This loan is currently based on a 7/1 Hybrid ARM. Each Rate adjustment is based on the LTV. Currently Max LTV is the following: Purchase: 75% and for Refinance: 70%. Also, if your FICO is at certain break point, i.e., 600 below, Max LTV will be around 60-65%.
- SFR / Condos / Townhouse / 2-4 Units
- Owner Occupied / Second Home / Non Owner
Index & Adjustment Caps
- Floored at Start Rate / 1-Year CMT / 4.950% Margin 2.0% Initial Change Cap / 2.0% Annual Cap / 6.0% Life Cap
So this is a great home loan if you have a large down payment, and have not been able to show income. This is a Stated Income / Verified Asset program.