1st Choice Mortgage Product Niches
Searching for your product niche? These are just a few products available from Chris Holeman at 1st Choice Mortgage:
Alt A+:
- Numerous 100% financing options with multiple splitting options: 70/30, 75/25, 80/20, etc.
- Loan amounts up to $3.0 million down to a 620 FICO score on both purchases and refinances- No acreage limitation (land value should not exceed 35%)
- Primary wage-earner's FICO score used for qualifying & pricing on all Full Doc transactions
- Industry leading pricing. Get price improvements for conforming loan amounts & 720+ FICOs
TRUE Alt A:
- 7 different doc type options (Full/Alt, Lite, SIVA, VISA, No Ratio, SISA, No Doc)
- 100% financing options on all doc types down to a 620 FICO (95% CLTV max on No Doc)
- No property seasoning requirement for cash out refinances
- 55% Debt-To-Income ratios with no adjustment for all Full Doc transactions
- 1 x 30 mtg late OK on both 1st and 2nd liens up to 100% CLTV
the EDGE:
- 100% combo financing up to $1.0 Million combined loan amount
- 12 months bank statements qualifies and prices like Full Documentation
- Mortgage history is not considered (no VOR or cancelled checks for renters)
- 6% seller concessions allowed on both Recurring & Non-recurring closing costs
- No seasoning required on discharged BKs (1 day out of BK is OK)
Subprime:
- 80/20 financing with a 580 FICO for Full Doc and 620 FICO for Stated Income
- Personal & Business bank statements accepted (12 months considered Full Doc for wage earners)
- No minimum trade line requirement on all loans with choleman@1stchoicemortgage.biz
Rates, Broker Apps, Guidelines http://www.100cltv.com/
