STATED INCOME LOAN MATRIX PROGRAM A
Income Producing Real Estate / Income Qualifying Commercial Loans
|LOAN AMOUNT||Minimum: $100,000
|LOAN TERM||30 Year Amortization|
|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)
Non Owner Occupied
|CASH OUT REFINANCES||Maximum cash to borrower – NONE|
|MINIMUM DEBT SERVICE
|For DSCR Purposes, rent for Owner Occupied units will be determined
|Mortgage must be current.
Mortgage must have been rated for at least twenty-four (12) months.
|All accounts must be paid “AS AGREED” last 12 months
Minimum FICO score 650
|CHARGE OFFS /
|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
|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|
These are general guidelines and are subject to change. Program not available in all states. Currently not available in IL, MI, SD, ND.