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Non-Conforming ARM Specialty Payment Matrix

By Nicole Stewart,2014-05-14 05:34
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Non-Conforming ARM Specialty Payment Matrix

    ARM Loan Programs

     1-888-508-5626 SPECIALTY PAYMENT http://www.wallstfinancialcorp.com

    AS OF MARCH 22, 2004

    Non-Conforming Non-Conforming Non-Conforming

    (First Mortgage Line of Credit) 1-Month or 6-Month LIBOR ARM (COFI, LIBOR or MTA) CATEGORY FLEXSAVER ARM INTEREST ONLY PAYOPTION ARM SELLER’S GUIDE SECTION: 11.2 11.3 11.7

    Method Eligible Required AUS Result Method Eligible Required AUS Result Method Eligible Required AUS Result UNDERWRITING Manual Yes N/A Manual Yes N/A METHOD Manual Yes N/A CLUES Yes Accept CLUES Yes Accept CLUES Yes Accept DU No N/A DU No N/A DU No N/A LP No N/A LP No N/A LP No N/A

    Owner Occupied ELIGIBLE 11Loan Amount Less than or Equal to $650,000: PROPERTIES SFRs , PUDs , Low-rise and High-rise condos and 2 Units. 11SFRs , PUDs , Low-rise and High-rise condos, and 2-4 Units. 1 1 Leaseholds are allowed in Hawaii only. SFRs and PUDs , Low-rise and High-rise condos Includes modular, panelized and prefabricated classifications of factory-built housing. Refer to Loan Amount Greater Than $650,000: 1the Seller’s Guide for further details. 111 Includes modular, panelized and prefabricated classifications of factory-built housing. Refer to SFRs and PUDs the Seller’s Guide for further details. Second Home

    Maximum Loan Amount of $500,000:

    11SFRs , PUDs , Low-rise and High-rise condos

    1 Includes modular, panelized and prefabricated classifications of factory-built housing. Refer to the Seller’s Guide for further details.

    OCCUPANCY Owner-occupied primary residences and second homes Owner-occupied primary residences and second homes Owner-occupied primary residences and second homes

    ELIGIBLE / ? Individuals and inter vivos revocable trusts are eligible. ? Individuals are eligible ? Individuals and inter vivos revocable trusts are eligible. INELIGIBLE ? Inter vivos revocable trusts are not allowed. ? Non-occupant co-borrowers are not allowed. ? Non-occupant co-borrowers are not allowed. BORROWERS ? Borrowers without a mortgage payment history are not allowed Refer to the Seller’s Guide for non-permanent resident alien requirements. Refer to Seller’s Guide for non-occupant co-borrowers and non-permanent resident alien Refer to the Seller’s Guide for non-permanent resident alien requirements. requirements.

    MAXIMUM LOAN Owner Occupied Second Home $1,500,000 $1,500,000 AMOUNT $1,500,000 $500,000

     PLEASE REFER TO THE SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES.

    54592311.doc Page 1 of 4

    ARM Loan Programs

     1-888-508-5626 SPECIALTY PAYMENT http://www.wallstfinancialcorp.com

    AS OF MARCH 22, 2004

    Non-Conforming Non-Conforming Non-Conforming

    6 Mo. LIBOR and 1 Yr. LIBOR Expanded Criteria, ARM Plan IV Expanded Criteria, ARM Plan IV CATEGORY REDUCED DOCUMENTATION REDUCED DOCUMENTATION NO RATIO SELLER’S GUIDE SECTION: 11.1 11.4A 11.4C

    Owner-Occupied Owner-Occupied MAXIMUM Purchase, Rate & Term Refinance Purchase, Rate & Term Refinance LTV/CLTV, Continued Owner-Occupied Max. Loan LTV/CLTV Min. Credit Max. Loan LTV/CLTV Min. Credit Purchase, Rate & Term Refinance $500,000 80/90% 660 $400,000 80/80% 660 1$650,000 80/80% 680 Max. Loan LTV/CLTV Min. Credit $650,000 75/90% 660 $650,000 75/80% 660 $650,000 70/70% 640 $750,000 65/90% 660 $1,500,000 65/70% 660 $1,000,000 75/75% 680 $1,000,000 55/90% 660 $1,500,000 70/70% 720 $1,500,000 65/70% 660 Owner-Occupied 1 Cash Out High-rise condo restrictions: Eligible to a maximum 70/70% LTV/CLTV and require a minimum Owner-Occupied 1640 credit score. Max. Loan LTV/CLTV Min. Credit Max Cash Out Cash Out $400,000 75/80% 660 $100,000 Owner-Occupied Max. Loan LTV/CLTV Min. Credit Max Cash Out $500,000 70/80% 660 $150,000 $500,000 80/90% 660 $100,000 1Cash Out $650,000 65/75% 660 $200,000 $650,000 75/90% 660 $200,000 $750,000 60/80% 660 $200,000 Max. Loan LTV/CLTV Min. Credit Max Cash Out $1,000,000 55/90% 660 $200,000 $1,000,000 55/80% 660 $200,000 $650,000 75/75% 680 $200,000 $1,500,000 55/60% 660 $200,000 $1,500,000 55/60% 660 $100,000$650,000 60/60% 640 $200,000 $1,000,000 70/70% 680 $200,000 1 2 units are eligible to a maximum 70% LTV/CLTV. $1,500,000 65/65% 720 $200,000 Second Home Purchase, Rate & Term Refinances 1 Cash out is not allowed on the following transactions: Max. Loan LTV/CLTV Min. Credit Second Home ? High-rise condos $400,000 75/80% 660 Purchase, Rate & Term Refinances ? Conforming loan amounts $650,000 65/80% 660 Max. Loan LTV/CLTV Min. Credit $1,500,000 55/60% 660 $300,000 75/80% 660 Second Home: $400,000 75/75% 660 Purchase, Rate & Term Refinances Second Home $650,000 65/75% 660 Cash Out Max. Loan LTV/CLTV Min. Credit $1,500,000 55/60% 660 Max. Loan LTV/CLTV Min. Credit Max Cash Out $500,000 75/75% 680 $400,000 70/80% 660 $100,000 Second Home Second Home: $650,000 65/80% 660 $100,000 Cash Out Cash Out $1,500,000 45/50% 660 $100,000 Max. Loan LTV/CLTV Min. Credit Max Cash Out Max. Loan LTV/CLTV Min. Credit Max Cash Out $300,000 70/70% 660 $100,000 $400,000 65/65% 660 $100,000 $500,000 65/65% 680 $200,000 $650,000 55/65% 660 $100,000 $1,500,000 45/50% 660 $100,000 PLEASE REFER TO THE SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES.

    54592311.doc Page 2 of 4

    ARM Loan Programs

     1-888-508-5626 SPECIALTY PAYMENT http://www.wallstfinancialcorp.com

    AS OF MARCH 22, 2004

    Non-Conforming Non-Conforming Non-Conforming

    6 Mo. LIBOR and 1 Yr. LIBOR Expanded Criteria, ARM Plan IV Expanded Criteria, ARM Plan IV CATEGORY REDUCED DOCUMENTATION REDUCED DOCUMENTATION NO RATIO SELLER’S GUIDE SECTION: 11.1 11.4A 11.4C TERM 30 years 30 years 30 years SECONDARY Allowed subject to the following restrictions. Allowed subject to the following restrictions: Allowed subject to the following restriction. FINANCING ? Maximum 80% LTV with secondary financing Maximum LTV with secondary financing is 80%. ? Secondary financing must be provided from an institutional lender other than Countrywide. ? Max. loan amount when there is secondary financing is $1,500,000 Maximum LTV is 80% when there is secondary financing.

    APPRAISAL Loan amounts less than or equal to $1,000,000: One full appraisal is required. Loan amounts less than or equal to $1,000,000: Loan amounts less than or equal to $1,000,000: One full Uniform Residential Appraisal Report Loan amounts greater than $1,000,000: One full appraisal plus one field review. The field or Form 2055 Interior/Exterior is required. One full appraisal is required. review must be completed by a Countrywide-approved review appraiser. Loan amounts greater than $1,000,000: One full appraisal plus one field review. The field Loan amounts greater than $1,000,000: review must be completed by a Countrywide-approved review appraiser. One full appraisal plus one field review. The field review must be completed by a Countrywide-approved review appraiser.

    MARGIN / FLOOR 1 Year LIBOR Index: 2.25% 1 Year LIBOR Index: 2.25% 6 Month LIBOR Index: 2.00% 1 Year T-Bill Index: 2.75% 1 Year T-Bill Index: 2.75% 1 Year LIBOR Index: 2.25% 1 Year T-Bill Index: 2.75% The floor is never lower than the margin. The floor is never lower than the margin. The floor is never lower than the margin.

     PLEASE REFER TO THE SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES.

    54592311.doc Page 3 of 4

    ARM Loan Programs

     1-888-508-5626 SPECIALTY PAYMENT http://www.wallstfinancialcorp.com

    AS OF MARCH 22, 2004

    Non-Conforming Non-Conforming Non-Conforming

    6 Mo. LIBOR and 1 Yr. LIBOR Expanded Criteria, ARM Plan IV Expanded Criteria, ARM Plan IV CATEGORY REDUCED DOCUMENTATION REDUCED DOCUMENTATION NO RATIO SELLER’S GUIDE SECTION: 11.1 11.4A 11.4C

    11.4D LIFE CAP The life cap is 6% over the initial Note rate. The life cap is 6% over the initial Note rate. The life cap is 6% over the initial Note rate.

     Max. interest rate change at first INTEREST RATE Max. interest rate change at first Max. interest rate change at first ARM Type adjustment ADJUSTMENT CAP Index Type adjustment Index Type adjustment 6 Month LIBOR: 1% higher or lower from the immediately preceding rate, but never lower than 1 Year LIBOR 2 percent higher or lower from the immediately 1 Year LIBOR 2 percent higher or lower from the immediately the margin & 1 Year T-Bill preceding rate but never lower than the margin. & 1 Year T-Bill preceding rate but never lower than the margin. 1 Year LIBOR: 2% higher or lower from the immediately preceding & 1 Year T-Bill rate, but never lower than the margin

    Owner-Occupied OWNER OCCUPIED BORROWER Not applicable LTV greater than 75%: Qualify at Note rate plus 2% ? LTV greater than 75%: Qualify at Note rate plus 2% QUALIFICATION LTV less than or equal to 75%: Qualify at Note rate. ? LTV less than or equal to 75%: Qualify the borrower at the note rate. Second Homes SECOND HOME Qualify the borrower at the Note rate plus 2%, or the fully indexed rate, whichever is less. Qualify at Note rate plus 2%, or the fully indexed rate, whichever is less.

    LTV greater than 90%: 28/36% 33/38% QUALIFYING Not applicable LTV less than or equal to 90%: 33/38% Ratios may be exceeded if approved by CLUES or with compensating factors such as: RATIOS ? Reserves exceed program guidelines Ratios may be exceeded if approved by CLUES or with compensating factors such as: ? LTV is lower than requirements. ? Reserves exceed program guidelines. ? Credit scores substantially exceed minimums. ? LTV is lower than requirements. ? Credit scores substantially exceed minimum required.

    6 months 6 months CASH RESERVES 16 months Note: CLUES may approve with lesser reserves. Note: CLUES may approve with lesser reserves. Note: CLUES may approve with lesser reserves.

    1 For lower reserve exceptions, refer to the Seller’s Guide.

    State income, verify assets, 2 year employment history (Self employed-requires same business/same State income, verify assets, 2 year employment history (Self employed-requires same business/same No income, verify assets, 2 year employment history (4 years required for LTVs greater than or equal to DOCUMENTATION 75%), verbal VOE (excluding income), 2 months bank statements or VOD, valid business license (for location for 2 yrs), 4506 (required), 2 months bank statements or VOD. location for 2 yrs), 4506 (required), 2 months bank statements or VOD. REQUIREMENTS self employed borrowers). Salaried & commissioned borrowers are only allowed with a self employed borrower. If income will be Salaried & commissioned borrowers are only allowed with a self employed borrower. If income will be used for qualifying purposes then employment and income must be verified using Full or Alternative used for qualifying purposes then employment and income must be verified using Full or Alternative documentation. documentation.

    MORTGAGE Not applicable Not applicable Not applicable INSURANCE PLEASE REFER TO THE SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES.

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