Criteria |
PLATINUM |
PORTFOLIO SELECT |
NonQM Profile Category |
Bank Statement; Interest Only; High LTV; Non Warrantbale Condo |
Bank Statement; Interest Only; High LTV; Investor, Non Warrantable Condo |
Documentation |
Full/1 Yr tax return/Bank Statement |
Full/1 Yr tax return/Bank Statement |
Maximum Loan Amount |
3MM |
3MM |
Loan Term/Mortgage Rate Type |
30 yr fixed or 5/1 ARM |
30 yr fixed or 5/1 ARM |
Interest Only |
30 or 40-Year Fixed I/O or 5/1 ARM I/O (30 or 40 yr) |
30 or 40-Year Fixed I/O or 5/1 ARM I/O (30 or 40 yr) |
Bankruptcy Seasoning |
48 Months |
24 Months |
DTI |
40/50% |
40/50% Investment properties 50% |
Credit Score (min) |
660 |
600 |
Foreclosure, Short Sale, Deed-in-Lieu |
48 Months |
24 Months Sort Sale – No seasonong if paid as agreed through sale date |
Occupancy |
Owner-Occupied or Second Home |
Owner-Occupied, Second Home or Investmnet Property |
Min. Reserves |
6 months |
6 months, 12 months under certain circumstances |
Residual Income (min) |
$3,000 |
$2,000 |
Max Payment Shock |
350% FTHB – 250% |
250% |
Mortgage (or rent) Payment History |
1 x 30 x 12 or 2 x 30 x 24 |
Max 1 x 30 x 12 |
Rent Free |
Not Eligible |
Not Eligible |
Max LTV |
90% |
90% |
Gift Funds |
Allowed |
Allowed |
Max Cash in Hand |
$500K |
$500K |
Non Warrantable Condos |
Available |
Available |
Marketing |
Just Missed agency fallout, perfect for SE borrowers using bank statements for income or borrowers with a major credit event between 4-7 years |
SE borrowers using bank statements for income (down to a 600 FICO) or borrowers with a major credit event over 2 years |
Operational |
Visit our website at www.angeloakms.com for rates (QuickQuote) or to get a Prequal for your borrower (Prequal Request) |
Visit our website at www.angeloakms.com for rates (QuickQuote) or to get a Prequal for your borrower (Prequal Request) |