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Easy Documentation
Effective Date: August 15th, 2022 FICO/LTV/CLTV ELIGIBILITY MATRIXRESTRICTIONSD ocumentation TypeFICOP urchaseRate/TermCashoutLoan Amount LimitsMin. FICOP urchaseRT/Cash OutFull Documentation700+908080> 2,500,0006807065(1 or 2 Year Tax Returns)680 - 699858080> 2,000,0006807065(1 or 2 year 1099's)660 - 679807575> 1,500,0006208075 Alternative Documentation640 - 659757070<= 1,500,0006008580(12 or 24 Month Bank Statements)620 - 63975707012 Month Income6208580(12 or 24 Month Profit and Loss w/ Bank Stmts.)600 - 6197065602nd Home / Investments6208075(Asset Utilization)580 - 599N/AN/AN/APRODUCT OVERLAYSPRODUCT TYPESM inimum loan Amount$100,000 Program NameOverlayI/O PeriodAmortizationMaturityMaximum loan Amount$3,000,000(EC15) 15 YEAR FIXED EXCELERATE--15 Year15 YearCash Out Limit$1,000,000(EC30) 30 YEAR FIXED EXCELERATE--30 Year30 YearCash Out Amount Limit - LTV <= 75%Unlimited(EC30) 30 YEAR FIXED EXCELERATE I/O-10 Year20 Year30 YearAsset Utilization80% LTV/CLTV(EC40) 40 YEAR FIXED EXCELERATE85% LTV-40 Year40 YearCondo85% LTV/CLTV(EC40) 40 YEAR FIXED EXCELERATE I/O-10 Year30 Year40 YearNon-Warrant
Reserves (Rate/Term) • Reserves are waived, if: • 0x30x12 • 10% P&I savings • Owner Occ • Max DTI 50% No Credit Event 90% 80% Residual Income • $2,500 required when DTI > 45% Credit Event 3+ Years: 90% 80%: Impounds • Escrows are required on HPML loans • HPML not applicable to Investments Credit Event 2+ Years: 85% 75%
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