Agency Plus Loan Program Highlights
- Jumbo alternative with I/O options
- Shorter waiting periods for derogatory credit events such as BK & foreclosure
- Loan amounts up to $3MM | Cash out up to $2.5MM
- No seasoning requirement for cash-out
Multiple term options:
- ARM*: 5/1, 7/1, 10/1
- Fixed: 15, 30
- Only 1 appraisal required when loan amount is ≤ $1.5MM (LTV ≤ 75%)
- Cash out from subject property may be used towards reserves**
- Gift funds allowed for reserves***
- LTV up to 90% | Min. FICO 680
- Business funds allowed for down payment, closing costs, & reserves for self-employed borrowers
- Short-term rental properties allowed
- First time home buyers allowed with no LTV restrictions
- US citizens, permanent resident aliens and non-permanent resident aliens allowed
A borrower with a 25% or greater ownership interest in a business is considered self-employed.
All states (including DC) are eligible except DE, ME, MA, WY.
*Interest only options available. No I/O in Illinois.
**Not available in Premier.
***Subject property must be primary or second home