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580 Credit Score to $1,500,000

Non-Prime Mortgage Loan Program- 580 Credit Score

The co-borrower must have at least a 580 credit score and also must not have more than 42% of total income.

Income Documentation Type: Full Doc

Maximum LTVs
* Purchase loan – 80% LTV
* Rate & Term refinance – 80% LTV
* Cash Out refinance – 75% LTV

Owner-Occupied

Maximum loan amounts: $1,000,000

Cash Out
* $300,000 to 75% LTV
* $200,000 to 80% LTV

Maximum DTI – 45%

Reserves Requirement:

* Owner occupied – 3 months’ principal tax and property insurance PITI plus an additional 3 months’ PITI for every other real estate owned.

Credit Notes:
* Bankruptcy history: 1 year seasoned
* Foreclosure history: 1 day
* Short Sale history: 1 day
* Loan Modification history: 1 day

Eligible Property Types:
* SFR
* 2-Unit
* 4-Unit

Eligible Occupancies:
* Owner-Occupied
* Non-Owner-Occupied
* Second Home

Credit Depth and Criteria:
* Active Tradelines – 3 years
* Total Tradelines – 6 years
* Credit History – 6 years
* Judgments and collections may be required to be paid-off before the closing date including tax liens and back-child support.
* Permanent resident aliens OK with 660 Credit Score / FICO Score
* First Time Homebuyer – OK to 80% LTV

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington.

Alternative Income Documentation

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