| Product | Premier Jumbo (E1) | Jumbo Prime (J10) |
| Summary | Full Doc with 2 years of tax returns. | Full Doc requiring only 1 year tax returns. |
| Target Borrowers | All occupancies, 660+, Full Doc for Rate Conscious borrowers (rates in the 3’s and 4’s!) | All occupancies, 660+, Full Doc |
| Products | 30 year fixed | 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all |
| MAX Loan Amount | $3M | $4M |
| Min FICO | 660 – from all borrowers | 660 – from all borrowers |
| Max LTV | 90% | 85% |
| Cash Out | Yes | Yes |
| Housing History | 12 months | 12 months |
| Bankruptcy | 4 years | 4 years, 2 years with reduced LTV |
| Income Doc | Full Doc with 2 years of tax returns. | Full Doc. Current YTD plus 1 year of tax returns |
| Business Ownership Requirements | Can close in LLC or Corporation | |
| Non- Warrantable Condo | No | Yes |
| Calculating Monthly Income | Averaged YTD plus 2 years of tax return income. | Averaged YTD plus 1 year of tax retun income |
| Marketing Tips: | • 90% SFR Purchase to $1M • Cash-out can be used to meet reserve requirement • Gifts OK • 1x30x12 OK on mortgage • 1 appraisal up to $1.5M • No MI on any product |
• 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 |
| Operational Tips: | Standard FNMA income calculations. Great rates 80% LTV and under. | • Investor Cash-out, if business purpose, can follow non-TRID tract. No disclosures/no rescission period. |
| NonQM Profile Category | High LTV, Investor, Interest Only | Foreign National, High LTV, Investor, Non-Warrantable, Interest Only |
Sprout:
Michael Sweeney
Direct: 828-620-8051
Email: Michael.Sweeney@SproutMortgage.com
