700 FICO required for most programs; ltvs to 90% in some cases. New Freddie Mac guidelines will limit the number of financed properties allowed to four . . . Better get them while the getting is good . . .
UNDERWRITING RULES
Reserves - 6 months PITI
Appraisal - 216 and 1007
Trade Lines - 4 trade lines open for 2 years
* Stated Loans are for people who are self employed, and the requirements for stated inome are a business license for two years or a letter from your CPA stating you've been in business two years. If your office is in your home, and your business isn't listed in the phone book, the CPA's letter should specify that it is a business you run from your home.
** These loans require a full appraisal, with interior photos, market analysis and rent comps, done by our appraisers. We do NOT use your appraisal for these refis.
CASH OUT with NO SEASONING 75% LTV
Requires 6 mos reserves, not from cash out
* Programs, Rates & Terms subject to change without notice; the market is extremely volatile right now.
Don't presume what you want is available without talking to someone on my staff.
Pronunciation: "fi-n&n-'sir; f&-"nan-, "fI- Function: noun
1 : one who specializes in raising and expending public moneys; 2 : one who deals with finance and investment on a large scale.
Member, Georgia Association of Mortgage Brokers, Cobb Chamber of Commerce, National Association of Professional Mortgage Women & National Association of Mortgage Brokers