Expanded Program Overview brochure

EXPANDED PROGRAM OVERVIEW ELEMENT FUNDING

USDA

Funding

HHF DPA

Program

Doctor Loans

VA

Loans

GEORGIA DREAM Program

INVESTMENT LOAN PROGRAMS

Program Highlights Platinum (Full Doc & Bank Statements) • Up to 90% LTV with no MI • Credit scores starting at 660 • Loans up to $3 million • 4 years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu

• Owner-occupied and second homes • Interest-only available • Cash-out available – $500,000 maximum • Full doc and bank statements available • 1 year tax return program available

Portfolio Select (Full Doc & Bank Statements) • Up to 90% LTV with no MI • Credit scores down to 600 • Loans up to $3 million • Owner-occupied, 2nd homes, and investment properties • 100% gift funds allowed

• 2 years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu • Full doc and bank statements available • 1 year tax return program available • Asset depletion available

Non-Prime Program For Borrowers With Recent Credit Issues • Up to 90% LTV (purchase, R/T, and, debt consolidation) • Credit scores as low as 500 (including jumbo loans) • 1 day out of FC, SS, BK, or DIL • Up to 85% LTV (cash-out) • Loans up to $1 million (minimum loan $75,000)

• Cash out for reserves OK • Mortgage lates are OK • DTI up to 50% considered • Limited or no tradelines OK to max 75% LTV • Max cash-out to $500,000

Investor Cash Flow “No Income” Program (Perfect For Investors) • Up to 80% LTV (including cash-out) • Credit scores starting at 660 • No personal income used to qualify • No limit on number of properties financed (5 with AOMS) • No DTI restrictions & interest only available

• Must have housing history and own a primary home • No employment required on application • 2 years seasoning FC, SS, BK, or DIL • Qualification based on property cash flow • Loans up to $1 million (minimum loan $75,000)

No Income Asset Qualifier Program To 75% LTV • Up to 75% LTV (purchase or refinance) • Simple credit reference letters to satisfy trade lines • No US credit, No SSN or ITIN required • 12 months reserves required / 50% DTI

• Loans up to $750,000 (higher amounts case by case) • Reserves can remain in foreign account • Minimum loan amount down to $75,000 • Fewer country restrictions than other lenders

Portfolio Select (Full Doc & Bank Statements) • Up to 75% LTV (purchase or delayed financing) • Credit score of 700+ required • 5 years seasoning FC, SS, BK, or DIL • Loans up to $3 million (minimum Loan $150,000) • No DTI restrictions • Requires 60 months of recurring monthly payments post closing Non-warrantable condos considered across all programs.

• No 4506 required • Must document minimum $500,000 in post closing assets • Primary residence only • Assets must be sourced/seasoned for a minimum of 12 months

Asset Qualifier Perfect for Borrowers With High Net Worth and Significant Assets

Who Qualifies?

• No employment, no income, no DTI • Primary residence, purchase only • Credit score 700 or higher • Loans up to $3 million • Maximum LTV – 75% • 5 years seasoning for foreclosure, short sale, or bankruptcy

Required Assets* • Loan amount • Recurring monthly debt multiplied by 60 months • Funds to close and 6 months reserves *Borrowers must have at least $500,000 in post-closing assets. See program guidelines for complete details.

Bank Statement Program

• Up to 90% LTV no MI • Credit scores down to 600 • 12 month personal bank statements • 24 month business bank statements • Loans up to $3 million • DTI up to 50% considered

• Owner-occupied, 2nd homes and investment properties • 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu • Interest-only available • 2 year self-employed required • No tax returns required

Debt Consolidation

• 90% no MI w/680 score paying off debt on CD • 85% no MI, credit scores down to 600 • 80% no MI, credit scores down to 540

• 75% no MI, credit scores down to 500 • LTV’s vary based on scores, mortgage lates, property types, and cash in hand • Up to 50% DTI considered

Foreign National Program

• No scores OK • Up to 75% LTV • Non-US credit accepted • Fewer country restrictions than other lenders • Up to 50% DTI

• Single family, townhouses, non-warrantable condominiums, 2-4 units • Loans up to $750,000 (minimum $75,000) • No SSN or ITIN required

Investment Programs Non-Prime/Recent Housing Event • • • • • • • •

Up to 80% LTV Credit scores as low as 580 Loans up to $1 million No seasoning for FC, SS,DIL, BK Non-warrantable condos OK Pre-pay penalty may apply 50% DTI 6 months reserves

Portfolio Select • • • • • • • •

Up to 85% LTV Minimum 640 score Loans up to $3 million 2 years seasoning FC, SS, BK, or DIL 50% DTI Non-warrantable condos OK Pre-payment penalty may apply 6 months reserves

Bank Statement

Up to 80% LTV • Minimum credit score: 640 • Loans up to $3 million (min $150,000) • No tax returns required • 12 month personal bank statements deposits • 24 months business bank statements deposits • 2 years seasoning FC, SS, BK, or DIL • 50% DTI • Non warrantable condos OK • Pre-payment penalty may apply • 6 months reserves

Investor Cash Flow

Up to 80% LTV & IO Available • Minimum credit score: 660 • No personal income used to qualify • Qualification based on property cash flow • Non-warrantable condos OK • Loans up to $1,000,000 • Close in an LLC • Pre-payment penalty may apply • 6 months reserves • No limit on number of properties owned

Foreign National • • • • • • • •

No score/non-US credit accepted Up to 75% LTV 50% DTI Non-warrantable condos OK Fewer country restrictions Pre-payment penalty may apply 12 months reserves Loans up to $750,000

Investor Cash Flow Program

• Up to 80% LTV • Credit scores starting at 660 • Qualification based on property cash flow • No personal income used to qualify

• Properties can be in LLC’s name • 1-4 units and condominiums • Loans up to $1 million • No limit on total number of properties

FACT SHEET: NEW HHF DPA PROGRAM MAKING THE DREAM OF HOMEOWNERSHIP A REALITY At Georgia’s Department of Community Affairs, we are focused on creating “communities with opportunities” – thinking out of the box about how to help build communities where life has the possibility of being better and richer and fuller. Owning a home means having a vested interest in where you live.

We work hard to increase home ownership across our state. This is the “American Dream”. And nowhere is that more

The Georgia Dream Hardest Hit Fund (HHF) was created to reduce obstacles for homeownership and to stabilize those counties that have been the hardest hit with serious delinquency, negative equity, distressed sales and foreclosures. The funds utilized are an allocation of federal dollars received by the Georgia Housing and Finance Authority from the U.S. Treasury. This new program – the HHF Down Payment Assistance Program (HHF DPA) – provides $15,000 in down payment and closing cost assistance to eligible borrowers purchasing an existing home in ten of Georgia’s hardest hit counties.

Funds are available on a first-come, first-serve basis. Funds will be secured in the form of a second lien on the property with no interest and no monthly payments. The lien is forgiven and released 5 years after the closing date.

Program Highlights Funds available:

$15 million

Counties:

Fulton, DeKalb, Paulding, Clayton, Muscogee, Douglas,

Gwinnett, Chatham, Henry and Bibb

Property eligibility:

Must be existing; new construction is not eligible

important than in our

Amount:

$15,000 per household (no PEN or CHOICE upgrades)

hardest hit communities,

Form:

Recorded second mortgage lien with 0% interest, no

where many families

monthly payment and forgivable after five years

continue to be impacted by

First mortgage:

Must be a Georgia Dream first lien (FHA, VA, USDA or

conventional 80% LTV or less)

Rate:

First mortgage must be Georgia Dream published rate

Income:

Same requirements as current Georgia Dream Program;

1-2 persons – $60,500 statewide, $74,000 Atlanta MSA;

3 or more persons – $69,500 statewide, $84,500 Atlanta

MSA (all members of household included)

Purchase price:

Same limits as current Georgia Dream Program; $200,000

statewide, $250,000 Atlanta MSA

Credit score:

Minimum credit score of 640 required

Additional:

Dodd-Frank Certification [the borrower(s) cannot have been

convicted within the last 10 years of (a) felony larceny, theft,

fraud, or forgery (b) money laundering or (c) tax evasion]

the adverse effects of the housing market collapse and economic downturn.

Home Ownership Program Down Payment Assistance Loans $5,000 to $15,000

• 2nd Mortgage Loan, No Interest, No Monthly Payment, Repay at Sale or Refinance.

• $S,OOO ... available to anyone that qualifies.

• $7,500 ... for Protectors, Educators, and Health Care workers. o Protectors: MILITARY: Members of the five branches of the United States of America Armed Forces, including the Army National Guard and Air National Guard. Police, sheriff’s departments, correctional facilities and other law enforcement agencies such as highway patrol, also includes probation officers. All employees of FIRE DEPARTMENTS, EMS services and volunteer fire fighters. o Educators: All employees of local, city, or county school boards recognized or accredited by the State of Georgia or Regionally Accredited Associations to include Head Start, Pre-K, Elementary, Middle and High Schools, Colleges, Private Schools, & state certified teachers of day care providers. o HEALTH CARE, all employees of state licensed health care facilities including, but not limited to the following: Hospitals, Doctor & Dentist offices, Health Departments, and Nursing Homes.

• $15,000 .. .for specific counties hardest hit with serious delinquency, negative equity, & foreclosures. o Counties included are Fulton, DeKalb, Paulding, Clayton, Douglas, Gwinnett, Henry, Muscogee, Chatham, and Bibb. o Funds forgiven after 5-years. The loan balance will be due and payable if the borrower sells the property before the 5-year period expires. If the sale does not generate proceeds sufficient to repay the note, the portion of the note remaining unpaid after the proceeds are applied will be forgiven.

Specifics:

• Metro Income limits: 1-2 persons $69,000; 3 or more persons $79,000, (household metro Atlanta).

• $1,000 minimum buyer contribution. Conventional requires 3% buyer contribution.

• 640 minimum credit score.

• First time buyers only, (has not owned a home in the past 3-years). Exceptions exist.

• Must occupy new home within GO-days of closing.

• For existing homes, no new construction. All buyers must occupy property.

• $100,000 to $250,000 purchase price.

• Eligible Properties: Single family dwelling (attached or detached), condominiums, townhomes, and modular homes. Mobile or Manufactured homes are not eligible.

• Cannot have liquid assets of $20,000 or 20% of the sales price, (retirement funds are not included).

• Home buyer education is required.

• Can be used with FHA, VA, USDA, Conventional. Cannot be combined with other DPA funds.

• 3-years tax returns required.

• No credit scores, applicants that meet FHA’s non-traditional credit policy may be considered.

• Borrower(s) cannot have been convicted within the last 10 years of (a) felony larceny, theft, fraud, or forgery (b) money laundering or (c) tax evasion.

• Total debt ratios: Mid-score 700+: AUS; Mid-score 660 to 699: 35/43; Mid-score 640 to 659: 28/36.

USDA 100% FUNDING

• USDA is referred to as a rural loan, however, there are many areas with dense population that qualify.

• Purpose to assists in providing low & moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible areas.

• Features include: o 100% Financing o Reduced mortgage insurance o Flexible qualifying credit o Competitive rates.

• Home must be in a qualifying area. (Lookup Property Eligibility) • Income qualification varies per county. (Income Lookup) o Atlanta Metro, Georgia (example) • 1-4 person’s in household, $82,600 • 5+ person’s in household, $109,050 • Funding fee required.

• Credit 640+ required.

• Primary residence only.

• Cannot own another home in the immediate area, (exceptions exist) .

• Non-occupant co-borrowers are not allowed.

• Have the legal capacity to incur the loan obligation .

• Have not been suspended or debarred from participation in federal programs.

• Home Buyer Class is Required

Medical Doctor Select • Terms: 15, 20, 30-year fixed loans.

• Loan: $50,000 to $636,150; 5% down payment required; 680 minimum credit score.

• Loan: $636,151- $954,225; 10% down payment required; 720 minimum credit score.

• No Minimum borrower contribution; all funds can come from a gift.

• Eligible Property Types: 1 Unit Primary Residence; Single Family Residence; Warrantable Condo; PUD. • Ml (mortgage insurance) required for less than 20% down.

• Maximum of 4 borrowers; Non-Occupying Co-Borrower not permitted.

• Reserve requirement determined per situation.

• At least one borrower on the loan must have one of the following designations/profession o Medical Resident o Medical Doctor (MD) o Doctor of Dental Science (DDS) o Doctor of Dental Medicine (DMD) and dental surgeons specializing in oral and maxillofacial surgery o Doctor of Optometry (OD/Doctor of Ophthalmology (MD) o Doctor of Podiatric Medicine (DPM) o Doctor of Osteopathy (DO) • Income received from future primary employment that will be effective no more than 60 days from the Note Date may be used to qualify the borrower, with qualifications.

• Residency o US Citizen: A valid social security number (SSN) is required for all borrowers. o Permanent Resident Alien: green card. o Non-Permanent Resident Alien: call to verify Visa classification is eligible • Ineligible Borrowers: Foreign Nationals; Borrowers with Diplomatic Immunity; Corporations, General and Limited Partnerships; Partnerships; Irrevocable Trust; Non Occupying Co-Borrowers; Borrowers without social security numbers; Land Trusts; Life Estates; Real Estate Syndicates; Religious/Nonprofit Organizations; Non Revocable Trusts; Co-signers: Borrowers applying for a loan will not take title are considered guarantors or co signors and are ineligible. All borrowers must be on title.

• Escrow holdbacks are not permitted.

• Flips: o Less than 90 days with Value Increase Less than 20%. A value increase greater than 10% but less than 20% from acquisition to the new sales price requires the appraiser to explain, document, and analyze as follows: • The appraiser must identify in detail all changes made and include photographs of the applicable renovation or improvement.

• The renovation or improvement must be documented with receipts, invoices, or building permits.

• Documentation must indicate that the renovation or improvements were completed after the seller acquired the property.

• The appraiser must justify in detail that the renovation or improvements clearly impacted the increase in the new sales price from the acquisition.

• Full appraisal required . o Less than 90 days with Value Increase more than 20% • The appraiser must identify in detail all changes made and include photographs of the applicable renovation or improvement.

• The renovation or improvement must be documented with receipts, invoices, or building permits.

• Documentation must indicate that the renovation or improvements were completed after the seller acquired the property.

• The appraiser must justify in detail that the renovation or improvements clearly impacted the increase in the new sales price from the acquisition.

• Full appraisal required .

• If the value increase is not the result of

documented improvements, a second full appraisal is required to support the value/sales price.

Manufactured Homes (Mobile Home) Home has a chassis, transported to the site, initially registered as a vehicle until placed on a permanent foundation and taxed as real property GOVERNMENT MORTGAGES (FHA & VA) • 30, 20, or 15 year fixed rate • 660 minimum credit score • Not permitted on housing loans • Must be a multi-width unit, no single width homes allowed • May not be in a leasehold estate; in a 11 Park”; or in a flood zone.

• A current structural engineer report is required.

• Down Payment Assistance programs are not allowed • Home must have been permanently affixed for a minimum of 12 months • Escrow hold backs are not allowed • HUD Certification Label required.

CONVENTIONAL • 30 or 15 year fixed rate • 660 minimum credit score. All borrowers must have a Credit score.

• Purchase or Limited Rate & Term Refinance • Purpose: Owner Occupied & Second Home • 20% down payment. Borrower must make 5% minimum contribution from their own funds. After the minimum borrower contribution, gifts can be used to supplement down payment, closing costs, and reserves.

• Non-occupying Co-borrower not allowed • Minimum 12’ wide and 600+ square feet gross living area, no single width homes allowed.

• Max 45% DTI • Escrow holdback not permitted • Both HUD Certification Label and HUD Data Plate must be present and legible.

• Borrowers collectively may not own or be obligated on more than six, 1-4 unit financed properties (including principal residence) if loan is secured by second home.

• Manufactured Home: o Permanently affixed for minimum of 12 months, unless borrower is the second purchaser of the property. o If installed or occupied previously at any other site or location, home is ineligible. o Built on or after June 15, 1976. o The anchoring system must comply with HUD Codes.

• An engineer report required if home was installed prior to October 20, 2008.

• Any structural modifications to an existing Manufactured Home must be approved by a licensed professional engineer or the local, State or federal authority.

• Must have a pitched roof and assume the characteristics of site-built housing, including permanent utilities.

• Must be a one-family dwelling that is legally classified as real property, and taxed as real estate by local taxing authority.

• The towing hitch, wheels, and axles must be removed (including tongues, axles, brakes, wheels, and lights) and the dwelling must assume the characteristics of site built housing, permanently affixed to a permanent foundation .

• The land on which the manufactured home is situated must be owned by the borrower in fee simple.

Leasehold estates or within condominium projects are not eligible.

• Must be permanently connected to a septic tank or sewage system and to other utilities (including power and water) in accordance with HUD codes • A mortgage/deed of trust must be recorded in the land records and must identify the encumbered property as including both the home and the land. It must also include the VIN, Serial numbers from HUD Data Plate of the manufactured home along with the description of the land.

• Appraisal Report required. At least two comparable sales used in the appraisal must be similar permanently attached manufactured housing units.

ONE STOP...ALL LOAN OPTIONS • Conventional • Home Ready • Home Possible • HomeStyle Renovation • HomeStyle Energy • Open Access • Medical Doctor Select • Manufactured Homes • Modular Homes • FHA • HUD $100 Down • 203k Renovation • USDA 100% Rural

• HECM- Home Equity Conversion Mortgage • JUMBO • VA • Non-Traditional • Bank Statement Program • Non-Prime for Borrowers with recent credit issues • Investor Cash Flow “No Income” Program • Foreign National Program • No Income Asset Qualifier Program

• Down Payment Assistance • Grants • Ga Dream • NSP- neighborhood stabilization programs

ANY OTHER LOAN OPTIONS AVAILABLE

FHA One-Time Close Construction Financing

FHA One-Time Construction to Perm Primary Residential Mortgage, Inc. specializes in a true FHA One-time Close Construction to Perm Product. This program is identical to a regular FHA loan in almost every way except the home is not built yet.

Builder Perks • Close one-time upfront before construction begins, with no re-qualifying once the home is complete.

• Roll separate home & land purchase into one loan with 3.5% down.

• No money down with land equity to cover 3.5% FHA required investment.

• Up to 6% seller/builder contribution for borrower’s closing costs & prepaids.

• FHA offers flexible underwriting requirements over conventional.

• Buyer makes no payments until construction is complete.

• No risk of borrower not re-qualifying once the home is complete.

• Up to 5 construction draws available after closing.

• Confidently build a new home with a 620 FICO® score with no hassle of the borrower re-qualifying.

• Up to 90% construction funding.

FHA One-Time Close Construction Financing

FHA One-Time Construction to Perm Primary Residential Mortgage, Inc. specializes in a true FHA One-time Close Construction to Perm Product. This program is identical to a regular FHA loan in almost every way except the home is not built yet.

Buyer Perks • Roll home & land purchase into one loan with 3.5% down • No money down with land equity to cover 3.5% FHA required investment • Gifts allowable for 100% of down payment and/or closing costs. These gifts can be cash or equity in a lot • Up to 6% seller/builder contribution for borrower’s closing costs & prepaids • Credit scores as low as 620 • FHA offers flexible underwriting requirements over conventional • No reserve requirement • Buyer makes no payments until construction is complete • Close one-time upfront before construction begins, with no re-qualifying once the home is complete

Get More Veteran Clients

New construction financing for veterans and their families just got faster and easier.

Unlike most new construction loans, our new VA-guaranteed One-Time Close loan covers the entire cost of construction and permanent financing, simplifying the loan process so you can get to work without unexpected delays and interruptions. With zero down payment and no monthly mortgage insurance, it’s never been easier for veterans to build a custom home.

There are veterans, service members, and surviving spouses in your community who want to build, and our One Time Close program can help them do it.

Veterans: Build Your New Home Easily with One Loan and Zero Down

When it comes time to start a new chapter with a brand new home, we’ll give you the easiest mortgage experience possible.

Standard new construction financing includes two loans with separate qualifications and closing costs. Our VA One-Time Close loan will cover the entire cost of construction, so you don’t need to qualify twice.

VA qualifying borrowers can now finance new home construction with: • One loan, one closing, and one round of qualification for land and construction • Zero down payment • No monthly mortgage insurance • No payments until construction is complete If you’re a veteran, service member, or surviving spouse ready to build your future, don’t wait.

www.ElementFunding.com Primary Residential Mortgage, Inc., DBA Element Funding, NMLS #3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. North Carolina Commissioner of Banks L-112833. South Carolina Department of Consumer Affairs MLS3094, Department of Financial Institutions 109282, As Element Funding MLS-3094 OTN#1. Florida Office of Financial Regulation MLD646. Georgia Department of Banking and Finance 6521.