New Loan Program
We have a new “portfolio” loan program which will be available. These loans are not sold to Fannie Mae and/or Freddie Mac and as a result do not have some of the same restrictions. Here are some details:
• Up to 95% LTV with a 700 or higher credit score
• Appraisal Transfer of HVCC is allowed
• Borrower may own up to 10 properties (special guidelines and reserve requirements apply)
• Property Inspection Waivers are possible if indicated by Desktop Underwriter
• Only 1 year Verification of Employment / 4506T required
• < 90 day seller seasoning required (for Flips) – 2nd appraisal is required IF value has increased > 25%
• Employer provided subordinate financing ( a 2nd Mortgage) is permitted
• Can lock AFTER loan is approved (so get your clients CREDIT approved up front!!!)
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