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New Program: Home Equity 360

March 28, 2017

PMC 360 Wholesale Combo HELOC 2017_1

 

 

 

PMC 360 Wholesale Combo HELOC 2017_2

Home Equity 360 is as an alternative option to our HELOC Interest-Only, the Home Equity 360 offers a 30-year term (10-year draw, 20-year repayment period) with a principal-reducing payment structure that allows for predictability and planning through the draw and repayment period.

Property Types

·        Eligible Property Types: Single Family Residence (SFR), 2-4 units, PUDs, Condos

·        Ineligible Property Types: Modular Pre-Cut/Panelized Housing/Manufactured Homes, Leasehold Estates, Co-ops/Condo Hotels

General Underwriting

·        For topics not covered in this matrix, refer to the Fannie Mae Selling Guide

·        Qualifying payment calculated over 20-year term at qualifying rate

·        Qualifying rate equals start rate (index + margin) plus 2.00%

·        Maximum first mortgage balance of $1,000,000

·        For investment properties, maximum number of financed properties is four (4)

DTI

Maximum Debt to Income Ratio (DTI): 50%

Income & Asset Doc Requirements

·        Follow first lien guidelines for income documentation and calculations

·        Follow first lien guidelines for asset documentation and calculations

·        IRS 4506 tax transcripts are required on all self-employed borrowers.

·        A Verbal Verification of Employment must be obtained prior to funding

Derogatory Credit

Borrower is not required to provide a letter of explanation for any significant derogatory credit

Funding Credit Reports

·        A single bureau credit report is not required to be pulled PTF.

·        If the first lien has Undisclosed Debt Monitoring a copy of the first lien UDM report pulled at funding must be placed in the HELOC file.

Appraisal

·        Follow the first lien appraisal requirements

·        All HELOCs with line amounts > $250,000 require a 1004/1073 (or equivalent) appraisal report

Existing HELOCs

For an existing FB HELOC being subordinated (including loans located out of the FB footprint) the Combo matrix guidelines do not apply if they meet ALL of the following:

1.      Subordinated at the existing line limit (no modifications)

2.      Qualifies at the existing HELOC balance and payment ( no pay down of the existing balance required to qualify)

3.      HCLTV < 80% 4.   DTI < 50%

Existing FB HELOCs being subordinated that do not meet the above requirements are subject to all terms and requirements outlined in this Combo matrix

Other

•        All exceptions to this matrix or other underwriting requirements require completion of the exception screen and must align with the Residential Lending and Consumer Lending Authority Limits Matrix

PMC has a wide array of loan programs including Lite Doc Income Loans (CPA/P&L/Balance Sheet and Personal/Business Bank Statement Loans) (single account – using average monthly deposit averages – 100% from personal and 50% from business) and also has other low doc home loans for 500+ FICO borrowers.

Our goal is to find you the best financing available to save you the most money. Ask the experts. Email your scenario to info@pmccanhelp.com.

Make sure to visit our website:   www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application on our website APPLY ONLINE

Job Opportunities? PMC has been a premier CA & WA brokerage for over 28 years. Visit our Careers website and apply online today! www.pmccareers.com

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