Effective July 1, 2011
- Stated Income/Verified Assets Loans
- JUMBO Full Income/Full Assets Verification Loans
- Foreign Nationals
- Interest Only Loans
- Full Income/No Assets Verification Loans
Stated (NO INCOME CHECK) Income/Verified Assets Loans
If a person cannot verify income (self-employed, for example) but can verify assets with two month bank statements, Great Northern Mortgage will arrange for stated income loan financing on the following terms:
|
Type of Transaction
|
Purchase, Refinance (Cash out and No cash out)
|
|
Occupancy
|
Primary
|
|
Type of Property
|
1 – 4 Family, Condo, Coop (case by case)
|
|
Property State
|
NYC, Nassau, Suffolk, Westchester, NJ
|
|
Maximum Loan to Value
|
75% to $250,000 (up to $1M for Primary if Net Worth is 3 times of stated yearly income)
70% to $417,000 (max cash out is $100,000)
65% to $750,000
60% to $1,000,000
50% to $3,000,000 |
|
Maximum Loan Amount
|
See above
|
|
Type of Documentation
|
Stated Income/Verified Assets. Must show 2 months bank statements and verify 6-12 months post closing reserves of Principal, Interest, Tax, and Insurance
|
|
Expected Interest Rate
|
Mid to High 5%
|
|
Minimum Credit Score
|
700 (can be > 700)
|
|
Self-Employed or W2
|
Yes – depending on the program
|
JUMBO Full Income/Full Assets
If a person need a jumbo loan, and he/she can verify income, assets, and have from 2 to 12 months of reserves for PITI (principal, interest, tax, and insurance), Great Northern Mortgage will arrange financing on the following terms:
|
Type of Transaction
|
Purchase, Refinance (Cash out and No cash out)
|
|
Occupancy
|
Primary, Second Home*
|
|
Type of Property
|
1 - 4 Family, Condo, Coop* |
|
Property State
|
New York
|
|
Maximum Loan to
Value (LTV) &
Combined Loan to
Value (CLTV)
|
90% to $800,000 (Primary, Purchase & Refi)
85% to $1,000,000 (Primary, Purchase)
80% to $2,000,000 (Primary, Purchase & Refi)
70% to $3,000,000 (Primary, Purchase)
65% to $5,000,000 (Primary, Purchase)
55% to $10,000,000 (Primary, Purchase)
|
|
Maximum Loan Amount
|
See above
|
|
Type of Documentation
|
Full Income/Full Assets
|
|
Expected Interest Rate
|
Mid to High 5%
|
|
Interest Only
|
N/A |
|
Minimum Credit Score
|
575 for 45% LTV
720 for Max LTV
|
|
Self-Employed or W2
|
Both
|
*Occupancy (second home) and Type of Property (multifamily, condo, coop) may reduce LTV and loan amounts. Please call for details.
Foreign Nationals, Full Doc Loans
Great Northern Mortgage will arrange Foreign National Mortgage Loans on the following terms:
|
Type of Transaction
|
Purchase, Refinance (Cash out and No cash out)
|
|
Occupancy
|
Second Home, Investment Property
|
|
Type of Property
|
1 - 4 Family, Condo, Coop
|
|
Property State
|
New York
|
|
Maximum Loan to Value
|
50% to $10,000,000
|
|
Maximum Loan Amount
|
$10,000,000
|
|
Type of Documentation
|
FULL DOC*
|
|
Expected Interest Rate
|
5.5% - 6.5% - Second Home
|
|
Expected Interest Rate
|
7.25% - 8% - Investment Property (+.5% for Coop)
|
|
Minimum Credit Score
|
N/A
|
|
Self-Employed or W2
|
N/A
|
|
Different Portfolio Product |
Loan to value can go up to 60%, with the max loan amount of $500,000. In this case the borrower must show 12 months PITI reserves and meet full documentation requirements indicated below. Expected rates are from 10% to 12%. Type of Transaction, Occupancy, Type of Property and Property State are the same as above. |
* For all Non U.S. Citizens, income documentation will need to be translated and currencies must be converted to U.S. dollars.
| |
Definitions |
Foreign National |
Foreign Nationals, also known as Non-Resident Aliens, are individuals with foreign citizenship allowed to be in the country for personal or business purposes. They do not have "green cards" or other legal documents allowing them to work in the US. Banks will not lend to applicants with Diplomatic Immunity. |
Permanent Resident Alien |
Lawful permanent residents of the US that hold acceptable evidence of permanent residency issued by the INS, including : (A) INS Form I-551 Alien Registration Receipt "green card", or I-751 with an unexpired date or (B) an Unexpired passport with an unexpired stamp reading "processed for I-551". Temporary evidence of Lawful Admission for Permanent Residence. Valid until [date]." Employment Authorized" |
Non-Permanent Resident
Alien |
Foreigners who live in the US on a temporary basis and have work visas. Documentation from the INS must verify that they are legally in this country and have work authorization. Acceptable documentation includes current passport with one of the following unexpired visas: E-1, E-2, H-1, L-1 or TN - NAFTA, if applicable. Note: Non-Permanent Resident Aliens with US Credit and a TN-NAFTA visa or no visa use Foreign National guidelines “With US Credit”. |
Interest Only, Full Income/Full Assets
If a person wants to pay interest only, Great Northern Mortgage will arrange financing on the following terms:
|
Type of Transaction
|
Purchase, Refinance (No cash out only)
|
|
Occupancy
|
Primary, Second Home |
|
Type of Property
|
1 – 2 Family, Condo
|
|
Property State
|
New York
|
|
Maximum Loan to Value
|
75% to $1,250,000
70% to $2,000,000
65% to $2,500,000
60% to $3,000,000
|
|
Maximum Loan Amount
|
See above
|
|
Type of Documentation
|
Full Income, Full Assets
|
|
Expected Interest Rate
|
Mid 3% - Mid 4%
|
|
Minimum Credit Score
|
680
|
|
Loan Product |
5/1, 7/1, 10/1 ARM |
|
Self-Employed or W2
|
Both
|
Full Income/No Assets Verification Loans
If a person can verify income but not the assets (mattress money), Great Northern Mortgage will arrange full income and no asset verification financing on the following terms:
|
Type of Transaction
|
Purchase, Refinance (Cash out and No cash out)
|
|
Occupancy
|
Primary, Second Home
|
|
Type of Property
|
1 Family only, Condo/PUD
|
|
Property State
|
New York, Florida
|
|
Maximum Loan to Value
|
75% to $850,000 (Primary, Non Condo)
70% to $1,500,000 (Primary)
65% to $2,000,000 (Primary)
60% to $3,000,000 (Primary)
|
|
Maximum Loan Amount
|
See above
|
|
Type of Documentation
|
Full Income/ No Assets need to verify
|
|
Expected Interest Rate
|
High 3% - Mid 4%
|
|
Interest Only
|
Available*
|
|
Minimum Credit Score
|
660 for W2, 700 for 1099 for Primary
|
|
Self-Employed or W2
|
Both
|
Please be advised that programs and guidelines may be changed without any notice.
Please always call us or complete our secure online application form to see if you would qualify.
* Contact us for more details 888-9LOAN99 or inoble@GetLowRate.com
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