Effective:
20160321
HF5 5/1 ARM
$2,000,000 max loan amount No prepay penalties 24 months from housing event or bankruptcy
Max LTV's
Additional Program Requirements
FICO
Purchase
680
90%
80%
80%
660
85%
80%
75%
640
80%
75%
70%
620
75%
70%
65%
Full
Doc
Bank
Statements
Rate/Term Cash Out
680
85%
80%
75%
660
80%
80%
70%
640
80%
75%
70%
Program
LTV
FICO
Reserves
Jumbo Loan Size $1,000,000+
5%
Reduction
12mo
Jumbo Loan Size $1,500,000+
10%
Reduction
12mo
Second Homes
5%
Reduction
75% Max
6mo
Cash Out > $200,000+
See Below
General Requirements
Minimum Loan Size
$150,000
Appraisal Review Product
Required for: Loan sizes >= $417,000; Cash out > $100,000; LTV > 80
ARM Features
Index: 1yr LIBOR; Margin: 4.25%; Caps: 2.00%/2.00%/5.00%; Floor: 4.25%
Cash Out
$200,000 to program LTV's; $300,000 with 5% LTV reduction; $500,000 with 10% LTV reduction
Compliance
Escrows required for taxes and insurance Fully documented ability-to-repay
No section 32 or state high cost Total Points and Fees must be less than 5%
Compliance with all applicable Federal and State regulations
Credit
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months with activity in the last 12 months
Debt Ratios
43% DTI; up to 50% DTI (no Bank Statements) with all of the following: 5% LTV reduction; 660 minimum FICO;
12 months reserves
Documentation - Assets
Assets sourced or seasoned for 60 days
Gift funds allowed - see guidelines for details
Documentation - Income
Full Doc: Wage Earner: 2 years W-2, Paystubs Self-Employed: 2 years personal & business returns
Bank Statements: Self-Employed Only - P&L for most recent year and YTD plus 24 months personal bank statements
Ineligible States
AK, HI, MA, NH, NY, VT
Mortgage History
1x30 last 12 months
Occupancy
Owner Occupied and Second Homes Only
Property Types
Single-Family Residences, Townhouses, Condominiums
Reserves
6 months minimum; 12 months required for certain programs
Residual Income
$2,500 plus an additional $150 per dependent is required
Seller Concessions
Up to 6% towards closing
Subordinate Financing
Max 90% CLTV (Institutional seconds only)
This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers
is strictly prohibited. Program and rates are subject to change without notice.
Effective:
20160321
HF5 Non-Prime 30 Year Fixed
$2,000,000 max loan amount 30 year fixed No prepay penalties
24 months from housing event 12 months from bankruptcy
12 Month
Mortgage
History
Max LTV's
Additional Program Requirements
FICO
Purchase
Rate/Term
Cash Out
620
80%
80%
80%
580
80%
80%
540
75%
500
1 x 30
(no
rolling
lates)
Program
LTV
FICO
Reserves
Jumbo Loan Size $417,000+
6mo
75%
Jumbo Loan Size $750,000+
5% Reduction
9mo
75%
70%
Jumbo Loan Size $1,000,000+
10% Reduction
12mo
70%
70%
70%
First Time Home Buyers
560 Minimum
6mo
660
80%
80%
75%
Bank Statement Documentation
580 Minimum
6mo
620
80%
75%
75%
Second Homes
5% Reduction
560 Minimum
6mo
580
80%
70%
70%
Limited Tradelines
Qualify at 580 FICO Maximum
6mo
540
75%
70%
70%
500
70%
70%
70%
620
75%
75%
70%
500
70%
70%
65%
0 x 60
Nonperm - US Credit
Nonperm - Non-US Credit
0 x 90
Qualify at 620 FICO
12mo
See Below
Cash Out > $100,000+
General Requirements
Minimum Loan Size
$75,000
Appraisal Review Product Required for: Loan sizes >= $417,000 Cash out > $100,000
Cash Out
$100,000 to program LTV's; $300,000 with 5% LTV reduction; $500,000 with 10% LTV reduction
Compliance
Escrows required for taxes and insurance Fully documented ability-to-repay
No section 32 or state high cost Total Points and Fees must be less than 5%
Compliance with all applicable Federal and State regulations
Credit
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months with activity in the last 12 months
Limited: No minimum tradeline requirements
Non-U.S.: See guidelines for Nonpermanent Resident Aliens
Debt Ratios
50% DTI; greater than 43% DTI requires presence of compensating factors
Documentation - Assets
Assets sourced and seasoned for 60 days
Gift funds allowed - see guidelines for details
Documentation - Income
Full Doc: Wage Earner: 2 years W-2, Paystubs Self-Employed: 2 years personal & business returns
Bank Statements: Self-Employed Only - P&L for most recent year and YTD plus 24 months personal bank statements
(No Limited Tradelines)
Ineligible States
AK, HI, MA, NH, NY, VT
Occupancy
Owner Occupied and Second Homes Only
Property Types
Single-Family Residences, Townhouses, Condominiums
Reserves
3 months minimum; 6-12 months required for certain programs
Seller Concessions
Up to 6% towards closing
Subordinate Financing
Max 90% CLTV (Institutional seconds only)
6mo
This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers
is strictly prohibited. Program and rates are subject to change without notice.
Effective:
20160321
HF 5 Recent Housing Event
No seasoning required for foreclosure, short sale, or deed-in lieu
$2,000,000 maximum loan amount 30 year fixed-rate No prepay penalties
Nonpermanent Resident Aliens allowed
Additional Program Requirements
Max LTV's
FICO
Purchase
620
580
540
80%
80%
75%
Rate/Term
80%
80%
75%
Cash Out
75%
70%
70%
Program
LTV
FICO
Reserves
Jumbo Loan Size $417,000+
6mo
Jumbo Loan Size $750,000+
5% Reduction
9mo
Jumbo Loan Size $1,000,000+
10% Reduction
12mo
Bank Statement Documentation
580 Minimum
6mo
Second Home
5% Reduction
560 Minimum
6mo
Limited Tradelines
Qualify at 580 FICO Maximum
6mo
Nonperm - US Credit
500
70%
70%
70%
Nonperm - Non-US Credit
6mo
Qualify at 620 FICO
12mo
See Below
Cash Out > $100,000
General Requirements
Minimum Loan Size
$75,000
Appraisal Review
Required for: Loan sizes >= $417,000 Cash out > $100,000
Bankruptcy Seasoning
12 months
Cash Out
$100,000 to program LTV's; $300,000 with 5% LTV reduction; $500,000 with 10% LTV reduction
Compliance
Escrows required for taxes and insurance Fully documented ability-to-repay
No section 32 or state high cost Total Points and Fees must be less than 5%
Compliance with all applicable Federal and State regulations
Credit
Clean housing history since housing event; Limited consumer lates
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months with activity in the last 12 months
Limited: No minimum tradeline requirements
Non-U.S.: See guidelines for Nonpermanent Resident Aliens
Debt Ratios
50% DTI; greater than 43% DTI requires presence of compensating factors
Documentation - Assets
Assets sourced and seasoned for 60 days
Gift funds allowed - see guidelines for details
Documentation - Income
Full Doc: Wage Earner: 2 years W-2, Paystubs Self-Employed: 2 years personal & business returns
Bank Statements: Self-Employed Only - P&L for most recent year and YTD plus 24 months personal bank statements
(No Limited Tradelines)
Ineligible States
AK, HI, MA, NH, NY, VT
Occupancy
Owner Occupied and Second Homes Only
Property Types
Single-Family Residences, Townhouses, Condominiums
Reserves
3 months minimum; 6-12 months required for certain programs
Seller Concessions
Up to 6% towards closing
Subordinate Financing
Max 90% CLTV (Institutional seconds only)
This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers
is strictly prohibited. Program and rates are subject to change without notice.
Effective:
20160321
HF5 Investment Property Matrix
No seasoning required for foreclosure, short sale, or deed-in lieu
$750,000 maximum loan amount 30 year fixed-rate
Foreign Nationals and Nonpermanent Resident Aliens allowed
Max LTV's
FICO
Additional Program Requirements
Purchase Rate/Term Cash Out
720
80%
75%
75%
660
80%
75%
70%
620
75%
75%
65%
Program
LTV
FICO
Reserves
Jumbo Loan Size $417,000+
5% Reduction
Bank Statements Documentation
65% Maximum 620 Minimum
12mo
Qualify at 620 FICO
12mo
Foreign Nationals
Nonperm - US Credit
Nonperm - Non-US Credit
560
70%
65%
60%
6mo
Qualify at 620 FICO
12mo
See Below
Cash Out > $100,000+
General Requirements
Minimum Loan Size
$75,000
Appraisal Review
Required for: Loan sizes >= $417,000 All refinances
Bankruptcy Seasoning
24 months
Cash Out
$100,000 to program LTV's; $200,000 with 5% LTV reduction; $300,000 with 10% LTV reduction
10% LTV reduction for loan balances in excess of purchase price if property owned for less than 3 years
Compliance
Escrows required for taxes and insurance
Total Points and Fees must be less than 5%
Compliance with all applicable Federal and State regulations
Credit
Clean housing history since housing event; Limited consumer lates
Standard: 3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months with activity in the last 12 months
Limited Tradelines: Not Allowed
Non-U.S.: See guidelines for Nonpermanent Resident Aliens and Foreign Nationals
Debt Ratios
50% DTI
Documentation - Assets
Assets sourced and seasoned for 60 days (and in U.S. account for minimum of 30 days)
Gift funds allowed - see guidelines for details
Documentation - Income Full Doc: Wage Earner: 2 years W-2, Paystubs Self-Employed: 2 years personal & business returns
Bank Statements: Self-Employed Only - P&L for most recent year and YTD plus 24 months personal bank statements
Ineligible States
AK, HI, MA, NH, NY, VT
Occupancy
Investment Properties Only
Prepayment Penalty
2 years - 6 months interest on 80% UPB (unless otherwise restricted by state law)
Property Types
Single-Family 1-4 units, Townhouses, Condominiums
Properties in LLC
Individual must be coborrower, LLC only holds investment properties
Reserves
6 months minimum plus 2 months for each additional financed property; 12 months for FICO < 620
Seller Concessions
Up to 2% towards closing
Subordinate Financing
Not allowed
This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers
is strictly prohibited. Program and rates are subject to change without notice.
Effective:
20160321
HF5 Investor Advantage Matrix
$2,000,000 max loan amount 3/1 & 5/1 ARMs Non-Owner Occupied
Max LTV's
FICO
Additional Program Requirements
Purchase Rate/Term Cash Out
700 +
75%
75%
70%
640
70%
70%
65%
Foreign
National
70%
60%
60%
Program
LTV
Loan Size > $1,000,000
5% Reduction
First Time Investors
5% Reduction
Unleased Properties (Refinance only)
5% Reduction
Loan Size < $100,000
70% Max
Cash Out > $200,000 (Max of $500,000)
60% Max
Interest-Only
70% Max
2-4 Units
70% Max
General Requirements
Minimum Loan Size
$75,000
Appraisals
Clear Capital CDA or comparable product required on all loans, 2 appraisals required for loans > $1,000.000
3/1 ARM Features
Index: 1yr LIBOR Margin: 6.00 Caps: 2/2/6 Floor: 6.00
Interest-Only available Interest-Only Period: 36 months
7/1 ARM Features
Index: 1yr LIBOR Margin: 6.00 Caps: 2/2/6 Floor: 6.00
Interest-Only available Interest-Only Period: 84 months
Borrower Credit
3 tradelines reporting for 12+ months or 2 tradelines reporting for 24+ months with activity in the last 12 months
24 months seasoning for bankruptcy 24 months seasoning for foreclosure, short sale, or deed-in-lieu
Evidence of current property ownership required
1x30 last 12 months for primary residence
1x60 last 12 months for investment properties; purchases only with a 5% reduction in LTV
1x60 last 12 months for non-mortgage history
Compliance
Documentation - Assets
Compliance with all applicable Federal and State regulations
Assets sourced or seasoned for 60 days Gift funds not allowed
Escrows
First Time Investors
Escrows required for taxes and insurance
Anyone who has not owned an investor property for at least 12 months
Ineligible States
AK, HI, MA, NH, NY, VT
Personal Guarantee
Personal Guarantee required for loans to LLC's or Corporations
Points
Total points & fees must be < 5%
Prepayment Penalty
3/1 ARM: 3%/3%/3%
7/1 ARM: 3%/3%/3%/3%/3%
Not allowed on loans to individuals in NJ
Property Types
Single-Family 1-4 Units Townhouses Condominiums
Seller Concessions
Up to 2% towards closing
Subordinate Financing
Not Allowed
Deephaven Mortgage LLC
NMLS #958425
This material is intended solely for the use of licensed mortgage bankers. Distribution to consumers
is strictly prohibited. Program and rates are subject to change without notice.
