Program highlights.
- 10-, 15-, 20- and 30-year fixed terms
- Full doc and bank statements
- SFR, warrantable condos and PUDs
Key figures.
- Score from
- 680
- allows 75% to $350K
- CLTV up to
- 85%
- at 700+ to $350K
- Loans to
- $500K
- at 700+ and 80%
Limits by documentation.
Score · CLTV · Loan in each cell, with the tier each needs beneath.
| Documentation | Primary | Second home |
|---|---|---|
| Full doc | 680+ score85% CLTVloans to $500K85% at 700+ to $350K; $500K at 700+ and 80%; 680 allows 75% to $350K | 680+ score80% CLTVloans to $500K80% at 700+ to $350K; $500K at 700+ and 75%; 680 allows 70% to $350K |
| Bank statement | 700+ score80% CLTVloans to $500K80% at 700+ to $350K; $500K at 700+ and 70% | 700+ score75% CLTVloans to $500K75% at 700+ to $350K; $500K at 700+ and 65% |
What to know.
- Loan amount
- $75K–$500KMaximum combined first- and second-lien amount is $2.5M.
- Maximum CLTV
- Up to 85%Full-doc primary residence through $350K at 700+ FICO. Second-home and bank-statement reductions are cumulative.
- Credit
- 680 full doc · 700 alt docThe 680 tier has lower leverage and loan-amount limits.
- Occupancy
- Primary & second homeOne unit only; investment properties are not included.
- Terms
- 10, 15, 20 or 30 yearsFully amortizing fixed rate; stand-alone cash-out, not a simultaneous piggyback.
- First mortgage
- At or below 80% LTVSpecific first-lien terms are excluded. A free-and-clear property is ineligible.
- Ways to qualify
- Full doc and bank statementsNot offered: P&L only, WVOE only, asset utilization, DSCR, ITIN, foreign national and recent credit event.
Documents.
Other programs.
Compare with
- SecondsClosed-End SecondFull and alternative documentation for a fixed second
- Score
- 680+
- CLTV
- 90%
- Loan
- $750K
- Seconds programsAccess equity while keeping the first mortgage in place. Compare the standard and Prime seconds by documentation, occupancy and combined leverage.
- Jumbo programsFind the jumbo structure that fits the borrower. Compare the named programs by documentation, occupancy, reserves and the requested loan amount.
Questions brokers ask.
How do the CLTV reductions combine?
Up to $350,000, alternative documentation and a second home each take 5% off the 85% maximum, and the reductions add up. From $350,001 to $500,000 the matrix sets full doc at 80% and alternative documentation at 70%. A declining-market adjustment can also apply.
What should I check before submitting?
Review the first-lien terms, borrower alignment, housing history and credit-event seasoning. Texas and Baltimore City are ineligible.
Your next borrower. Our next conversation.
Bring us your next Prime Closed-End Second loan.
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