| Product | SmartCondo Non-Warr. Condos & Condotels |
| For Borrowers Who: | Condo doesn’t meet agency guidelines |
| Max LTV | 90% Purch/RT
(Condotel: 80%) 80% Cash Out (Condotel: Not Permitted) |
| Max DTI | 45% |
| W2 Current Paystub | Yes |
| Tax Returns – 4506t | Yes |
| Derogatory Credit Seasoning | BK, SS, DIL: 4yrs
FC: 5yrs |
| Mortgage History | 0x30x12 |
| Asset Amortization | Allowed |
| Max Cash Out | 500K |
| Use Cash for Reserves | No |
| Minimum FICO | 660
(Condotel: 680) |
| Financed Properties | Up to 10 |
| Loan Terms | Fixed 30,ARM 5/1, 7/1, 10/1 withoptionalInterestOnly;Fixed40InterestOnly(ExcludingSmartVest) |
| Pre-Pay Penalty | 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)
