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Program Description:
Standard NINA HiQ+SM (No-Income/No-Asset Verification*)
Program Summary:
Product Type:
Loan Term:
Purpose:
Occupancy:
Eligible Applicants
Property Type:
Special Features:
Corporate, Partnership or
Trust Held Title:
Maximum Loan Amount:
Pricing:
Subordinate Financing:
Debt-to-Income (DTI):
Private Mortgage
Insurance:
Credit Criteria:
Credit Requirements:
Credit Requirements:
(continued)
Credit report should demonstrate past history of the type, longevity and extent consistent
with the loan amount applied for so as to enable the underwriter to clearly assess the
borrowers credit worthiness, files outside of this guideline may be subject to LTV
reductions.
For Mortgage Debt:
Prior mortgage payment history with no delinquencies in the past 6 months and not more
than one 30+ day delinquency in the past 12 months.
Credit Documents
Undisclosed Debt
Slow Payment
History
Bankruptcy
- - - Refer to the following Page for Standard NINA HiQ+SM LTV Criteria - - -
Loan Amount
Purchase
1, 8 - 11
Rate/Term
Refinance
2, 8 - 11
Cash- Out
Refinance
3, 8 - 11
Investment Properties
Up to $1 mm
60%
55%
50%
55%
55%
50%
50%
50%
50%
50%
50%
50%
Up to $1 mm
50%
50%
50%
50%
50%
50%
50%
50%
50%
Up to $1 mm
55%
50%
50%
50%
50%
50%
50%
50%
50%
Up to $1 mm
50%
50%
50%
50%
50%
50%
50%
50%
50%
Up to $1 mm
50%
50%
50%
50%
50%
50%
50%
50%
50%
Above LTVs are based on FICOs of 686 and greater. Reduce above LTVs by any other relevant LTV reductions as
outlined either below or on our daily rate sheets.
Notes:
NINA financing subject to state and federal laws and regulations, as applicable.
Loan Amount and LTVs subject to Credit Score Requirements; refer to daily Rate Sheet for specifics.
LTV is based on the lesser of the sales price or the appraised value.
Florida properties subtract 15% from LTVs above.
For properties located in Philadelphia County Pennsylvania reduce LTVs by an additional 10%.
Applicable LTV reduction(s) will not reduce the resulting LTV to less than 50%, with the exception of Florida and Philadelphia County
Pennsylvania Properties, for which the LTV floor is 40%.
For LTVs > 60% max CLTV is 80% and for LTVs 60% max CLTV is 90%.
For Primary Residences refer to Primary Residence Program Guidelines.
1.
Purchases:
For Second Homes/Vacation Properties Purchase transactions with LTVs above 55% (1F and Condos) or 50% (Coops) and for Investment Properties Purchase transactions above 50% (1-4F, Condos & Co-ops):
o
o
The Purchase must be a bona-fide arms length transaction (listed sale via real estate
broker or a purchase from a bank).
The Applicant (s) must put down a minimum 5% contract deposit.
NOTES:
Non-Arms length purchase transactions will be deemed as cash-out refinances for the purpose of LTV
eligibility.
Applicant must have Credit Score of 651 or greater for transactions with loan amounts > $3mm.
2.
3.
Cash-Out Refinances:
For cash-out amounts greater than $100,000 and up to $200,000, reduce the Maximum LTV by 5%;
For cash-out amounts greater than $200,000, reduce the Maximum LTV by 10%.
Not available for properties located in Philadelphia County Pennsylvania.
Applicant must have a Credit Score 651 or greater for transactions with loan amount > $3mm.
4.
5.
6.
Condominiums:
Florida Condo Restrictions/Guidelines are as follows:
o Reduce maximum LTVs by 10%.
o Investment properties not eligible.
o Condos located in Miami-Dade, Broward and Palm Beach Counties are not eligible.
o Emigrant will not finance Condos constructed after 2004.
7.
Investment Properties:
Not available for properties located in Philadelphia County Pennsylvania.
Emigrant limits our financing to one investment property per borrower. Additional properties will be considered on
an exception basis. Higher pricing and lower LTVs will apply.
8.
Post Bankruptcy (BK) Discharge/Post Foreclosure (FC) Discharge/Settled for Less than Full Amount
ShortSale (SS) and/or Extensive Mortgage Lates:
If any Applicant is 1-3 years post BK/FC/SS or has Current Mortgage Lates 90 -119 Days, reduce Maximum
LTV by 5%.
Note: Emigrant does not offer financing for Applicants currently in BK/FC/SS or Post BK/FC/SS Transactions < 1
year.
9.
Purchases, Rate & Term and Cash-Out refinances subtract 10% from the HiQ+ LTVs as outlined
above. Max LTV is 50% (except Florida and Philadelphia County Pennsylvania properties =
40% LTV).
Purchases and Rate & Term refinances max LTV is 50% (except Florida and Philadelphia
County Pennsylvania properties = 40% LTV).
Note: Transactions for Second Home NY Properties must meet the minimum FICO requirement of 661, unless loan is for
a Foreign National / Insufficient Credit applicant.
Applicable LTV reduction will not reduce the resulting LTV to less than 50%, with the exception of
Florida and Philadelphia County Pennsylvania, for which the LTV floor is 40%.
Copyright 2010 Emigrant Mortgage Company, Incorporated (Emigrant). All rights reserved. Emigrant is a subsidiary of Emigrant Bank, Member FDIC and is an Equal
Opportunity Lender. All product names, company names and logotypes are servicemarks or trademarks of Emigrant in the United States and other countries. The information,
products and services contained in this advertisement are believed to be correct but may include inaccuracies, typographical errors and/or omissions. Emigrant does not
guarantee the accuracy of the data contained herein. This information is intended for mortgage and/or real estate professional use only and should not be distributed or presented
to consumers or any other third parties. This is not an offer or guarantee to extend consumer credit. Program guidelines, terms and/or conditions are subject to change by
Emigrant without notice. All loans are subject to submission of a complete application, underwriting review and credit and property approval by Emigrant. Not all products
and/or programs are available in all states and/or localities and/or for all loan amounts. Certain products / programs are offered through third parties. Other restrictions and
limitations may apply. New York Licensed Residential Mortgage Lender: Exempt. Emigrant is registered or licensed with the Banking Departments or Divisions in CT, DE,
FL, MA, NH, NJ, NY and PA. /// 11/24/2010.