A product for people who has had a recent credit event that puts them outside the standard agency credit guidelines to qualify for a mortgage.
SG capital:
• Can go down to 580
• Competitive rates, start at 5.626%
• High DTI threshold up to 55%
• Only 1 year tax return option (Express Docs)
• High loan amount up tp $3M
| Product | EA Core |
| Summary | Non-Prime |
| Target Borrower | Borrowers with a recent credit / housing event or who want to use expanded features |
| 30-yr Fixed, 30yr IO Fixed 5/1, 5/1 IO, 7/1, 7/1 IO | |
| Products | 40yr IO Fixed Rate, 40yr IO ARM (only Core) |
| MAX Loan Amount | $3.0M |
| Min FICO | 580 |
| Max LTV | 90% |
| Max DTI | 55% |
| Housing History | Recent: 0x90x12 |
| Seasoned:0x60x12 | |
| Credit Event | Recent: Settled Seasoned: 3+ years |
| Bankruptcy | Recent: 1+ years |
| Seasoned: 2+ years | |
| Income Doc | 12/24 mo Personal or Business Bank |
| Statements | |
| Express Doc (One-Year Tax Return w/P&L) Asset Utilization | |
| Non- Warrantable Condo | Yes |
| Foreign Nationals | Eligible |
| Coupon Range | 5.625%+ |
Tips to remember:
• 24 hour scenario desk & exceptions
• Verifications of employment and fraud checks needed for submission
• Daily pricing sheets available
• Available in 42 states. (See specific states in guidelines)
