No overlays
Our back-to-basics underwriting makes sense NICHE GUIDELINES One-Year Tax Returns on Self-Employed Freddie Mac Only Must receive LP findings with one year’s requirement
Established Condo Project/Primary Residence, No Owner-Occupancy Requirement Max LTV 80% with limited review per DU. Non-owner minimum occupancy 51% (most require 70%) Non-structural litigation on case by case (Max LTV 80%) Leased land condos (Max LTV 80% and lease must be longer than loan term)
Debt-to-income Ratios Up to 50% For Conventional (56.99% for FHA) We allow 50% max DTI with AUS approval. Includes regular conforming and high balance
Blended Ratios For Non-Occupant Co-Borrowers to 95% (Conforming and High Balance) We allow blended ratios for non-occupant co-borrowers for conforming and agency Jumbo. Purchase or Refinance allowed. Property type must be 1-unit. Non-occupant should be parent / child relationship or vice-versa. (File must be run LP only)
Landlord Experience is NOT Required When purchasing an investment property, we will allow you to use rental income from the subject property without any landlord experience. File must be run DU. Take 75% of gross rents from comparable rent schedule (form 1007) on appraisal, less PITI.
Payoff Debts to Qualify Revolving and installment debts may be paid in full and CLOSED to qualify. Must verify sufficient funds to pay off debt
Unpermitted Additions Allowed We allow unpermitted additions as long as no value is given and the appraiser states that the addition was done in a workman-like manner conforming to the rest of the dwelling. If the addition involves electrical, gas lines, or plumbing we must verify it was done to code for health / safety reasons. Verification can be performed by a licensed contractor
Manual Underwriting Allowed (Case-by-Case basis) Loan committee reviews loans that are outside the box
Eric L. Frazier MBA NATIONAL SALES MANAGER DIRECT: 949.600.4134 CELL: 714.361.2105 TOLL FREE: 866.644.1046, EXT. 1211 efrazier@intercaplending.com www.intercaplending.com
26880 Aliso Viejo, Suite 100, Aliso VIejo, CA 92656
www.intercaplending.com
Applicant must meet credit and income requirements. Minimum FICO score of 640 required. Certain restrictions apply and not all applicants will be approved. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act #4131105. Intercap Lending is a dba of Suburban Mortgage Company of New Mexico. NMLS #190465. Models do not reflect racial preference.