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Product Jumbo Prime (J10) Asset Optimizer (A11) Debt Service Coverage (I 10)
Summary Full Doc requiring only 1 year tax returns. High Asset Borrower Investor Debt Service Coverage
Target Borrowers All occupancies, 660+, Full Doc High Assets with Low Income (possible retirees with large retirement accts, or Trust Fund borrowers) Investors with income that is difficult to document (i.e. extensive tax returns, Schedule C losses, write-offs, etc.)
Products 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all
MAX Loan Amount $4M $4M $3M
Min FICO 660 – from all borrowers 660 – from all borrowers 660 – from all borrowers
Max LTV 85% 80% 70%
Cash Out Yes Yes Yes
Housing History 12 months 12 months None
Bankruptcy 4 years, 2 years with reduced LTV 4 years, 2 years with reduced LTV 4 years, 2 years with reduced LTV
Income Doc Full Doc.  Current YTD plus 1 year of tax returns None None
Business Ownership Requirements Can close in LLC or Corporation Can close in LLC or Corporation
Non- Warrantable Condo Yes Yes Yes
Calculating Monthly Income Averaged YTD plus 1 year of tax retun income Total all assets divided by 60.  Checking, Savings, Stock, IRA, Retirement, etc – all ok.  Example $1M IRA/60 = $16,600 per month in income. If rental income (from appraisal or lease) covers the PITIA of the subject property – that is all the is needed for income.
Marketing Tips: • DTI up to 50%
• Non-Warrantable/Condotel OK
• 3 months reserves up to $1M
• Cash-out can be used to meet reserve requirement
• Gifts OK
• 1x30x12 OK on mortgage
• 1 appraisal up to $1.5M
• Foreign Nationals permitted
• No MI on any product
• DTI up to 50%
• Assets do NOT need to be liquidated or tied to the mortgage
• Non-Warrantable/Condotel OK
• 3 months reserves up to $1M
• Cash-out can be used to meet reserve requirement
• Gifts OK
• 1x30x12 OK on mortgage
• 1 appraisal up to $1.5M
• Foreign Nationals permitted
• Investments only
• Non-Warrantable OK
• 3 months reserves up to $1M
• Cash-out can be used to meet reserve requirement
• Gifts OK
• 1x30x12 OK on mortgage
• 1 appraisal up to $1.5M
• Foreign Nationals permitted
Operational Tips: • Investor Cash-out, if business purpose, can follow non-TRID tract.  No disclosures/no rescission period. • No income documentation needs to be submitted.  No tax returns.
• Assets used for income calculation can not be used for reserves.  Separate reserve assets required.
• Income calculator for this product is on the Sprout website or can be obtained from the AE.  Calculator is required for loan submission.
• No personal income documentation required.
NonQM Profile Category Foreign National, High LTV, Investor, Non-Warrantable, Interest Only Asset Qualify, No-Income, Foreign National, Investor, Non-Warrantable, Interest Only Foreign National, Investor, Non-Warrantable, Interest Only, No Income

Sprout:

Michael Sweeney
Direct: 828-620-8051
Email: [email protected]

Scenario Desk:

Loan program

Loan calculator

Qualifier

Website

J-10

A-11

I-10

Product Mix -2

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Let's talk! 800-459-7512