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80-10-10 JUMBO is back! PORTFOLIO UNDERWRITING THAT MAKES SENSE!

January 16, 2013

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80-10-10 owner occupied purchase to 1.5 million – second is seller carry or outside

DEPARTING RESIDENCE: Use Rental Income on departing Residence with no equity position required.

  •          NO MINIMUM EQUITY POSITION
  •          NO Previous Landlord experience
  •          NO Rental Agreement or deposit check
  •          JUST a RENT SURVEY!

NOTES:  75% max LTV on the new loan if there is a Departing residence, 6 mos PITI reserves.  Use 75% of the rental income from a rent survey minus the PITI.

QUALIFY AT THE START RATE or Fully Indexed Rate amortized for the term after the interest only period. Qualify at the start rate or the fully indexed rate for 25 or 35 years a a 5 year, 27 or 37 years on a 3 year.

DELAYED PURCHASE  – You do NOT need to wait after paying all cash or obtaining interim financing to secure a loan

  •                         LTV based on PURCHASE LTV’s
  •                         PURCHASE PRICING SPECIAL APPLIES
  •                         Must receive loan within 90 days of the COE

Business Entity Loans: Title in the name of: LLC, Corporation, Partnership, Trust

No maximum number of financed properties

680 FICO (and as low at 660 FICO available)

Blended FICO Scores – we will use the average FICO of all borrowers! Over 75% and over $3M – higher FICO’s required.

Non-Permanent Resident Alien – Need ; US Social Security Number, Acceptable US Work Visa, Live and Work in the US, Foreign Credit OK (call for details)

 Non-Purchase Money Second – Payoff of a non Purchase Money Second is considered RATE/TERM if there have been no draws in the last 12 months

LTV’s:

Owner Occupied 1-4 Units

75% LTV to $3,000,000 – Purchase or Rate/Term (680 FICO)
70% LTV to $5,000,000 – Purchase or Rate/Term (720 FICO)
80% LTV to $750,000 – Purchase only (700 FICO)
80% LTV to $1,500,000 – Purchase only (740 FICO)

NON-OWNER OCCUPIED 1-4 units:

70% LTV to $2,500,000 – Purchase (680 FICO)
65% LTV to $2,500,000 – Rate/Term (680 FICO)

CASH-OUT – 680 FICO

Owner Occupied 1-4 Units (call over $3M)
70% LTV – Cash-out amount up to $ 500,000 cash to borrower
60% LTV – Cash-out amount over $ 500,000

N/O/O 1-4 units
60% LTV to $2,500,000 – Max cash to borrower $ 300,000

 

                                                                                                                                                 

Do you want a better job for 2013?

PMC Can Help! 

Whether a new job is your New Years resolution or just a hopeful wish. Take Action! A better jobs awaits you.

Learn more at www.pmccanhelp.com!

                                                                                                                                                                                                                                                             

FOR A FAST PRE-APPROVAL:
Complete a loan application on our website
http://pmccannhelp.com/mortgage_application.php

Follow our Mortgage on:
http://www.facebook.com/pmccanhelp
http://twitter.com/pmccanhelp
http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:
http://www.facebook.com/pmcrealty,
https://twitter.com/pmcrealty
http://www.linkedin.com/

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