SG Investor | Nations Branch

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	EA Core	EA Plus	Investor Select
Summary	Non-Agency NOO Program with expansions to Agency Guides such as Non Prime Credit and Alt Doc	Non-Agency NOO Program with expansions to Agency Guides such as Near Prime Credit and Alt Doc	DSCR or No Ratio Business Purpose Loan Program
Target Borrower	NOO purchaser or owner that is outside of agency guides (typically for credit or alt doc reasons; more expansive credit allowed)	NOO purchaser or owner that is outside of agency guides (typically for credit or alt doc reasons)	NOO purchaser or owner that wants to qualify using DSCR or no ratio (no income required)
Products	5/1 ARM, 5/1 IO ARM, 7/1 ARM, 7/1 IO ARM, 30yr fix, 30yr IO fixed, 40yr IO fixed, 40yr IO ARM	5/1 ARM, 5/1 IO ARM, 7/1 ARM, 7/1 IO ARM, 30yr fix, 30yr IO fixed, 40yr IO fixed	3/1 ARM, 5/1 ARM & 7/1 ARM
Interest Only	Yes	Yes, with min 700 FICO	No
Prepay Penalties	Yes, 6 mos interest on 80% of prepay, 3 year term	No	Yes, 6 mos interest on 80% of prepay, 3 year term
Underwriting	Manual/DTI	Manual/DTI	Manual/DSCR or No Ratio
Max DTI	0.55	0.5	N/A (Min DSCR 1.1)
Min FICO	580	661	620
Housing Event/BK Lookback	1 Day	4 Years	2 Years

Max Loan Amount	$3,000,000	$1,500,000	$2,000,000
Min Loan Amount	$150,000	$150,000	$75,000
Max LTV	80%	75% (70% for FL Condo)	80% DSCR / 75% No Ratio
Max CLTV	80%	75%	80% DSCR / 75% No Ratio
Warrantable Condo’s/LTV adjustment	-5%	-5%	Max 70% LTV
Declining Market/LTV adjustment	-5%	-5%	-5%
Non Warrantable/LTV adjustment	-10%	Ineligible	Max 65% LTV
Appraisal Reviews	SG Desk Review	SG Desk Review	CDA, Proteck Valuations, or SG Desk Review
Cash-out Refi Seasoning	6 months	6 months	No restrictions but cash out is capped based on seasoning
LLC Borrowers	Yes	Yes	Yes
Foreign Nationals	Yes, w restrictions	No	Yes
Max # Financed Properties	10	15 (additional reserves for 2+ properties)	20
Mandatory Escrows	Only for HPML and Foreign Nat’ls	Only for HPML	Yes, but waivable with a price adjustment
Rent Loss Insurance	No	No	Yes, equal to 6 months rent
Max Interested Party Contributions	3% for LTV >=80, 6% for LTV<80	3% for LTV >=80, 6% for LTV<80	3%
Reserves (Subject)	12 months	12 months	6 months, plus 2 months for each additional financed property, not to exceed 12 months
Marketing Tips:	For investors who need a more expansive credit bucket. Up to 10 financed properties.	For borrowers with near prime credit. Up to 15 financed properties.	For investors who want to qualify based on the asset cash flow rather than income or tax documentation. For borrowers who have up to 20 investment properties
Operational Tips:	Nothing specific	Nothing specific	Nothing specific