Description

Puerto Vallarta, Cancun, San Felipe, Mazatlan, Los Cabos, LaPaz, Acapulco, Guadalajara, Ensenada, Rosarito, Puerto Penasco (Rocky Point), San Carlos, San Jose, Ixtapa, Zihuatanejo, Campeche, Loreto, Playa Del Carmen, Los Barilles, San Miguel, and nearly anywhere else!

Hybrid ARMS starting at 6.75%, 30 YR Fixed starting at 8.75%

               Property Type                                Min FICO         Max LTV

Primary Residence, 2nd Homes, condos, lot loans, & construction

• Purchase.
• Refinance. (Rate & Term, or cash out)

* Call for custom construction loan options.

• The loan is subject to interest rate adjustments (up or down) after the initial fixed period. The adjusted interest rate may never be greater than the note rate +5%.
• The loan can never adjust lower than the margin, or in most cases, the start rate.

• Qualify using one of the following methods:

- Full Doc = 2 yrs tax returns, pay stubs, 2 mos bank statements

- Alt Doc = 6 mos. bank statements,

- Stated Income = This program suspended due to market conditions.

• Single family residences, Planned unit developments, & condos
• Primary Residence, Second Homes.

• Generally, the property must be in a metropolitan area or well established vacation destination. If you don't see your location listed above, please inquire. Most properties qualify as long as utilities are verified.

• Underwriting Guidelines apply unless noted differently within guideline matrix.
• Available for US Citizens and Resident Aliens, Canadians, and Ex-Patriots with qualifying credit.

• Maximum DTI (Debt to Income) 42%
• Maximum PTI (Payment to Income) 35%

• Minimum 680 middle FICO credit score
• No Bankruptcy, Foreclosures in the past 7 years (if beyond 7 years, must have re-established good credit with minimum of 3 trade lines).
• No outstanding judgments or credit accounts (medical judgments can be reviewed on an exception basis)
• No 30-day mortgage lates in last 12 months.
• No 60-day mortgage lates in last 24 months.
• All mortgage and consumer credit accounts must be current at the time of closing and any derogatory credit must have a reasonable explanation.
• First time home buyers require a 12-month rental history with no 30-day late occurrences.

• Available for wage earners, self-employed or commission-earning employees.
• Must be employed for a minimum of 2 years in the same business
• Must be commissioned with same employer for a minimum of 2 years.
• All self-employed borrowers must provide verification of business operation through CPA letter or current and prior year business license required.

• If bonus income is also received, it will count toward the commission requirement

• Borrower may be required to sign a 4506
• Full Doc-Borrower’s income is calculated from last two years tax returns or W-2s
• Alt Doc & Stated income-The income must be reasonable for the business profession, for the assets reported, and for the type and length of employment.

• Down Payment, Closing Costs, Prepaid interest. Reserves may be required on some programs.
• Funds for down payment, closing costs and 4 to 8 months PITI must be verified by VOD or 2 months statements

• Allowed up to 3% or 6% (depending on loan program chosen)

• Up to 80% loan to cost, please call for custom quote.

• Depends on loan program chosen. Loans without prepay penalties are available!

When there is a prepayment penalty, the first year is at 2% of the prepaid amount, the second year at 1% (known as a 2-1 prepay).