Sprout High LTV - Nations Branch

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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: [email protected]

Scenario Desk:

Susanna Carouthers
Direct: 330-338-7785
[email protected]

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