Aspire (2nd Mortgage) Matrix — FundLoans
Closed-End 2nd Lien
Effective Date: 11/29/2023
Program Guidelines
Maximum Loan Parameters
| Parameter |
Value |
| Max Loan Amount |
$1,000,000 |
| Min Loan Amount |
$200,000 |
| Max Combined Loan Amount |
$5,000,000 |
| Fixed Terms |
10/15/20/30 |
| Interest Only |
30 yr only (10/20) |
FULL DOC (1 YR)
| Loan Amount |
FICO |
CLTV |
| $200k to $300k |
680 |
75 |
| > $300k to $500k |
680 |
75 |
| > $500k to $750k |
680 |
65 |
| > $750k to $1M |
680 |
55 |
BANK STATEMENT (12 MO)
| Loan Amount |
FICO |
CLTV |
| $200k to $300k |
680 |
75 |
| > $300k to $500k |
680 |
70 |
| > $500k to $750k |
680 |
55 |
| > $750k to $1M |
680 |
50 |
P&L ONLY (24 MO)
| Loan Amount |
FICO |
CLTV |
| $200k to $300k |
700 |
65 |
| > $300k to $500k |
700 |
60 |
| > $500k to $750k |
700 |
45 |
| > $750k to $1M |
700 |
40 |
Eligible Borrowers
- US Citizens
- Permanent Resident Aliens
- Non-Permanent Resident Aliens - E/G/H/L/O/P/TN
- Non-Occupant Co-Borrowers
- FL maximum exposure $1,000,000 or two (2) loans
- Foreign Nationals
- Irrevocable Trusts or Land Trusts
- Diplomatic immunity
Ineligible Borrowers
Doc Type
- 1 YR FULL DOC
- FL Montage 1 yr Full Doc Guidelines
- 12 MO BK STATEMENT
- FL Apex 1 yr Bank Statement Guidelines
- P&L ONLY
- 24 month + 2 months bank statements (45% DTI max)
Title Requirements
- < $250k - ALTA Junior Loan Policy
$250k - ALTA Standard Coverage
Appraisal
- AMC Appraisal
- Desk Review
Reserves
- Cash out may be used for reserves
- No gifts of equity allowed
Property Types
- 2nd Home: reduce CLTV by 5%
- Investment: reduce CLTV by 10%
- 2-4 Unit: reduce CLTV addl 5%
- Condos: FNMA Warrantable
- Non-Warrantable - case by case only
1st Mortgage Parameters
- 1st Mortgage Loan Amt ≥ $3m Max CLTV 65%
- No neg am/private mortgage/modification/balloon
- Copy of 1st Note or most recent statement req
- Seasoning <12 mo lesser of appl or PP
Ineligible Types
- Terms >40 yrs
- Loan Modifications
- Land Contract
- Negative Amortization
- Forbearance/Deferment
- Private Mortgage
- Listed <3 months
- Condotels
- Rural/Ag or >5 acres
- 2-4 Unit 2nd homes
- Manuf/Mobile homes
- Co-op
- Unique(dome, berm,etc)
- Mixed-use
- Condition C5 or C6
Mortgage History
- 0x30x12 / 0x60x48
- 1x30x48 w/ LOE
- No Forbearance/Deferment/Modification <7 yrs
- No FC/NOD <7 yrs
- No BK <48 mos
- Min FICO 680
Cash-Out