| Product | EA Core | EA Plus |
| Summary | For the self-employed borrower with more expansive features allowed, such as a prior credit event, higher DTI, non-warrantable condo | For the self-employed borrower with prime or near prime credit because they take extensive tax deductions |
| Target Borrowers | Minimum 580 FICO with a recently settled house event or a BK settled more than 12 months seasoned. | Higher credit borrower with a minimum 661 FICO with no credit event or a 4-year seasoned credit event |
| Products | 30-yr Fixed, 30yr IO Fixed, 5/1 ARM, 5/1 IO, 7/1 ARM, 7/1 IO 40yr IO Fixed Rate, 40yr IO ARM |
30-yr Fixed, 30yr IO Fixed, 5/1 ARM, 5/1 IO, 7/1 ARM, 7/1 IO
40yr IO Fixed Rate |
| MAX Loan Amount | $3.0M | $2.5M |
| Min FICO | 580 | 680 |
| Max LTV | Up to 90% (purchases), varies depending on credit event and FICO | Up to 85% (purchases), Max 75% LTV for Florida condo |
| Cash Out | Yes with additional LTV adjustments for FICO and cash-out amount | Yes with minimum 700 FICO, Max $2.0M |
| Housing History | Recent: 0x90x12
Seasoned:0x60x12 |
Recent: 0x30x12 |
| Bankruptcy | As little as 12 months discharged | 4+ years seasoned |
| Income Doc | 12/24 mo Personal or Business Bank Statements | 12/24 mo Personal or Business Bank Statements |
| Business Ownership Requirements | Minimum of 2 years existence and 50% ownership stake | Minimum of 2 years existence and 50% ownership stake |
| Non- Warrantable Condo | Yes | Yes |
| Calculating Monthly Income | Use the SG Capital Bank Statement Calculator Provide LOE for any unusual deposits, declining income or other outlier activity Fill out the Bank Statement Submission Form Look for options for supplemental income to add to Monthly |
Use the SG Capital Bank Statement Calculator Provide LOE for any unusual deposits, declining income or other outlier activity Fill out the Bank Statement Submission Form Look for options for supplemental income to add to Monthly Qualifying Income from calculator |
| Marketing Tips: | • Lower credit borrowers allowed (min 580 FICO). • Self-employed borrower with large tax deductions • Target local business owners and service providers • No CPA prepared P&L required • Recent housing delinquencies, FC/SS/DIL & BK allowed |
• High FICO borrower with good credit or a credit event between 4 and 7 years seasoned. • Self employed borrower with large tax deductions • Target local business owners and service providers • No CPA prepared P&L required |
| Operational Tips: | • Do NOT include Tax Returns! If Tax returns are included in the underwriting packet, then the loan will be considered as a full doc rather than a bank statement loan. • Provide as much information about the business as possible to help underwriters evaluate cashflow • Allow a minimum of 2 extra days processing of due diligence to review the bank statement calculation |
• Do NOT include Tax Returns! If Tax returns are included in the underwriting packet, then the loan will be considered as a full doc rather than a bank statement loan. • Provide as much information about the business as possible to help underwriters evaluate cashflow • Allow a minimum of 2 extra days processing of due diligence to review the bank statement calculation |
SG Capital:
Susan Menkhaus Jaffe
Direct: 203-355-6141
Email: sjaffe@sgcp.com
SG Scenario desk:
Phone: 203-355-6190
SGCPScenarioDesk@sgcp.com
Scenario Desk:
Susanna Carouthers
Direct: 330-338-7785
suzanna.carouthers@nationslending.com
