Loan Product Description
Peter Cook Mortgage 107%
Primary Residence/Owner Occupied (1 Unit)
|
General Description |
Maximum 107% LTV for purchase, Rated Term or Cashout (for debt consolidation only). Refinance of 1 Unit Owner Occupied property. |
Zero Down Loan
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LTV's: Full/Alt Doc |
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|---|---|---|---|---|---|---|---|
|
Balance |
(H) CLTV | Purpose | Units | Credit Grade |
Credit Score |
Ratio (4) |
Reserves |
| $400,000 |
107% (5) |
Purchase Rate/Term Refinance Cash-out Refinance |
1-2 | A1 | 720 (1) | 45% |
2 months PITI |
| $400,000 |
107% (5) |
A2 | 680-719 (1) |
45% |
2 months PITI |
||
| $400,000 |
103% (5) |
A3 | 620-679 (1) |
45% |
2 months PITI |
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| (1) Mortgage History
0x30 past 12 months, 0x60 past 24 months; 4 years since any bankruptcy or
foreclosure; no major adverse credit in past 24 months. (2) Mortgage History 0x30 past 12 months, 0x60 past 24 months; 7 years since any bankruptcy or foreclosure; no major adverse credit in past 24 months. (3) Cash-out for debt consolidation only. Must be shown on HUD I. (4) Residual Income Requirements: $1,500 per month. (5) Limited to 100% if seller contributes to closing costs/prepaids. |
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