The following updates have been made to the Gold Non-Agency products and are effective as of new locks on or after 12/20/23:
Gold Full Doc
- Loan amounts below $150,000 are limited to a Max of 80% LTV
- Loans with a mortgage late in the last 12 months or a prior credit event have a Max LTV of 80%
- Clarification on allowable prepayment penalty eligibility for loan amounts greater than $107,633
- Matrix updated for Permanent and Non-Permanent Resident Aliens to allow EAD’s and additional Visa types
Gold Alt Doc and Bank Statement
- Loan amounts below $150,000 are limited to a Max of 80% LTV
- Loans with a mortgage late in the last 12 months or a prior credit event have a Max LTV of 80%
- Clarification on allowable prepayment penalty eligibility for loan amounts greater than $107,633
- Matrix updated for Permanent and Non-Permanent Resident Aliens to allow EAD’s and additional Visa types
- LTV adjustments for WVOE and P&L income documentation types based on FICO
- Addition of 2nd homes for Asset Depletion income documentation type
Gold Debt Service Coverage Ratio (DSCR)
- Allow DSCR down to .80 (previously capped at 1.00 Minimum) - See Qualifying Ratios section
- DSCR Ratio .80 - .99 are limited to $2MM max loan amount
- First Time investors must have 12 month verified housing payment history and capped at 75% LTV
- Loan amounts below $150,000 are limited to a Max of 80% LTV
- Loans with a mortgage late in the last 12 months or a prior credit event have a Max LTV of 80%
- Clarification on allowable prepayment penalty eligibility for loan amounts greater than $107,633
- Matrix updated for Permanent and Non-Permanent Resident Aliens to allow EAD’s and additional Visa types
The following updates have been made to the Gold & Silver Non-Agency products and are effective as of new locks on or after 1/2/24:
Gold & Silver Debt Service Coverage Ratio (DSCR)
- Net proceeds from a cash out transaction may now be used to meet reserve requirements
- Reserves are not required to be liquid for cash out transactions
- 2 months reserves for each additional property owned is no longer required
If you have any questions, please contact your Correspondent Specialist, Sales Executive, or contact us via the support line at 1-800-929-4744.
Thank you for your continued business.