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1CHOICE Select Prime
$2,500,000 Max Loan Amount $1,000,000 Max Cash Out 90% Max LTV 50% Max Debt Ratio 660 Minimum Credit Score Terms Fixed, ARM & Interest Only Options Income Full Doc & Bank Statements Bank Statement Credit Score As Low As 660 Interest Only 30 or 40 Year Term w/10 Year I/O Credit Events 48 Months Since Previous Housing Event & Bankruptcy Discharge Mortgage Lates 0x30 in Last 12 Months
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2CHOICE Investor DSCR
$2,000,000 Max Loan Amount $500,000 Max Cash Out 80% Max LTV 620 Minimum Credit Score 2 Yr Seasoning Foreclosure, Short Sale, Loan Modification, Deed in Lieu & Bankruptcy Terms ARM & Interest Only Options Mortgage Lates Up to 1x30 in Last 12 Months Qualification DSCR & No Ratio Available Property Types Single-Family, Condo, 2-4 Unit & Non-Warrantable Condos Financed Properties No limit on number of fi nanced properties Fast & Easy Business Purpose Loans Tailored for Professional Investors
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3CHOICE Prime
$3,000,000 Max Loan Amount $1,000,000 Max Cash Out 95% Max LTV 55% Max Debt Ratio 620 Minimum Credit Score Terms Fixed, ARM & Interest Only Options Income Full Doc, Bank Statements, Asset Depletion & 1 Year Doc Options Allowed Bank Statement Credit Score As Low As 620 Interest Only 30 or 40 Year Term w/10 Year I/O Credit Events 36 Months Since Previous Housing Event & Bankruptcy Discharge Mortgage Lates Up to 1x30 in Last 12 Months Investment Property Down to 620 score
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4CHOICE Expanded Credit
$2,000,000 Max Loan Amount $500,000 Max Cash Out 90% Max LTV 55% Max Debt Ratio 540 Minimum Credit Score Terms Fixed, ARM & Interest Only Options Income Full Doc, Bank Statements, & 1 Year Doc Options Allowed Bank Statement Credit Score As Low As 580 Credit Events 0-12 Months Since Previous Housing Event & Bankruptcy Discharge Mortgage Lates Allowed 90 days late in Last 12 Months Investment Property Down to 580 score
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5CHOICE Personal Bank Statements
12 Month Bank Statements $3,000,000 Max Loan Amount $1,000,000 Max Cash Out 90% Max LTV 50% Max Debt Ratio 620 Minimum Credit Score Terms Fixed, ARM & Interest Only Options 24 Month Bank Statements $3,000,000 Max Loan Amount $1,000,000 Max Cash Out 90% Max LTV 50% Max Debt Ratio 580 Minimum Credit Score Terms Fixed, ARM & Interest Only Options
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6CHOICE Business Bank
12 Month Bank Statements $3,000,000 Max Loan Amount $1,000,000 Max Cash Out 90% Max LTV 50% Max Debt Ratio 620 Minimum Credit Score Terms Fixed, ARM & Interest Only Options 24 Month Bank Statements $3,000,000 Max Loan Amount $1,000,000 Max Cash Out 90% Max LTV 50% Max Debt Ratio 580 Minimum Credit Score Terms Fixed, ARM & Interest Only Options
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7CHOICE Foreign National
$1,500,000 Max Loan Amount $500,000 Max Cash Out 75% Max LTV 50% Max Debt Ratio Loan Requirement • Copies of borrower’s passport and unexpired visa must be obtained. Visa types accepted: B-1, B-2, H-2, H-3, J-1, J-2, O-2, P-1, P-2 and I • 3 open accounts with a 2-year history* • Letters of credit reference allowed* • 2-year housing history can be used as a trade-line* Assets • Funds for down payment and closing costs must be sourced or seasoned for 60 days • Must be in a US chartered depository for 30 days prior to closing Income • Full Doc Income: Salaried Borrowers • Full Doc Income: Self-Employed Borrowers (not eligible for bank statement programs) • Asset Depletion • DSCR • No Ratio * All documents must be translated by a certified translator. Foreign National - Income Details Full Doc Income: Salaried Borrowers • Letter from employer with current monthly salary and YTD earnings or 2 months pay stubs with YTD earnings* • Verification of earnings for the last 2 years • Employer must be independently verified Full Doc Income: Self-Employed Borrowers (Not eligible for bank statement programs) • Letter from a CPA providing income for the last 2 years and YTD earnings* • Self-employed business and CPA must be independently verified Asset Depletion Foreign National borrower may use Asset Depletion to determine qualifying income with a maximum DTI of 50%. Asset Depletion is not allowed on cash-out transactions. See the applicable Foreign National Correspondent Matrix for credit score and LTV restrictions. Foreign National borrowers must have the lesser of (a) 1.5 times the loan balance or (b) $1MM in qualified assets, both of which must be net of down payment, loan costs and requires reserves to qualify. All assets must be in U.S. accounts and seasoned for 6 months. Qualified Assets can be comprised of stocks, bonds, mutual funds, vested amount of retirement accounts and bank accounts. If a portion of the quilled assets are being used for down payment, closing costs or reserves, those amounts must be excluded from the balance before analyzing a portfolio for income determination. The following assets are considered Qualified Assets and can be utilized to calculate income: • 100% of checking, savings and money market accounts • 70% of the remaining value of stocks & bonds DSCR A Debt-Service Coverage Ratio (DSCR) may be calculated for the subject property. See the Foreign National Correspondent Matrix for available LTVs when the DSCR is >1.15%. The DSCR calculation is as follows: Debt-Service Coverage Ratio = Gross Income/Proposed PITIA To calculate gross income, use the lower of the (a) executed lease agreement or (b) market rent from appraisal form 1007. If the executed lease agreement reflects a higher monthly rent, it may be used in the calculation when evidence of receipt of the higher amount for the 3 most recent, consecutive months is provided. No Ratio No additional documentation is required when qualifying under No Ratio. See the Foreign National Correspondent Matrix for Available LTVs.
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