Borrowers may make up to 20% annual principal reductions without triggering prepayment;
Minimum Loan Amount: $500,000 Maximum Loan Amount: $3,000,000 |
Maximum LTV - Combined LTV & Associated Debt Service Coverage Ratios (DSC)
|
Purpose
* Purchase
* Refi's Rate & Term
* Refi's Cash Out
|
Max LTV
80.00%
80.00%
75.00% |
CLTV
---------
85.00%
80.00% |
DSC
1.20
1.20
1.20 |
| * Loan amounts greater than $2,000,000 must lower LTV by 5% |
Cash Out Refinances - Cash-out refinances will be underwritten on the lesser of the following: (1) the actual net operating income for the most recent calendar year or trailing months annualized if the number of trailing months annualized is at least 6 months; (2) the underwriter's current net operating income. For properties purchased within 2 years; value will be determined by (1) purchase price plus verifiable capital improvements or (2) current appraised value, whichever is less.
Escrows - Always required for all programs for real estate taxes and hazard insurance unless LTV is under 50%;
Appraisal Fees - Typical for Nationwide Approved Appraisers (ordered by us) based on # units: 5-9 = $1,750; 10-14 = $1,850; 15-19 = $2,100; 20-24 = $2,200; 25-29 = $2,350; 30-39 = $2,450; 40-49 = $2,650; 50-59 = $2,750; 60-69 = $2,850; 70+ = $3,450; Paid at Application
For loan amounts equal to or greater than $1,000,000, add $500 to the registration fee.
Property Inspections - Required on (1) Cash Out of $100,000 or more (2) properties 50+ years in age or (3) as required by the appraisal or underwriter (ordered by us); Typical inspection fees based upon units: 5-14 = $800; 15-24 = $850; 25-29 = $900; 30-49 = $950; 50-59 = $1,000; 60-69 = $1,100; 70+ = Quote - Paid at application if applicable
Credit Report Fees - $55 per borrower; Married borrowers construed as one (1); - Paid at application;
Ancillary Fees - Underwriting: $1,000; Delivery: $20 (Paid at Closing) Total = $1,020 |
