Apex Elite is an alternative documentation program that may be used to determine qualifying income alone or in conjunction with other documentation options. Qualification is based on factors including debt to income, FICO score, housing history, job stability, loan to value, ownership seasoning, reserves, residual income. This program is considered Alt Doc from a credit and pricing standpoint.
Montage Elite is a full documentation program that requires an executed 4506-C or 8821 and income will be calculated in accordance with the most recent FNMA Guides. FundLoans will accept Full Documentation (Full Doc) for Wage Earner types including 24 Month Wage Earner, 24 Month Self-Employed borrower, 12 Month Wage Earner, and 12 Month Self-Employed borrower.
The Insignia program offers guidelines for various loan types, including purchases, rate and term refinances, and cash-out refinances, with specific requirements for borrower eligibility, property types, and credit documentation. It also outlines eligible transaction types, such as delayed financing refinances and construction loan refinances, and addresses additional loan attributes and policies like subordinate financing and chain of title.
The ALTA (Super Jumbo) program offers guidelines for various loan types, including purchases, rate and term refinances, and cash-out refinances, with specific requirements for borrower eligibility, property types, and credit documentation. It also outlines eligible transaction types, such as delayed financing refinances and construction loan refinances, and addresses additional loan attributes and policies like subordinate financing and chain of title. The program includes various loan products such as 30-year fixed, 40-year fixed, and SOFR ARMs with different cap structures.
Spectrum Elite is a debt service coverage ratio (DSCR) program. This program is also referred to as Spectrum Elite from a credit and pricing standpoint. Only 1 to 4-unit residential investment properties are eligible for the Spectrum Elite DSCR Product. Neither the borrower nor any relative of the borrower can occupy the subject property.
Spectrum+ is designed for experienced real estate investors seeking to purchase or refinance non-owner occupied investment properties held for business purposes. The borrower is qualified solely on the cash flow of the subject property.
ASPIRE is a cash-out, debt consolidation or piggy-back purchase junior lien (second position or better only) program available for primary residences, second homes, and 1-4 unit investment properties. Eligible property types include single family, 2-4 unit investment, and 1 unit properties with multiple ADUs. Full Interior / Exterior appraisal(s) are required.
Spectrum No Ratio is designed for real estate investors seeking to purchase or refinance non-owner occupied investment properties held for business purposes. The borrower is qualified solely on the cash flow of the subject property, with guidelines structured to fund investment quality non-owner-occupied loans designated as business purpose loans. All borrowers must sign a Business Purpose and Occupancy Statement declaring the property is for investment purposes only.
ASPIRE X is a high CLTV, exterior-only appraisal cash-out, debt consolidation or piggy-back purchase junior lien (second position or better only) program available for 1-4 unit primary residences, second homes, and investment properties. This program offers expanded credit parameters for multiple borrower profiles while utilizing standard and alternative document types.
Apex Prime is a bank statement program for self-employed borrowers, offering 12 or 24 months of personal or business bank statements to document income. The program assists brokers by making common-sense lending decisions on loans to their borrowers who may have limited access to credit, requiring alternative forms of documenting income and/or compensating factors which can offset repayment risk. Loans eligible for sale to a Government Sponsored Entity (“FNMA” or “FHLMC”) are not eligible.
Montage Prime Full Documentation is a comprehensive mortgage program designed for borrowers who may have limited access to credit, requiring alternative forms of documenting income. The program offers a wide range of eligible products, including 30-year and 40-year fixed, as well as SOFR ARMs, with both fully amortizing and interest-only options. It supports various transaction types such as purchases, rate/term refinances, and cash-out refinances, and provides flexible documentation options including 12- and 24-month full documentation, asset allowance, and assets only. The guidelines emphasize common-sense lending, alternative income documentation, and compensating factors to offset risk, with detailed requirements for property eligibility, credit, assets, and reserves. All program features and requirements are updated to reflect the latest regulatory and market standards as of the effective date.