Loan Purpose
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Purchase
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Rate/Term Refinance
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Cash-Out Refinance
Loan Product
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10 Year Interest Only (“IO” 120 Months) to Fully Amortized
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10 Year Open Draw Period on all Loans
Initial Rate
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Base Margin + Credit Adjuster plus 1 mo. Libor (1 mo. Libor floater)
Max Rate
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Life Cap 6% over the initial fully indexed rate
Loan to Value (“LTV”)
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Up to 90% on Primary Residence
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Up to 85% on Second Home and Investment Properties
Minimum Loan Amounts
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$100,000
Other
Product Offerings
Residential Products
Business Purpose Products
Maximum Loan Amounts
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$1,500,000
*Larger loan balances are only permitted on an exception basis that requires Invigorate Scenario Desk review.
Eligible Property Types
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Single Family Residence (SFR)
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2 to 4 Family (Primary & Investor)
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Warrantable Condominiums (FNMA guides)
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Townhomes
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No mixed use
Property Locations
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Major MSA’s and secondary markets
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No Rural Properties (as designated on appraisal)
(Not available in Texas, Alaska and Hawaii)
Eligible Borrowers
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U.S Citizens/Permanent Resident Aliens
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Non- Permanent Resident Aliens
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Foreign Nationals
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Inter Vivos Revocable Trusts
Minimum Credit Score
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660
Documentation
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Full Documentation Underwrite