Some things to remember:
- Maximum LTV (loan to value) is 90% on a purchase- No MI (mortgage insurance) required, 40% Max DTI (debt to income)
- Minimum Credit score of 660 (max of 80% LTV)
- Loan amount of up to $3M (Max 70% LTV)
- Product can be used for Primary, 2nd home & Investment Property
- 30 year Fixed Loan
- Max DTI is 40-43%
- Can do Escrow Waiver for an adjustment to the rate
- Minimum of 6 months reserves (80% LTV) needed per property owned- higher LTV’s require more reserves
- Cannot lock the loan until initial review of underwriting is completed
