"Alt-A" home loans refer to nearly "prime rate" loans that are offered to borrowers with good credit scores who do not quite meet the conforming criteria as outlined by Fannie Mae, and Freddie Mac. These loans are priced competitively but mortgage lenders allow much more underwriting exceptions for qualifying purposes than they would for "A" paper loans. Potential applicants should have credit scores above 620 ficos, and potential borrowers will not necessarily be required to document their income. Alt-A home loans usually allow for stated income and no documentation loan options.
100% INTEREST ONLY Home Equity Lines of Credit (Full Doc & Stated - Self-Employed)
100% financing with a 580+ score: 1st mortgages (Full Doc only, 1+ previous year of mortgage history) - no mortgage insurance!
100% CLTV Stand Alone 2nd mortgages: A Paper & Sub-Prime (with a 580+ score)
100% LTV - One Loan - No PMI
1- Score Loan Program up to 95% LTV
12 month Bank Statements Full Doc.
Seller concessions available
No Verification of Mortgage Payments
No Verification Of Rent
No Reserves required
Up to 55% Debt to Income Ratio
No seasoning on BK for 100% LTV
100% LTV up to $525,000 loans
103% LTV for Home Purchase Loans
Stated Income up to 90% LTV
No Qualifying Trades Required
Stated Income up to 100% LTV & $650K
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Home loan product restrictions may apply. Home loans are subject to credit approval and other conditions. Mortgage Rates, product terms and conditions are subject to change.
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