| Financing |
•
Purchases only.
• No refinancing available during Pilot Period.
|
| Mortgage
Loan Program
|
• Indexed to 6-month
LIBOR during adjustable period.
• The loan is subject to interest rate adjustments (up
or down). The adjusted interest rate may never be greater
than the note rate +5%.
• The loan can never adjust lower than the margin. |
| Doc Types |
• Full Doc
For Wage Earners: require
2 years tax returns or W-2 with
current pay
stubs or 2-years bank statements.
For Self Employed: require
2 years personal or business tax returns
• Alternative Doc
24 months bank statements
acceptable.
100% of personal or 50%
of business bank statements
Add to rate
• Verified Assets
Borrower must have 2.5x
loan amount in liquidable assets
Add to rate
|
| Property
Types |
• Single family
residences and condos only
• Primary residence and second homes only
|
| Ratios |
• Maximum DTI
(Debt to Income) 40%
• Maximum PTI (Payment to Income) 35%
|
| Credit Criteria |
• Minimum 680 middle FICO credit
score
• No Bankruptcy, Foreclosures in the past 7 years (if
beyond 7 years, must have re-established good credit with
minimum of 3 trade lines).
• No outstanding judgments or credit accounts (medical
judgments can be reviewed on an exception basis)
• No 30-day mortgage lates in last 12 months.
• 60-day mortgage lates not permitted.
• All mortgage and consumer credit accounts must be current
at the time of closing and any derogatory credit must
have a reasonable explanation.
• First time homebuyers require a 12-month rental history
with no 30-day lates. |
| Employment |
• Available for wage earners or self-employed,
or commission-earning employees.
• Must be employed for a minimum of 2 years in the same
business
• Must be commissioned with same employer for a minimum
of 2 years.
• All self-employed must provide verification of business
operation through CPA letter or current and prior year
business license required.
• For commission-earning employees, greater than 50% of
income must be generated from commissions.
• If bonus income is also received, it will count toward
the commission requirement |
| Income |
• Borrower must sign 4506
• Borrower’s income is calculated from last two years
tax returns or W-2 stubs.
• The income must be reasonable for the business/profession,
for the assets reported, and for the type and length of
employment. |
| Assets and Reserves |
• Down Payment, Closing Costs, Prepays,
and Reserves
• Funds for down payment, closing costs and 4 months PITI
must be verified by VOD or 2 months statements |
| Seller Contributions |
• Allowed up to 3% |
| Prepayment Penalties |
• Can be bought out for 2% up-front.
• Penalties may be waived if borrower refinances with
GE Money |
*Rates are used as an estimation only and are subject
to change. Loans are subject to borrower qualification. |
Mexican
Loan Guidelines*
Cross-Border
Product Program and Guidelines 