The Select NQM program offers loan options for various borrower profiles, with specific guidelines based on FICO score, loan amount, and documentation type. It includes options for purchase, rate and term refinance, and cash-out transactions, with LTV limits varying by occupancy and property type.
The Forward SELECT program offers mortgages with varying LTV ratios based on FICO scores. It requires a minimum DSCR of 1.25 and has specific restrictions on short-term rentals, declining market rent, and foreign nationals.
The Forward 1:1 program offers mortgages with varying LTV ratios based on FICO scores. It requires a minimum DSCR of 1.00, with higher requirements for CLTVs over 80%.
The Forward NO RATIO program offers mortgages with varying LTV ratios based on FICO scores. It requires a minimum DSCR of 0.75 and has specific restrictions on short-term rentals, recently listed properties, and foreign nationals.
Closed End programs provide fixed-term loans that are fully disbursed at closing, and are eligible as second liens only. These loans must subordinate to the first mortgage when concurrent close, with a qualifying rate at the note rate and a fully amortized payment.
The Fast 100+ program features a 2nd lien that has an interest rate equal to the first lien rate plus 2% with a 10-year amortization and monthly payments required. It is designed to increase homeownership opportunities for low-to-moderate income individuals and families nationwide (excluding New York).
The DSCR program is designed for single investment properties with 5-8 units, focusing on debt service coverage ratio. The DSCR is calculated by gross rents divided by qualifying PITIA or ITIA, and 100% of the rents can be used, and no vacancy factor is required.
Second Home programs are designed for borrowers purchasing a second residence. These programs typically have specific LTV and occupancy requirements.