Sub Prime Loans
Area of Lending:
CA, AZ, OR, ID, CO, UT & TX only. (No O/O refinances in TX)
Property Types:
- SFR’s
- Condos
- Townhouses
- 2 to 4 Units
Property Condition:
Property must show “Pride of Ownership”
See Hard Money product for properties that have deferred maintenance.
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Loan Terms:
All loans are 5 year interim fixed variable rate 30 year fully amortized product.
Index: 6 month Libor
Margin: 7.95%
Caps 2/1/4
Floor = Start Rate
Loan Amounts: $50,000-$750,000
Debt To Income ”DTI”: Gross Monthly Income
Max DTI:
- Under $2,000 35% $2,001 –
- $2,500 40% $2,501
- $4,000 45%
- Over $4,000 50%
Income Documentation:
- Full Doc – W – 2 & Paystub, 1040’s or 24 months Personal BS or Asset depletion
- Alt Doc 12 months personal bank statement, Asset depletion, 101% of loan amount.
Down Payments:
Down needs to be Sourced & Seasoned for 60 days
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