Table 1 of 3
| Product | Smart Edge & Smart Edge Plus | SmartTrac Full Doc |
| For Borrowers Who: | Are unable to secure tradition- al lending | Have suffered a recent isolated derogatory event |
| Max LTV | 95% P/RT, no MI Plus: 85% w/derog 80% CO, no MI Plus: 80 % w/derog |
85% Purch/RT 80% Cash Out |
| Max DTI | 50% | 50% |
| W2 Current Paystub | Yes | Yes |
| Tax Returns – 4506t | Yes | Yes |
| Derogatory Credit Seasoning | 4yrs (Plus Program: 2-4yrs) |
BK, SS, DIL: 12mo. |
| Mortgage History | 1x30x12 (95% LTV & Plus: 0x30x12) |
Multiple 30s OK 0x60x12 |
| Asset Amortization | Allowed | Allowed |
| Max Cash Out | $1M | $1M |
| Use Cash for Reserves | Yes (Plus Program Only) | No |
| Minimum FICO | 620 | 620 |
| Financed Properties | Up to 15 | Up to 15 |
| Loan Terms | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) |
| Pre-Pay Penalty | None | None |
Table 2 of 3
| Product | SmartSelf & SmartSelf Plus Alt Doc | SmartVest No DTI Calc |
| For Borrowers Who: | Qualify with 12 mo. bank statements | Are experienced real estate investors |
| Max LTV | 90% P/RT, no MI 85% Cash Out |
80% Purch/RT 75% Cash Out |
| Max DTI | Not Calculated | Not Calculated |
| W2 Current Paystub | No | No |
| Tax Returns – 4506t | No | No |
| Derogatory Credit Seasoning | 4yrs (Plus Program: 2-4yrs) |
4yrs (2-4yrs with restrictions) |
| Mortgage History | 1x30x12 (Plus Program: 0x30x12) |
0x30x12 |
| Asset Amortization | Allowed | NA |
| Max Cash Out | $1M | $1M |
| Use Cash for Reserves | Yes (Plus Program Only) | No |
| Minimum FICO | 620 | 620 |
| Financed Properties | Up to 15 | Up to 20 |
| Loan Terms | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) |
| Pre-Pay Penalty | None | None |
Table 3 of 3
| Product | SmartFunds Asset Qualifier | SmartCondo Non-Warr. Condos & Condotels |
| For Borrowers Who: | Qualify using eligible assets | Condo doesn’t meet agency guidelines |
| Max LTV | 90% Purch/RT 85% Cash Out |
90% Purch/RT (Condotel: 80%) 80% Cash Out (Condotel: Not Permitted) |
| Max DTI | Not Calculated | 45% |
| W2 Current Paystub | No | Yes |
| Tax Returns – 4506t | No | Yes |
| Derogatory Credit Seasoning | BK, FC, SS, DIL: 4yrs |
BK, SS, DIL: 4yrs FC: 5yrs. |
| Mortgage History | 1x30x12: P/RT 0x30x12: CO |
0x30x12 |
| Asset Amortization | Asset Qualification | Allowed |
| Max Cash Out | $1M | $500k |
| Use Cash for Reserves | No | No |
| Minimum FICO | 680 | 660 (Condotel: 680) |
| Financed Properties | Up to 15 | Up to 10 |
| Loan Terms | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) |
| Pre-Pay Penalty | None | None |
New Rez:
Sarah DcDowell
Direct: 318-502-2255
smcdowell@newrez.com
Scenario Desk:
Susanna Carouthers
Direct: 330-338-7785
suzanna.carouthers@nationslending.com
NewRez Scenario desk:
email smartscenariodesk@newrez.com and MGoldman@NewRez.com (always CC Goldman)
NewRez Condo Review Team:
email projectreview@newrez.com and MGoldman@NewRez.com (always CC Goldman)
