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Non-Conforming Loan Programs Matrix

By Brian Lawrence,2014-05-14 05:37
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Non-Conforming Loan Programs Matrix

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626

    http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    CLUES FAST & EASY: FIXED RATE FIXED PERIOD ARM FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept CATEGORY recommendation

    SELLER’S GUIDE SECTION: 10.1 11.5A 10.2 and 11.5B ELIGIBLE PROPERTIES PRIMARY RESIDENCE: PRIMARY RESIDENCE: PRIMARY RESIDENCE AND SECOND HOME: 121-2 Units, SFRs, PUDs, Low- and High-Rise Condos1, Cooperatives and Factory-Built ? 1-2 Units, SFRs, PUDs, Low- and High-Rise Condos, Cooperatives and Factory-? 1-2 Units, SFRs, PUDs, Low- and High-Rise Condos, and Factory-Built Housing Housing (modular, panelized and prefabricated). Built Housing (modular, panelized and prefabricated). (modular, panelized and prefabricated). ? Loan amounts greater than $650,000: High-Rise Condos are not allowed. SECOND HOME: 11 Unit SFRs, PUDs, Low- and High-Rise Condos SECOND HOME: 21 ? 1 Unit SFRs, PUDs, Low- and High-Rise Condos. Refer to Seller’s Guide for condo restrictions NORTHERN CALIFORNIA COUNTIES ENHANCEMENT: 1? 1 Unit SFRs, PUDs, and Low- and High-Rise Condos1 Cooperatives allowed only in the states of NJ & NY. 2 1 Refer to Seller’s Guide for condo restrictions. No. California Counties: High-rise condos eligible only with Full and Alternative documentation. Refer to Seller’s Guide.

    2 Cooperatives allowed only in the states of NJ & NY. OCCUPANCY Owner-occupied primary residences and second homes Owner-occupied primary residences and second homes Owner-occupied primary residences and second homes PRIMARY RESIDENCE: PRIMARY RESIDENCE: ELIGIBLE BORROWERS PRIMARY RESIDENCE: ? U.S. citizens ? U.S citizens ? U.S citizens. ? Permanent resident aliens ? Permanent resident aliens ? Permanent resident aliens. 11? Non-permanent resident aliens1? Non-permanent resident aliens ? Non-permanent resident aliens. 1? Non-occupant co-borrowers ? Inter vivos revocable trusts. 1? Non-occupant co-borrowers ? Inter vivos revocable trusts ? Inter vivos revocable trusts SECOND HOME: SECOND HOME: SECOND HOME: ? U.S citizens. ? U.S. citizens. ? U.S. citizens ? Permanent resident aliens ? Permanent resident aliens ? Permanent resident aliens ? Inter vivos revocable trusts ? Inter vivos revocable trusts ? Inter vivos revocable trusts 1 1 1 Allowed with restrictions. Refer to Seller’s Guide. Allowed with restrictions. Refer to Seller’s Guide. Restrictions apply. Refer to Seller’s Guide.

     PLEASE REFER TO YOUR SELLER’S GUIDE FOR COMPLETE PROGRAM GUIDELINES.Page 1 of 7

NON-CONFORMING FIXED & FIXED PERIOD ARM

PROGRAMS 1-888-508-5626

http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626 AS OF DECEMBER 22, 2003 http://www.wallstfinancialcorp.com

    CLUES FAST & EASY: CATEGORY FIXED RATE FIXED PERIOD ARM FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept recommendation

    10.1 11.5A 10.2 and 11.5B SELLER’S GUIDE SECTION: MAXIMUM LTV AND NOTE: Restrictions apply on condos, 2 units and Cooperatives. Refer to the Seller’s Guide. NOTE: Restrictions apply on high-rise condos, 2 Units and Cooperatives. Refer to the See Reduced Documentation on following page for LTV guidelines. Seller’s Guide. LOAN AMOUNT: PRIMARY RESIDENCE: PURCHASE & RATE/TERM REFINANCE: PRIMARY RESIDENCE: LTV CLTV Min Credit Score Max. Loan Amt FULL & ALTERNATIVE PURCHASE & RATE/TERM REFINANCE: 95% 95% 620 $400,000 DOCUMENTATION 95% 95% 680 $500,000 Minimum Max. 90% 90% 660 $650,000 LTV CLTV Credit Score Loan Amt. 80% 80% 620 $650,000 95% 95% 620 $400,000 80% 90% 660 $1,000,000 95% 95% 680 $500,000 65% 65% 680 $1,500,000 60% N/A 680 $2,000,000 90% 90% 660 $650,000 80% 80% 620 $650,000 CASH OUT REFINANCE: 80% 90% 660 $1,000,000 Min Max. Max. 65% 65% 680 $1,500,000 LTV CLTV Credit Loan Amt Cash Out 60% N/A 680 $2,000,000 75% 75% 620 $650,000 $200,000 SECOND HOME: PURCHASE & RATE/TERM REFINANCE: CASH OUT REFINANCE: LTV CLTV Min Credit Score Max. Loan Amt Min. Max. 90% 90% 620 $400,000 80% 80% 620 $650,000 Credit Max. Cash LTV CLTV Score Loan Amt. Out CASH OUT REFINANCE: Min Max. Max. 75% 75% 620 $650,000 $200,000 LTV CLTV Credit Loan Amt Cash Out 65% 65% 620 $1,000,000 $200,000 70% 70% 620 $650,000 $200,000 NO. CALIF. COUNTIES ENHNCMT: PURCHASE & RATE/TERM REFINANCE: SECOND HOME: Detached SFRs/PUDS: PURCHASE AND RATE & TERM REFINANCE: LTV CLTV Max. Loan Amt Minimum Max. 95% 95% $650,000 LTV CLTV Credit Score Loan Amt. 90% 90% $750,000 90% 90% 620 $400,000 80% 80% $1,000,000 80% 80% 620 $650,000 Condos & Attached SFRs/PUDs: LTV CLTV Max. Loan Amt. 95% 95% $400,000 CASH OUT REFINANCE: Not allowed 90% 90% $650,000 CASH OUT REFINANCE: Detached SFRs/PUDs: Max. Max. LTV CLTV Loan Amt. Cash Out 75% 75% $750,000 Unlimited Condos, Attach. SFRs/PUDs: Cash out not allowed.

    PLEASE REFER TO YOUR SELLER’S GUIDE FOR COMPLETE PROGRAM GUIDELINES. Page 2 of 7

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626

    http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    CLUES FAST & EASY: CATEGORY FIXED RATE FIXED PERIOD ARM FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept recommendation SELLER’S GUIDE SECTION: 10.1 11.5A 10.2 and 11.5B MAXIMUM LTV AND NOTE: Restrictions apply on condos. Refer to the Seller’s Guide. NOTE: Restrictons apply on high-rise condos. NOTE: Restrictions apply on high-rise condos. Refer to the Seller’s Guide. Refer to the Seller’s Guide. LOAN AMOUNT: PRIMARY RESIDENCE: 1 Unit PRIMARY RESIDENCE: PRIMARY RESIDENCE: REDUCED PURCHASE & RATE/TERM REFINANCE: PURCHASE & RATE/TERM REFINANCE: PURCHASE & RATE/TERM REFINANCE: DOCUMENTATION Minimum Max. LTV CLTV Min Credit Score Max. Loan Amt Minimum Max. LTV CLTV Credit Score Loan Amt. 75% 75% 620 $400,000 LTV CLTV Credit Score Loan Amt. 95% 95% 700 $400,000 70% 70% 620 $650,000 75% 75% 620 $400,000 80% 90% 700 $650,000 70% 70% 620 $650,000 80% 80% 700 $1,000,000 CASH OUT REFINANCE: 70% 70% 660 $1,000,000 60% N/A 700 $2,000,000 Min Max. Max. LTV CLTV Credit Loan Amt Cash Out CASH OUT REFINANCE: CASH OUT REFINANCE: 1 Unit 70% 70% 620 $650,000 $200,000 Min. Max. Minimum Credit Max. Cash Credit Max. Max. LTV CLTV Score Loan Amt. Cash Out LTV CLTV Score Loan Amt. Out_ SECOND HOME: 70% 70% 700 $650,000 $200,000 PURCHASE & RATE/TERM REFINANCE: 70% 70% 620 $650,000 $200,000 LTV CLTV Min Credit Score Max. Loan Amt PRIMARY RESIDENCE: 2 Units SECOND HOME: 75% 75% 620 $400,000 PURCHASE & RATE/TERM REFINANCE: 70% 70% 620 $650,000 PURCHASE & RATE/TERM REFINANCE: Minimum Max. Minimum Max. LTV CLTV Credit Score Loan Amt. CASH OUT REFINANCE: LTV CLTV Credit Score Loan Amt. 90% 90% 730 $400,000 Min Max. Max. 70% 70% 660 $400,000 80% 80% 730 $1,000,000 LTV CLTV Credit Loan Amt Cash Out 65% 65% 660 $650,000 CASH OUT REFINANCE: 2 Units 60% 60% 660 $400,000 $200,000 Min. Max. CASH OUT REFINANCE: NORTHERN CALIFORNIA COUNTIES ENHANCEMENT: Credit Max. Cash Minimum Not allowed. LTV CLTV Score Loan Amt. Out_ Credit Max. Max. LTV CLTV Score Loan Amt. Cash Out 70% 70% 700 $650,000 $200,000 60% 60% 660 $400,000 $100,000 SECOND HOME: PURCHASE AND RATE & TERM REFINANCE:

     Minimum Max. LTV CLTV Credit Score Loan Amt.

     90% 90% 700 $400,000 80% 90% 700 $650,000 CASH OUT REFINANCE: Min. Max. Credit Max. Cash LTV CLTV Score Loan Amt. Out_

     70% 70% 700 $650,000 $200,000 PLEASE REFER TO YOUR SELLER’S GUIDE FOR COMPLETE PROGRAM GUIDELINES. Page 3 of 7

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626

    http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    CLUES FAST & EASY: CATEGORY FIXED RATE FIXED PERIOD ARM FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept recommendation SELLER’S GUIDE SECTION: 10.1 11.5A 10.2 and 11.5B MORTGAGE INSURANCE TAMI is allowed. TAMI is allowed. TAMI is allowed. 3/1 ARM: Fixed Rate: ARM coverage is required. PRIMARY RESIDENCE & SECOND HOMES: LTV Range 20 Yrs 20 Yrs 5/1, 7/1 & 10/1 ARM: 80.01% - 85% 6% 12% LTV Range 20 Yrs 20 Yrs Fixed rate coverage is required. 85.01% - 90% 12% 25% 80.01% - 85% 6% 12% 90.01% - 95% 25% 30% PRIMARY RESIDENCE: 85.01% - 90% 12% 25% LTV Range Coverage 90.01% - 95% 25% 30% 1 80.01% - 85% 12% 3/1, 5/1, 7/1 and 10/1 ARMs : 85.01% - 90% 25% LTV Range 30 Yrs 90.01% - 95% 30% 80.01% - 85% 12% 85.01% - 90% 25% SECOND HOME: 90.01% - 95% 30% LTV Range Coverage

     80.01% - 85% 12% 1 ARM Coverage Type: 85.01% - 90% 25% ? 3/1 ARM: ARM coverage is required.

    ? 5/1, 7/1 and 10/1 ARMs: Fixed rate coverage is required. Allowed subject to the following restrictions: Allowed subject to the following restrictions: Allowed subject to the following restrictions: SECONDARY FINANCING Restrictions: Restrictions: Restrictions: ? Maximum Loan Amount: $1,500,000 ? Maximum LTV: 80%. ? Maximum LTV: 80%. ? Maximum LTV: 80% ? Maximum Loan Amount: $1,000,000 ? 80-20 Financing Option: Available only for the Northern California Counties Enhancement. Restrictions apply. Refer to the Seller’s Guide for complete details. Refer to the Seller’s Guide for complete details. Refer to the Seller’s Guide for complete details.. LIBOR: The average of interbank offered rates for 1 year U.S. dollar-denominated Fixed Rate: Not applicable. INDEX Not applicable. deposits in the London market (LIBOR) as published in The Wall Street Journal. 3/1, 5/1, 7/1 and 10/1 ARM: T-Bill: Weekly average yield on U.S. Treasury Securities adjusted to a constant LIBOR: The average of interbank offered rates for 1 year U.S. dollar-denominated maturity of 1 year as made available by the Federal Reserve Board. deposits in the London market (LIBOR) as published in The Wall Street Journal.

    PLEASE REFER TO YOUR SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES. Page 4 of 7

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626

    http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    CLUES FAST & EASY: CATEGORY FIXED RATE FIXED PERIOD ARM FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept

    recommendation

    SELLER’S GUIDE SECTION: 10.1 11.5A 10.2 and 11.5B BUYDOWNS Allowed subject to the following restrictions: Allowed subject to the following restrictions: Not allowed.

    ? Doc Type: Full and Alternative doc only ? Maximum LTV: 90% ? Finance Types: Purchase and Rate and Term refinance only ? Doc Type: Full and Alternative doc only ? Finance Types: Purchase and Rate and Term refinance only PRIMARY RESIDENCE: ? Maximum Loan Amount: $1,500,000 PRIMARY RESIDENCE: ? Maximum Loan Amount: $1,500,000 SECOND HOME: ? Maximum Loan Amount: $650,000 SECOND HOME:

    ? Maximum Loan Amount: $650,000 700 Refer to Maximum LTV and Loan Amount for CREDIT SCORE credit score requirements Refer to Maximum LTV and Loan Amount for credit score requirements. Northern California Counties Enhancement: Minimum Loan Amount Credit Score

     Less than or equal to $1,000,000 700

     Not required. PRIMARY RESIDENCE: PRIMARY RESIDENCE: REQUIRED RESERVES ? Full & Alt Documentation: 2 months ? Full & Alt Documentation: 2 months ? Reduced Documentation: 6 months ? Reduced Documentation: 6 months SECOND HOMES: SECOND HOMES: 6 months ? Full & Alt Documentation: 6 months . ? Reduced Documentation: 6 months

    PLEASE REFER TO YOUR SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES. Page 5 of 7

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626

    http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    CLUES FAST & EASY: CATEGORY FIXED RATE FIXED PERIOD ARM

    FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept recommendation SELLER’S GUIDE SECTION: 10.1 11.5A 10.2 and 11.5B BORROWER Not applicable. Fixed Rate: Not applicable PRIMARY RESIDENCE and SECOND HOME: QUALIFICATION 3/1 ARM: 3/1 ARM: ? LTV 75%: Qualify the borrower at the Note rate. ? LTV 75%: Qualify the borrower at the Note rate. ? LTV > 75%: Qualify the borrower at the Note rate plus 2%. ? LTV > 75%: Qualify the borrower at the Note rate plus 2%. 5/1, 7/1, 10/1 ARM: 5/1, 7/1, 10/1 ARM: ? Qualify the borrower at the Note rate. ? Qualify the borrower at the Note rate. Notes: Notes (Fixed Period ARMs): ? Primary Residence - The Note rate may never be more than 300 basis points ? Primary Residence - The Note rate may never be more than 300 basis points below below the fully indexed rate. the fully indexed rate. ? Second Home The Note rate may never be more than 200 basis points below the ? Second Home The Note rate may never be more than 200 basis points below the fully indexed rate. fully indexed rate. 33% / 38% Calculated from stated income. QUALIFYING RATIOS PRIMARY RESIDENCE AND SECOND HOME: Maximum ratios are determined by CLUES.. Maximum ratios are 33% / 38%. 10, 15, 20, 25, and 30 years 30 years. Fixed Rate: 10, 15, 20, 25, and 30 years. TERM 3/1, 5/1, 7/1 and 10/1 ARM: 30 years.

    PLEASE REFER TO YOUR SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES. Page 6 of 7

    NON-CONFORMING FIXED & FIXED PERIOD ARM

     PROGRAMS 1-888-508-5626

    http://www.wallstfinancialcorp.com AS OF DECEMBER 22, 2003

    CLUES FAST & EASY: CATEGORY FIXED RATE FIXED PERIOD ARM

    FIXED RATE and FIXED PERIOD ARM

    Must be underwritten through Countrywide’s CLUES and receive an Accept recommendation SELLER’S GUIDE SECTION: 10.1 11.5A 10.2 and 11.5B SEASONING Refer to Seller’s Guide for complete information on seasoning requirements. Refer to Seller’s Guide for complete information on seasoning requirements. Refer to Seller’s Guide for complete information on seasoning requirements. REQUIREMENTS RATE & TERM REFINANCE: RATE & TERM REFINANCE: RATE & TERM REFINANCE: Amount refinanced may not include subordinate liens seasoned less than 1 year, Amount refinanced may not include subordinate liens seasoned less than 1 year, Amount refinanced may not include subordinate liens seasoned less than 1 year, unless the proceeds were used for: unless the proceeds were used for: unless the proceeds were used for:

    ? The original purchase of the subject property, ? The original purchase of the subject property, ? The original purchase of the subject property, Or Or Or ? Documented home improvements incurred within 12 months prior to the date of the ? Documented home improvements incurred within 12 months prior to the date of the ? Documented home improvements incurred within 12 months prior to the date of the loan. loan. loan. If the subordinate lien is at least 1 year old and a HELOC, the 1 year seasoning applies If the subordinate lien is at least 1 year old and a HELOC, the 1 year seasoning applies If the subordinate lien is at least 1 year old and a HELOC, the 1 year seasoning applies to the date of the most recent draw. Draws not exceeding an aggregate amount of to the date of the most recent draw. Draws not exceeding an aggregate amount of to the date of the most recent draw. Draws not exceeding an aggregate amount of $2,000 are exempt. If the aggregate draw amounts exceed $2,000 it will be considered $2,000 are exempt. If the aggregate draw amounts exceed $2,000 it will be considered $2,000 are exempt. If the aggregate draw amounts exceed $2,000 it will be considered a cash out refinance. a cash out refinance. a cash out refinance. CASH OUT REFINANCE: CASH OUT REFINANCE: Subordinate liens may be paid off, regardless of age CASH OUT REFINANCE: Subordinate liens may be paid off, regardless of age Subordinate liens may be paid off, regardless of age.

PLEASE REFER TO YOUR SELLER'S GUIDE FOR COMPLETE PROGRAM GUIDELINES. Page 7 of 7

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