SIVA Select
Purchase / Refinance
- O/O or N/O/O 70% LTV on Purchase 65% R/T & 50 LTV cash out to $5M.
- R/T, Cash Out, Purchase
- Rates start at 5%
- SFR 1-4, Condo’s + PUD’s (Warrantable Only ((Freddie-Mac Guidelines)).
- 700 Mid Fico Score.
- No history of BK, FC, SS, Charge-Off’s, Tax Liens.
- Max 1×30 in past 12 months.
- With qualifying Reserves, no DTI calculation and no Seasoning of Employment Requirement.
- Reserves:
- 6 months reserves of subject plus 2 months reserves of each additional property owned and financed, Sourced & Seasoned for 2 months with qualifying Income Documentation (CPA Letter or VOE).
- 12 months reserves Sourced and Seasoned for 2 months when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT.
- 24 months reserves Sourced and Seasoned for 2 months when Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.
- Reserves:
- Self-Employed and Wage Earner borrowers accepted.
- No Pre-Payment Penalties.
- Gift Funds allowed. Minimum 5% of Purchase Price + Reserves must be Borrower’s own funds
- Sourced and Seasoned for 2 months.
- No max properties owned/financed, 8 max properties on NOO owned and financed. Free and Clear properties and Commercial properties are exempt