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"NEW" BMG Exclusive Product Offerings

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Neil Arden
Neil Arden

This document outlines jumbo and niche loan programs from BMG Exclusive Products. The jumbo program offers loans up to $1.5 million with a variety of LTV, FICO, and property types. Niche programs include Georgia Power leaseholds, log homes, properties with more than 4 financed, non-warrantable condos, and self-employed full documentation loans using 24 months of bank statements. Guidelines specify requirements for bank statement, business documentation, reserves, and appraisals. Caveats include pricing, no gifts, specific title and closing requirements, ARM products only, and geographic limitations.

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BMG Exclusive Products
Portfolio Jumbo Features • Available June 1, 2011 • NO MI • Loans to $1.5 Million (70% LTV/80% CLTV) • Vacation/Second Homes allowed • Up to 85% LTV/CLTV • Cash Out to 80% with 720 FICO • Self Employed Full Doc Bank Statement allowed at 50% LTV/CLTV
Portfolio Jumbo Features: • Less than 90 days off MLS allowed • No Condo’s • Minimum loan amount $417,000 • Escrow Waiver allowed at < 80%LTV • Max DTI 45% • Reserve requirement: 12 months PITI LTV/CLTV 750 + credit score 700-749 credit score 680-699 credit score Property Type (max) First Position First position First position 50%/50% Self Emp Full Doc Bank State 1,000,000 800,000 675,000 70/80% SFR, Townhome 1,500,000 800,000 675,000 SFR, Townhome 1,250,000 800,000 675,000 80%/85% Second Home (SFR, Twhse) 1,000,000 675,000 -- SFR, Townhome 1,000,000 675,000 500,000 85%/85% Second Home (SFR, Twhse) 750,000 500,000 --
Portfolio Niche Products: • Utility Leaseholds (example: Georgia Power Leaseholds on lakes) • Log Homes • More than 4 financed properties • Non-warrantable Condos • Self Employed Full Doc 24 Month Bank Statement
Portfolio Niche Features • All Niche products available June 1 • Georgia Power/Utility Leaseholds – No minimum year requirement on lease or second home) Georgia Power Leasehold (Primary residence Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves 1 unit < =$417,000 89.99% 700 40 89.99% 24 Mo PITI $650,000 75% 700 40 75% 24 Mo PITI $1,000,000 65% 700 40 65% 24 Mo PITI • Log Homes Log Home (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves Log Home < =$417,000 80.00% 700 40 89.99% 24 Mo PITI
Portfolio Niche Features • More Than 4 Financed Properties – Max of 15 financed properties. Require 2 year history as landlord if more than 4 properties More than 4 financed properties (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves 1 unit < =$417,000 89.99% 700 40 89.99% 24 Mo PITI $650,000 80% 700 40 80% 24 Mo PITI $1,000,000 70% 700 40 70% 24 Mo PITI
Portfolio Niche Features • Condo – 36 month old condo conversion, no more than 30% rental units – Phase must be 100% complete, 25% of units sold – Common grounds 100% complete Condo (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves Condo < =$417,000 80.00% 700 40 89.99% 24 Mo PITI
Portfolio Niche Features • Self Employed Full Doc 24 Month Bank Statement – Can be used for both Jumbo and Niche – No TRV’s – Available for First Time Homebuyers Self Employed Full Doc 24mo. Bank statement (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves 1 unit < =$417,000 80.00% 700 40 89.99% 24 Mo PITI $650,000 70% 700 40 80% 24 Mo PITI $1,000,000 60% 700 40 70% 24 Mo PITI
Guidelines for Bank Statement Program These apply in addition to Portfolio Niche Program Guides: • ‘Self Employed’ is defined as those borrower(s) who file a Schedule C, S-Corp (1120’s), LLC, 1099 Schedule C and/or Partnership (1065’s) returns. • Borrower must provide evidence that the business exists. • Business must be based in the United States. • First time homebuyers allowed with 12 month rental history. Payment shock not to exceed 125%. • Provide 24 months personal bank statements. • 24 months PITI in addition to funds to close. All assets used for down payment and reserves must be verified with a full VOD.
Guidelines for Bank Statement Program • Business accounts can be used for funds to close/reserves (see restrictions). • No gifts for down payment and/or reserves. • Employed Co-borrower’s document income using full documentation. One borrower must be self-employed. • Provide 6 months cancelled checks for business debts on credit report. • All collections opened in the past 24 months must be satisfied prior to closing. • No TRV’s. • Minimum 18 months self-employment and in the same line of work. • No layering with other Niche products
Caveats of Jumbo and Niche • All loans priced at 99.00 and require 1% origination • No gift funds for down payment or reserves • Full VMG appraisal required – 2 required if Loan Amount > $1M • Must use Nationwide Title and Closing for both Title work and closing • 3/1 or 5/1 ARMS only • No declining markets • No interest-only • No investment property • Available in GA, AL, TN, NC, SC, VA only
QUESTIONS? Brand Mortgage Group, LLC | Corp HQ: 6224 Sugarloaf Pkwy, Suite 300 | Duluth, GA 30097 | NMLS# 75615

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"NEW" BMG Exclusive Product Offerings

  • 2. Portfolio Jumbo Features • Available June 1, 2011 • NO MI • Loans to $1.5 Million (70% LTV/80% CLTV) • Vacation/Second Homes allowed • Up to 85% LTV/CLTV • Cash Out to 80% with 720 FICO • Self Employed Full Doc Bank Statement allowed at 50% LTV/CLTV
  • 3. Portfolio Jumbo Features: • Less than 90 days off MLS allowed • No Condo’s • Minimum loan amount $417,000 • Escrow Waiver allowed at < 80%LTV • Max DTI 45% • Reserve requirement: 12 months PITI LTV/CLTV 750 + credit score 700-749 credit score 680-699 credit score Property Type (max) First Position First position First position 50%/50% Self Emp Full Doc Bank State 1,000,000 800,000 675,000 70/80% SFR, Townhome 1,500,000 800,000 675,000 SFR, Townhome 1,250,000 800,000 675,000 80%/85% Second Home (SFR, Twhse) 1,000,000 675,000 -- SFR, Townhome 1,000,000 675,000 500,000 85%/85% Second Home (SFR, Twhse) 750,000 500,000 --
  • 4. Portfolio Niche Products: • Utility Leaseholds (example: Georgia Power Leaseholds on lakes) • Log Homes • More than 4 financed properties • Non-warrantable Condos • Self Employed Full Doc 24 Month Bank Statement
  • 5. Portfolio Niche Features • All Niche products available June 1 • Georgia Power/Utility Leaseholds – No minimum year requirement on lease or second home) Georgia Power Leasehold (Primary residence Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves 1 unit < =$417,000 89.99% 700 40 89.99% 24 Mo PITI $650,000 75% 700 40 75% 24 Mo PITI $1,000,000 65% 700 40 65% 24 Mo PITI • Log Homes Log Home (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves Log Home < =$417,000 80.00% 700 40 89.99% 24 Mo PITI
  • 6. Portfolio Niche Features • More Than 4 Financed Properties – Max of 15 financed properties. Require 2 year history as landlord if more than 4 properties More than 4 financed properties (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves 1 unit < =$417,000 89.99% 700 40 89.99% 24 Mo PITI $650,000 80% 700 40 80% 24 Mo PITI $1,000,000 70% 700 40 70% 24 Mo PITI
  • 7. Portfolio Niche Features • Condo – 36 month old condo conversion, no more than 30% rental units – Phase must be 100% complete, 25% of units sold – Common grounds 100% complete Condo (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves Condo < =$417,000 80.00% 700 40 89.99% 24 Mo PITI
  • 8. Portfolio Niche Features • Self Employed Full Doc 24 Month Bank Statement – Can be used for both Jumbo and Niche – No TRV’s – Available for First Time Homebuyers Self Employed Full Doc 24mo. Bank statement (Primary residence only) Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves 1 unit < =$417,000 80.00% 700 40 89.99% 24 Mo PITI $650,000 70% 700 40 80% 24 Mo PITI $1,000,000 60% 700 40 70% 24 Mo PITI
  • 9. Guidelines for Bank Statement Program These apply in addition to Portfolio Niche Program Guides: • ‘Self Employed’ is defined as those borrower(s) who file a Schedule C, S-Corp (1120’s), LLC, 1099 Schedule C and/or Partnership (1065’s) returns. • Borrower must provide evidence that the business exists. • Business must be based in the United States. • First time homebuyers allowed with 12 month rental history. Payment shock not to exceed 125%. • Provide 24 months personal bank statements. • 24 months PITI in addition to funds to close. All assets used for down payment and reserves must be verified with a full VOD.
  • 10. Guidelines for Bank Statement Program • Business accounts can be used for funds to close/reserves (see restrictions). • No gifts for down payment and/or reserves. • Employed Co-borrower’s document income using full documentation. One borrower must be self-employed. • Provide 6 months cancelled checks for business debts on credit report. • All collections opened in the past 24 months must be satisfied prior to closing. • No TRV’s. • Minimum 18 months self-employment and in the same line of work. • No layering with other Niche products
  • 11. Caveats of Jumbo and Niche • All loans priced at 99.00 and require 1% origination • No gift funds for down payment or reserves • Full VMG appraisal required – 2 required if Loan Amount > $1M • Must use Nationwide Title and Closing for both Title work and closing • 3/1 or 5/1 ARMS only • No declining markets • No interest-only • No investment property • Available in GA, AL, TN, NC, SC, VA only
  • 12. QUESTIONS? Brand Mortgage Group, LLC | Corp HQ: 6224 Sugarloaf Pkwy, Suite 300 | Duluth, GA 30097 | NMLS# 75615