GREAT PROGRAMS STILL AVAILABLE!!!!

VERIFICATION OF EMPLOYMENT ONLY

NOW UP TO $729,750

 

Ø  Owner Occupied Only

Ø  SFR, Condos, 2 - 4 Units

Ø  Rates - 5.125% to 5.75% with .5+ cost

Ø  NO 4506 REQUIRED

Ø  Must have verifiable employment  (no company owners & no family businesses, no commissioned salespeople)

Ø  20 % Minimum Down payment required depending on Fico score.

Ø  620 Minimum Fico

Ø  Gift funds allowed

Ø  CA Only

Ø  No more than 10 properties total - no rental income can be used

 

CONDO

EXCEPTION PROGRAM

FOR CONDOS THAT DON’T MEET NORMAL QUALIFICATIONS!

Ø  NO Litigation Issues

Ø  DELINQUENT HOAs, OCCUPANCY RATIOs, etc - OK

Ø  Case by case – most condo related issues OK

Ø  CA Only

Ø  Min Loan $100,000 – owner occ / $150,000 non-owner

Ø  Owner Occupied & Non Owner Occupied

Ø  Low Rise & High Rise Buildings

Ø  Rates - 5.5% to 5.875% with 1+ cost

NO HVCC – broker can use own appraisal

 

620+	80%	$729,750	Owner	R/T, PURCHASE
620+	75%	$417,000	Owner	CASH OUT
660+	75%	$729,750	NON - Owner	R/T, PURCHASE
700	60%	$417,000	NON - Owner	CASH OUT

 

 

90% Full Doc Conforming Loan

We have the MI company that STILL insures to 90%!

?? Conforming Loan Amounts to $417,000

?? Full Doc

?? 30 Year Fixed

?? 700 min Fico – (anything over 80% LTV)

?? Purchase and Rate & Term only

?? SFR, Condos, Townhomes

?? Owner Occupied Only

?? First Time Home Buyers OK!

 

JUMBO LOANS UP TO $925,000

?? 25%Down to $925,000

?? Full Doc

?? Minimum Fico 660 to 680 (case by case)

?? Interest Only Payment Option

?? No Minimum Reserve Requirement

?? Up to 10 Financed Properties

?? SFR, PUDS, Condos, 2 units

?? OWNER OCCUPIED ONLY

?? Purchase, Rate & Term, and Cash Out

?? CA only

 

STATED PROGRAM for W-2 Borrowers

?? PURCHASE - SIVA (down payment, must be verified)

?? REFI – SISA – Cash out – Rate and Term

?? Owner Occ, 2nd Home, Non-Owner

?? SFR, Condos, 2 - 4 Units

?? Loan amounts to $625,000 on 1 unit (old conforming limits, county based)

?? Rates as low as 5.875% with 1 point cost

?? Must have verifiable employment (no company owners, or 1099s)

?? Must provide recent paystub and 2008 W-2 for job

verification purposes only & signed 4506-T

?? Income on paystub/W-2 must be reasonable to income on

1003 (20% to 35% variance allowed)

?? 700+ fico = 20%  Down (5% reduction for non-owner)

?? 680+ fico = 25% min

?? 620+ fico = 35% min (same LTV reduction applies)

?? No more than 4 properties total ??

?? Underwriting 6 business days

?? Min Loan $100,000 – Owner Occ / $200,000 Non-Owner Occ

 

 

CAMILO MORENO

Mortgage Professional

Purchase Money Specialist

Great western Bancorp Inc.

6033 W. Century Blvd # 700

Los Angeles CA 90045

310 216 1700 ext 116

310 216 1750 Fax

www.gwbmortgage.com