STATED INCOME LOAN MATRIX PROGRAM A
Income Producing Real Estate / Income Qualifying Commercial Loans
| LOAN AMOUNT | Minimum: $100,000 Maximum: $5,000,000 |
| LOAN TERM | 30 Year Amortization |
| FIXED PERIOD RATE |
30 Year Term with 3 or 8 Year Fixed rate |
| PREPAYMENT PENALTY | 3 Year Fixed rate 5% each year / 8 Year Fixed 5% 5 Years |
| PERSONAL GUARANTEES | Personal guarantees are required on all loans |
| MAXIMUM LOAN TO VALUE | See Program Matrix for LTV by property type |
| LIEN POSITION | First liens on primary collateral (seconds on cross pieces with underwriter approval) |
| OCCUPANCY | Owner Occupied Non Owner Occupied |
| CASH OUT REFINANCES | Maximum cash to borrower – NONE |
| MINIMUM DEBT SERVICE COVERAGE RATIO |
For DSCR Purposes, rent for Owner Occupied units will be determined market rents |
| CREDIT QUALITY Mortgage |
Mortgage must be current. Mortgage must have been rated for at least twenty-four (12) months. |
| CREDIT QUALITY Consumer Credit |
All accounts must be paid “AS AGREED” last 12 months Minimum FICO score 650 |
| CHARGE OFFS / COLLECTIONS |
Charge offs are not allowed in the prior twelve (12) month period |
| BANKRUPTCIES | Bankruptcies are not allowed in the prior two (2) year period. |
| AGE OF DOCUMENTATION | Credit documents cannot be more than 90 days old. Appraisals must be less than 60 days old at time of closing. |
| APPRAISALS | Must be ordered by lender |
| ENVIRONMENTAL | With certain property types |
| ELIGIBLE PROPERTY TYPES | See below LTV list |
| INELIGIBLE PROPERTY TYPES | Churches – Gas Stations – Salvage Yards – Restaurants – Farmland Vacant Lots – Manufacturing – Condos – Hotels – Cooperatives Manufactured Housing – Mobile Homes Properties must be in towns with a population of 30,000 or greater |
| PROPERTY TYPES | |
| SFR (Investment Only, Non Owner Occupied) | 75 |
| Multifamily 2-4 unit property | 70 |
| Multifamily 5-9 unit property | 75 |
| Multifamily 10-25 unit property | 75 |
| Mixed Use (1 commercial + 1-4 unit residential) | 75 |
| Mixed Use (commercial + residential) | 75 |
| Professional Office Space | 70 |
| Retail Store – Strip/Free Standing | 70 |
| Small Commercial | 70 |
| Office/Warehouse | 70 |
| Auto Related | 70 |
| Industrial Properties | 70 |
These are general guidelines and are subject to change. Program not available in all states. Currently not available in IL, MI, SD, ND.
