The Elite Access (Non-QM) program offers a variety of loan options including Fixed Rate and Interest-Only products for borrowers with unique financial profiles. It provides multiple documentation methods such as Full Doc, Bank Statement, and Investor Cash Flow, accommodating diverse borrower needs. The program is designed to assist borrowers who do not qualify for traditional loans, offering solutions for primary residences, second homes, and investment properties.
The Alt-Doc program offers loan options for borrowers with alternative documentation methods, including Bank Statement, 1099 Only, and P&L Only. It is available for 1-4 unit primary residences, 1-unit second homes, and 1-4 unit investment properties. The program provides options for purchase, rate/term refinance, and cash-out refinance.
The Investor Cash Flow program is designed for 1-4 unit investment properties and uses only rental income from the subject property to determine cash flow. No income or employment is verified when this option is utilized; qualification is determined by the debt service coverage ratio of the subject property. Loans using the Investor Cash Flow (ICF) option are not subject to ATR, QM, or HPML requirements as they are considered business purpose loans.
The Foreign National program is eligible on Investor Cash Flow ONLY with a minimum 1.00 DSCR. It is designed for 1-4 unit investment property and is not eligible for non-warrantable condos. Purchase, rate/term and cash-out refinance transactions are eligible, but interest-only is ineligible. Borrowers with diplomatic immunity are ineligible, as are borrowers from OFAC sanctioned countries and those with a prior forbearance.
The Jumbo Gold program offers loan options for primary residences, second homes, and investment properties. It is available in contiguous states, DC, AK, and HI. All loans must be in 12-month increments and meet QM Safe Harbor requirements.
The Full Doc program is available for both salaried and self-employed borrowers, following Fannie Mae guidelines for topics not addressed in the Full Doc Eligibility and Summary section or the Elite Access general Guidelines. It requires wage earner/salaried borrowers and self-employed borrowers, defined as an individual who has a 25% or greater ownership interest in a business. A signed 4506-C and applicable tax transcripts are required, and broker provided processed 4506-C results are not eligible.
The Jumbo Elite Program offers fixed-rate and ARM options for owner-occupied primary residences, second homes, and investment properties. Loan amounts, LTV/CLTV, credit score, and DTI requirements vary based on the property type and transaction. ARM transactions require a minimum loan amount of $350,000 and a maximum DTI of 43%.
The Access Program (Non-QM) provides a variety of loan options including Fixed Rate and ARM products for self-employed borrowers and those with unique financial profiles. It offers multiple documentation methods such as Full Doc, Bank Statement, 1099 Only, P&L Only, Investor Cash Flow and Asset Qualifier, accommodating diverse borrower needs. The program is designed to assist borrowers who do not qualify for traditional loans, offering solutions for primary residences, second homes, and investment properties.