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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.

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

Contact info:

Susan Menkhaus Jaffe
Direct: 203-355-6141
sjaffe@sgcp.com

Scenario Desk:

Susanna Carouthers
Direct: 330-338-7785
suzanna.carouthers@nationslending.com

Investor Guidelines

EA CORE Guidelines

EA Plus Guidelines

SG Investor Flyer

SG Training Materials

Training Video

Broker Initial Disclosure

SG Capital Process

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Let's talk! 800-459-7512