Investor 1-4,
|
Multi-Family & Mixed-Use
|
Commercial
|
|
|---|---|---|---|
Fixed Term |
3-Year 8-Year | 3-Year 8-Year | 3-Year 8-Year |
Loan-to-Value |
Max 75%* Max 75%* | Max 75% Max 75% | Max 70% Max 70% |
FICO ≥ 750 |
7.49% 8.24% | 7.99% 8.74% | 8.49% 9.24% |
FICO 700-749 |
7.99% 8.74% | 8.49% 9.24% | 8.99% 9.74% |
FICO < 700 |
8.49% 9.24% | 8.99% 9.74% | 9.49% 10.24% |
Add 50 BPS to the rates shown below for all refinance transactions.
| Purpose | Purchase, Rate-Term Refinance, Cash-Out Refinance |
| Loan Amounts | $200K – $5MM Residential 1-unit maximum loan amount is $1.5MM Residential 2-4 unit maximum loan amount is $2MM Minimum loan amount on Multi-Family, Mixed-Use and Commercial is $200k |
| Term | 30-year term, with loans fixed for first 3 years or 8 years |
| Amortization | 30-year fully amortized loan |
| Credit Score | 650 minimum (mid FICO) |
| Rebates | 1-point rebate = .50% add-on to rate (Max rebate 2%. > 1YSP = 5% prepay) |
| Index / Margin / Caps | WSJ Prime + 5%. Rate Caps = 2/1/6 |
| Prepayment Penalty | Investor 1-4: 3-year fixed = 3%, 3%, 3%, or 8-year fixed = 3%, 3%, 3%, 3%, 3% |
| Minimum prepay on all loans = 1 year |
Multi-Family, Mixed-Use and Commercial: 3-year fixed = 5%, 5%, 5%, or 8-year fixed = 5%, 5%, 5%, 5%, 5% 1-6 residential units in NJ = no prepay, add 1% to rate 1-4 residential units in NM = no prepay, add 1% to rate |
| Prepayment Buydown(s) | For each year of buydown, add 1% to start rate OR 1% in fee. |
| Rate Buydown | 1-point fee = .50% rate reduction (Maximum rate reduction is 1%) | Minimum Rate 5.24% |
| Prepayment Buy Up | Reduce rate by .25% for each year added. Penalty increases to 5% for all years of prepayment term. |
| Broker Compensation | Maximum is 5% of the loan amount, including all broker fees. |
| Lending | Locations nationwide. (For ineligible locations contact your Account Executive for details.) |
| Experience | First time investor = 5% LTV reduction for all property types. First time buyers are ineligible for investment 1-unit properties. |
| Income Verification | Simple Documentation. |
| Asset Verification | Source of funds required for all money brought into any transaction. |
| Appraisal Process & Fee | Contact your account executive to learn about our streamlined process and cost. |
| Impounds | Required for property taxes & insurance. |
| Foreign Investors | 65% maximum LTV. |
| Loans < $250k | Add 50 bps to the matrix rate for multi-family, mixed-use and commercial properties. |
| Rate Add-ons | Add 25 bps to residential 1-4 rates for the following states: NY, PA, CT, NJ, FL.
Add 25 bps for all refinance transactions. |
| Investor 1-4 | *75% LTV on purchases only with 650+ mid FICO. Investor 1-4 loans > $1mm = 70% max LTV. |
| CLTV | 80% maximum CLTV. |
All rates, programs, and pricing adjustments are subject to change at any time and without prior notice. This rate sheet is intended for use by real estate and mortgage lending professionals only and is not an advertisement under section 226.24 of regulation Z, and is not intended for use by the general public.
