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Libor ARM Loans
We are pleased to announce some exciting new
additions and enhancements to the following products:
Non-Conforming Full/Alt Doc One-Month
and Six-Month Interest Only LIBOR ARMs
Non-Conforming Full/Alt Doc 1-Year LIBOR ARM
Non-Conforming 3/1 & 5/1 Full/Alt Doc LIBOR ARMs
New Product! - The Full/Alt Doc 1-Year ARM is now available as a
fully amortizing loan.
The 3/1 & 5/1 fully
amortizing ARMs and the 3/1 and 5/1 Interest-Only ARMs have been combined into one product summary.
Non-Warrantable New
Construction Condos are now available on ALL the Interest-Only products.
(Not available for the fully amortizing)
One-Month and Six Month Interest-Only ARM (The only
available margin for the Non-Warrantable New Construction
Condos is 2.375)
3/1 & 5/1 Interest-Only ARM
Investment properties have been added to the 3/1 & 5/1 Full/Alt Doc ARMs.
2-4 Units and Co-ops are available up to $1.5M
Co-ops are available for purchase transactions with the following:
90% LTV up to $500,000
70% LTV up to $1,500,000
$800,000 available up to 90% LTV's for 1-unit primary residences for all products.
(Refer to the "Mortgage Insurance" section and footnotes within the "Maximum LTV/CLTV" section for additional MI requirements.)
The MINIMUM credit score is 620 for all products.
(Please refer to Maximum LTV/CLTV section for additional credit score requirements.)
DTI up to 50% with credit scores of > 700.
Reserves - All 1-unit
primary residences with loan amounts less than $650,000 will require 3 months reserves.
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