| Criteria | PORTFOLIO SELECT | INVESTOR CASH FLOW |
| NonQM Profile Category | Bank Statement; Interest Only; High LTV; Investor, Non Warrantable Condo | Investor; No Income; Interest Only; Non Warrantable Condo |
| Documentation | Full/1 Yr tax return/Bank Statement | Debt Service Covergae Ratio |
| Maximum Loan Amount | 3MM | 1.5MM |
| Loan Term/Mortgage Rate Type | 30 yr fixed or 5/1 ARM | 30 yr fixed or 7/1 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 7/1 ARM I/O (30 or 40 yr) |
| Bankruptcy Seasoning | 24 Months | 24 Months |
| DTI | 40/50% Investment properties 50% | N/A |
| Credit Score (min) | 600 | 640 |
| Foreclosure, Short Sale, Deed-in-Lieu | 24 Months Sort Sale – No seasonong if paid as agreed through sale date | 24 Months |
| Occupancy | Owner-Occupied, Second Home or Investmnet Property | Investment Property |
| Min. Reserves | 6 months, 12 months under certain circumstances | 6 months |
| Residual Income (min) | 2000 | N/A |
| Max Payment Shock | 2.5 | N/A |
| Mortgage (or rent) Payment History | Max 1 x 30 x 12 | 0 x 30 x24 |
| Rent Free | Not Eligible | Not Eligible |
| Max LTV | 90% | 80% |
| Gift Funds | Allowed | Not Allowed |
| Max Cash in Hand | $500K | $300K |
| Non Warrantable Condos | Available | Available |
| Marketing | SE borrowers using bank statements for income (down to a 600 FICO) or borrowers with a major credit event over 2 years | No Income/No ratio program designed for investors. Program qualifies using the cash flow of the subject property only |
| 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) |
Angel Oak:
Bill Parnell
Direct: 925-726-9123
Email: Bill.Parnell@angeloakms.com
