The following updates have been made to the Gold Non-Agency products and are effective as of new locks on or after 2/29/24:
Gold Full Doc & Alt Doc and Bank Statement
- Declining Markets only require a 5% LTV reduction
- Accessory Dwelling Units are now allowed
- Interest Party Contributions have increased to 6%
- Pre-payment Penalties section updated to reflect 2024 allowances in OH and PA
- Max LTVs increased for Warrantable (to 85%) and Non-Warrantable Condos (to 80%)
- LTV increased for loans with DTI > 45% to 80%
- Cashout allowed increased for LTVs > 65% to $1MM
- Minimum FICO for Investment Properties with LTV > 75% has been reduced to 700
- Maximum LTV for Asset Utilization or Asset Depletion increased to 80%
Gold Debt Service Coverage Ratio (DSCR)
- Declining Markets only require a 5% LTV reduction
- Accessory Dwelling Units are now allowed
- Interest Party Contributions have increased to 6%
- Purchase LTV for FICO’s 700+ increased to 80%
- Pre-payment Penalties section updated to reflect 2024 allowances in OH and PA
- Max LTV for 2–4-unit properties and Interest only options increased to 80%
- DSCR Ratio’s < 1.0 require a 720 FICO
- Cashout allowed increased for LTVs > 65% to $1MM
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.