Program Overview:
Large-balance financing for strong credit borrowers with standard documentation, adhering to safe-harbor QM standards.
Broker Advantage:
- Elite Power: Secure financing up to $3,000,000 for luxury properties.
- PMI Waiver: Zero Private Mortgage Insurance required on any loan tier.
- Size Without MI: High-leverage loans up to $3M with no MI required.
Highlights:
- FICO: Min 680 (up to $1M); 740 (for $3M).
- LTV (Purchase): Up to 85%.
- LTV (Cash-Out): Up to 80% (Primary).
- Ratios: Maximum 45% DTI.
- Loan Amounts: Max $3,000,000; Min $1 > Agency limit.
- Reserves: Tiered up to 18 months; 6 months for loans $\le$ $2M$.
- Gift Funds: Acceptable after 5% borrower contribution.