"new" bmg exclusive product offerings

BMG Exclusive Products

Portfolio Jumbo Features

• Available June 1, 2011

• NO MI

• Loans to $1.5 Million (70% LTV/80% CLTV)

• Vacation/Second Homes allowed

• Up to 85% LTV/CLTV

• Cash Out to 80% with 720 FICO

• Self Employed Full Doc Bank Statement allowed at 50% LTV/CLTV

Portfolio Jumbo Features: • Less than 90 days off MLS allowed

• No Condo’s

• Minimum loan amount $417,000

• Escrow Waiver allowed at < 80%LTV

• Max DTI 45%

• Reserve requirement: 12 months PITI

LTV/CLTV

(max) Property Type

750 + credit score 700-749 credit score 680-699 credit score

First Position First position First position

50%/50% Self Emp Full Doc Bank State 1,000,000 800,000 675,000

70/80% SFR, Townhome 1,500,000 800,000 675,000

80%/85% SFR, Townhome 1,250,000 800,000 675,000

Second Home (SFR, Twhse) 1,000,000 675,000 --

85%/85% SFR, Townhome 1,000,000 675,000 500,000 Second Home (SFR, Twhse) 750,000 500,000 --

Portfolio Niche Products:

• Utility Leaseholds (example: Georgia Power Leaseholds on lakes)

• Log Homes

• More than 4 financed properties

• Non-warrantable Condos

• Self Employed Full Doc 24 Month Bank Statement

• All Niche products available June 1

• Georgia Power/Utility Leaseholds – No minimum year requirement on lease

• Log Homes

Georgia Power Leasehold (Primary residence or second home)

1 unit

Loan Amt Max LTV Min FICO Max DTI Max CLTV Reserves

< =$417,000 89.99% 700 40 89.99% 24 Mo PITI

$650,000 75% 700 40 75% 24 Mo PITI

$1,000,000 65% 700 40 65% 24 Mo PITI

Log Home (Primary residence only)


Log Home < =$417,000 80.00% 700 40 89.99% 24 Mo PITI

Portfolio Niche Features

• More Than 4 Financed Properties – Max of 15 financed properties. Require 2 year

history as landlord if more than 4 properties

More than 4 financed properties (Primary residence only)

1 unit


< =$417,000 89.99% 700 40 89.99% 24 Mo PITI

$650,000 80% 700 40 80% 24 Mo PITI

$1,000,000 70% 700 40 70% 24 Mo PITI


• Condo

– 36 month old condo conversion, no more than 30% rental units

– Phase must be 100% complete, 25% of units sold

– Common grounds 100% complete


Condo (Primary residence only)


Condo < =$417,000 80.00% 700 40 89.99% 24 Mo PITI


• Self Employed Full Doc 24 Month Bank Statement

– Can be used for both Jumbo and Niche

– No TRV’s

– Available for First Time Homebuyers

Self Employed Full Doc 24mo. Bank statement (Primary residence only)

1 unit


< =$417,000 80.00% 700 40 89.99% 24 Mo PITI

$650,000 70% 700 40 80% 24 Mo PITI

$1,000,000 60% 700 40 70% 24 Mo PITI

Guidelines for Bank Statement Program

These apply in addition to Portfolio Niche Program Guides:

• ‘Self Employed’ is defined as those borrower(s) who file a Schedule C, S-Corp (1120’s), LLC, 1099 Schedule C and/or Partnership (1065’s) returns.

• Borrower must provide evidence that the business exists.

• Business must be based in the United States.

• First time homebuyers allowed with 12 month rental history. Payment shock not to exceed 125%.

• Provide 24 months personal bank statements.

• 24 months PITI in addition to funds to close. All assets used for down payment and reserves must be verified with a full VOD.

• Business accounts can be used for funds to close/reserves (see restrictions).

• No gifts for down payment and/or reserves.

• Employed Co-borrower’s document income using full documentation. One borrower must be self-employed.

• Provide 6 months cancelled checks for business debts on credit report.

• All collections opened in the past 24 months must be satisfied prior to closing.

• No TRV’s.

• Minimum 18 months self-employment and in the same line of work.

• No layering with other Niche products

Guidelines for Bank Statement Program

Caveats of Jumbo and Niche

• All loans priced at 99.00 and require 1% origination

• No gift funds for down payment or reserves

• Full VMG appraisal required

– 2 required if Loan Amount > $1M

• Must use Nationwide Title and Closing for both Title work and closing

• 3/1 or 5/1 ARMS only

• No declining markets

• No interest-only

• No investment property

• Available in GA, AL, TN, NC, SC, VA only

QUESTIONS?

Brand Mortgage Group, LLC | Corp HQ: 6224 Sugarloaf Pkwy, Suite 300 | Duluth, GA 30097 | NMLS# 75615

"new" bmg exclusive product offerings

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