average credit score for purchases at 90% LTV
Program Options
- 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
Leveraging our experience as a full documentation lender, our “Alternative, A-Credit (Alt-A)” program
is designed for business owners with excellent credit, seeking a more streamlined application process.
Tax returns or fi nancial statements are not required so paperwork is minimized and the closing process is
expedited.
This program primarily relies on the owner’s stated personal budget and the property’s net operating
income based on a third-party appraisal. Eligible commercial properties are at least 25% occupied by
an established operating company of the borrower or one of its principals.