Montage (Full Doc) — Eligibility Rules (If-Then Format)

Auto-generated from Montage Matrix v 1.0 (01-01-2026) on 2026-03-23

These rules are structured for RAG ingestion and AI chatbot eligibility determination. Each rule is self-contained and independently retrievable.

Montage Prime Matrix — FundLoans

Full Documentation Program (12 or 24 Months Full Doc)

IF the loan program is Montage (Full Doc) (Full Documentation Program (12 or 24 Months Full Doc)), THEN Effective Date: 01/01/2026 | V1.0**

Montage Prime — Owner Occupied Primary Residence

Maximum LTVs (12 or 24 Months Full Doc)

IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is up to $1 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 90%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is up to $1 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is up to $1 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is up to $1 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is up to $1 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1 MM to $1.5 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1 MM to $1.5 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1 MM to $1.5 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 80%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1 MM to $1.5 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1 MM to $1.5 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1.5 MM to $2 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1.5 MM to $2 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1.5 MM to $2 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1.5 MM to $2 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$1.5 MM to $2 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2 MM to $2.5 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2 MM to $2.5 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2 MM to $2.5 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2 MM to $2.5 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2 MM to $2.5 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2.5 MM to $3 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2.5 MM to $3 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2.5 MM to $3 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2.5 MM to $3 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, loan amount is >$2.5 MM to $3 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: max 65%.

Super Jumbo — Owner Occupied Primary Residence

IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, documentation type is Super Jumbo, loan amount is >$3 MM to $3.5 MM, FICO is 760, THEN Purch LTV/CLTV: max 75%; RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, documentation type is Super Jumbo, loan amount is >$3 MM to $3.5 MM, FICO is 720, THEN Purch LTV/CLTV: max 70%; RT Refi LTV/CLTV: max 65%; Cash Out LTV/CLTV: max 60%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, documentation type is Super Jumbo, loan amount is >$3 MM to $3.5 MM, FICO is 700, THEN Purch LTV/CLTV: max 65%; RT Refi LTV/CLTV: max 60%; Cash Out LTV/CLTV: max 55%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, documentation type is Super Jumbo, loan amount is >$4 MM to $5 MM, FICO is 760, THEN Purch LTV/CLTV: max 65%; RT Refi LTV/CLTV: max 60%; Cash Out LTV/CLTV: max 55%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, documentation type is Super Jumbo, loan amount is >$4 MM to $5 MM, FICO is 720, THEN Purch LTV/CLTV: max 60%; RT Refi LTV/CLTV: max 55%; Cash Out LTV/CLTV: max 55%.
IF the program is Montage (Full Doc), occupancy is Owner Occupied Primary Residence, documentation type is Super Jumbo, loan amount is >$5 MM to $6 MM, FICO is 760, THEN Purch LTV/CLTV: max 60%; RT Refi LTV/CLTV: max 55%; Cash Out LTV/CLTV: max 50%.

Assets Only / Asset Allowance — Owner Occupied

IF the loan program is Montage (Full Doc) (Assets Only / Asset Allowance — Owner Occupied), THEN See Guidelines for Formulas*

DTI

IF the loan program is Montage (Full Doc) (DTI), THEN Up to 50% Max DTI

Reserves

IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and loan amount is ≤$500k, THEN minimum reserves required: 3 months.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and loan amount is >$500k-$1.5MM, THEN minimum reserves required: 6 months.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and loan amount is >$1.5MM, THEN minimum reserves required: 9 months.
IF the loan program is Montage (Full Doc) (Reserves), THEN Additional 2 months to above requirement for each additional property financed (12 mo. max)
IF the loan program is Montage (Full Doc) (Reserves), THEN Non-Occupant Borrower additional 6 months to above
IF the loan program is Montage (Full Doc) (Reserves), THEN PITIA for fully amortized and ITIA for I/O

Cash-Out Limits

IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and LTV is ≤60% LTV, THEN max cash-out = Unlimited.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and LTV is >60% LTV, THEN max cash-out = $1.5MM.

Credit Restrictions (Based off max LTV)

IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and borrower has adverse credit, THEN Event: Housing Lates / Lookback Period: 1x30x12 / LTV Adjustment: -5% LTV.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and borrower has adverse credit, THEN Event: FC/BK/SS/DIL/MOD / Lookback Period: 24mo-48mo / LTV Adjustment: -5% LTV.

Program Restrictions

IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Housing (12 mos. Minimum) = 0x30x12.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Credit Event = 48 mo..
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Min FICO = 660.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Max LTV: Purchase & R/T = 90.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Max LTV: Cash Out = 80.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Max CLTV = 90.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Max Loan Amount = $6,000,000.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Min Loan Amount = $300,000.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN Fixed Terms = 30yr Fix / 40yr Fix (w/ 10yr IO).
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN 5/6 Mo SOFR ARM (2/1/5 Caps) = 6mo. SOFR - 3.75% Margin/Floor.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence), THEN 7/6 Mo SOFR ARM (5/1/5 Caps) = 6mo. SOFR - 3.75% Margin/Floor.

Other LTV/CLTV Limits

IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is Warrantable Condo, THEN max LTV/CLTV = 85%.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is Non-Warrantable Condo, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is Condotel - Purchase / RT Refi, THEN max LTV/CLTV = 75%.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is Condotel - Cash Out, THEN max LTV/CLTV = 65%.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is I/O max, THEN max LTV/CLTV = 85%.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is 2-4 unit max, THEN max LTV/CLTV = 85%.
IF the program is Montage (Full Doc) (Owner Occupied Primary Residence) and property is Rural, THEN max LTV/CLTV = <10 acres allowed.
IF the loan program is Montage (Full Doc) (Other LTV/CLTV Limits), THEN Not allowed L/A >$3MM

See Guidelines For:

IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Departing Residence requirements and reserves
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Impounds, High-Cost Loans, & Loan Cost Tolerance
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Single Borrower Exposure
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Residency Qualifications
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Interested Party Contributions
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Rural Property Limits
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN First Time Homebuyer
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Departing Residence
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Use of Business Funds

Montage Prime — Second Home

Maximum LTVs (12 or 24 Months Full Doc)

IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is up to $1 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is up to $1 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is up to $1 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1 MM to $1.5 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1 MM to $1.5 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1 MM to $1.5 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1 MM to $1.5 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1 MM to $1.5 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1.5 MM to $2 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1.5 MM to $2 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1.5 MM to $2 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1.5 MM to $2 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$1.5 MM to $2 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: max 60%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2 MM to $2.5 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2 MM to $2.5 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2 MM to $2.5 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2 MM to $2.5 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 65%; Cash Out LTV/CLTV: max 60%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2.5 MM to $3 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 60%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2.5 MM to $3 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 65%; Cash Out LTV/CLTV: max 60%.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2.5 MM to $3 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 65%; Cash Out LTV/CLTV: Not Eligible.
IF the program is Montage (Full Doc), occupancy is Second Home, loan amount is >$2.5 MM to $3 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 65%; Cash Out LTV/CLTV: Not Eligible.

Super Jumbo — Second Home

IF the program is Montage (Full Doc), occupancy is Second Home, documentation type is Super Jumbo, loan amount is >$3 MM to $4 MM, FICO is 760, THEN Purch LTV/CLTV: max 65%; RT Refi LTV/CLTV: max 60%; Cash Out LTV/CLTV: max 55%.
IF the program is Montage (Full Doc), occupancy is Second Home, documentation type is Super Jumbo, loan amount is >$3 MM to $4 MM, FICO is 720, THEN Purch LTV/CLTV: max 60%; RT Refi LTV/CLTV: max 55%; Cash Out LTV/CLTV: max 50%.
IF the program is Montage (Full Doc), occupancy is Second Home, documentation type is Super Jumbo, loan amount is >$3 MM to $4 MM, FICO is 700, THEN Purch LTV/CLTV: max 55%; RT Refi LTV/CLTV: max 50%; Cash Out LTV/CLTV: max 45%.
IF the program is Montage (Full Doc), occupancy is Second Home, documentation type is Super Jumbo, loan amount is >$4 MM to $5 MM, FICO is 760, THEN Purch LTV/CLTV: max 65%; RT Refi LTV/CLTV: max 60%; Cash Out LTV/CLTV: max 50%.
IF the program is Montage (Full Doc), occupancy is Second Home, documentation type is Super Jumbo, loan amount is >$4 MM to $5 MM, FICO is 720, THEN Purch LTV/CLTV: max 60%; RT Refi LTV/CLTV: max 55%; Cash Out LTV/CLTV: max 50%.
IF the program is Montage (Full Doc), occupancy is Second Home, documentation type is Super Jumbo, loan amount is >$5 MM to $6 MM, FICO is 760, THEN Purch LTV/CLTV: max 55%; RT Refi LTV/CLTV: max 50%; Cash Out LTV/CLTV: max 45%.

Program Restrictions — Second Home

IF the program is Montage (Full Doc) (Second Home), THEN Housing (12 mos. Minimum) = 0x30x12.
IF the program is Montage (Full Doc) (Second Home), THEN Credit Event = 48 mo..
IF the program is Montage (Full Doc) (Second Home), THEN Min FICO = 660.
IF the program is Montage (Full Doc) (Second Home), THEN Max LTV: Purchase & R/T = 85.
IF the program is Montage (Full Doc) (Second Home), THEN Max LTV: Cash Out = 75.
IF the program is Montage (Full Doc) (Second Home), THEN Max CLTV = 85.
IF the program is Montage (Full Doc) (Second Home), THEN Max Loan Amount = $6,000,000.
IF the program is Montage (Full Doc) (Second Home), THEN Min Loan Amount = $300,000.
IF the program is Montage (Full Doc) (Second Home), THEN Fixed Terms = 30yr Fix / 40yr Fix (w/ 10yr IO).
IF the program is Montage (Full Doc) (Second Home), THEN 5/6 Mo SOFR ARM (2/1/5 Caps) = 6mo. SOFR - 3.75% Margin/Floor.
IF the program is Montage (Full Doc) (Second Home), THEN 7/6 Mo SOFR ARM (5/1/5 Caps) = 6mo. SOFR - 3.75% Margin/Floor.

Prepayment Penalty — Second Home

IF the loan program is Montage (Full Doc) (Prepayment Penalty — Second Home), THEN 3 year standard prepay, 2 year and 1 year prepay available at additional cost
IF the loan program is Montage (Full Doc) (Prepayment Penalty — Second Home), THEN Minimum of 1 year prepay required on investment properties
IF the loan program is Montage (Full Doc) (Prepayment Penalty — Second Home), THEN 6 months of interest on 80% of the original principal balance

Other LTV/CLTV Limits — Second Home

IF the program is Montage (Full Doc) (Second Home) and property is Warrantable Condo, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Second Home) and property is Non-Warrantable Condo, THEN max LTV/CLTV = 75%.
IF the program is Montage (Full Doc) (Second Home) and property is Condotel - Purchase / RT Refi, THEN max LTV/CLTV = 75%.
IF the program is Montage (Full Doc) (Second Home) and property is Condotel - Cash out, THEN max LTV/CLTV = 65%.
IF the program is Montage (Full Doc) (Second Home) and property is I/O max, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Second Home) and property is 2-4 unit max, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Second Home) and property is Rural, THEN max LTV/CLTV = <10 acres; Must be prior approved*.
IF the loan program is Montage (Full Doc) (Other LTV/CLTV Limits — Second Home), THEN Not allowed L/A >$3MM

Montage Prime — Investment

Maximum LTVs (12 or 24 Months Full Doc)

IF the program is Montage (Full Doc), occupancy is Investment, loan amount is up to $1 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is up to $1 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is up to $1 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 85%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is up to $1 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is up to $1 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1 MM to $1.5 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1 MM to $1.5 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1 MM to $1.5 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1 MM to $1.5 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1 MM to $1.5 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1.5 MM to $2 MM, FICO is 740, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1.5 MM to $2 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1.5 MM to $2 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 75%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1.5 MM to $2 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$1.5 MM to $2 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2 MM to $2.5 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 70%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2 MM to $2.5 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2 MM to $2.5 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2 MM to $2.5 MM, FICO is 660, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: Not Eligible.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2.5 MM to $3 MM, FICO is 720, THEN Purch / RT Refi LTV/CLTV: max 80%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2.5 MM to $3 MM, FICO is 700, THEN Purch / RT Refi LTV/CLTV: max 75%; Cash Out LTV/CLTV: max 65%.
IF the program is Montage (Full Doc), occupancy is Investment, loan amount is >$2.5 MM to $3 MM, FICO is 680, THEN Purch / RT Refi LTV/CLTV: max 70%; Cash Out LTV/CLTV: Not Eligible.

Super Jumbo — Investment

IF the program is Montage (Full Doc), occupancy is Investment, documentation type is Super Jumbo, loan amount is >$3 MM to $4 MM, FICO is 760, THEN Purch LTV/CLTV: max 65%; RT Refi LTV/CLTV: max 60%; Cash Out LTV/CLTV: max 50%.
IF the program is Montage (Full Doc), occupancy is Investment, documentation type is Super Jumbo, loan amount is >$3 MM to $4 MM, FICO is 720, THEN Purch LTV/CLTV: max 60%; RT Refi LTV/CLTV: max 55%; Cash Out LTV/CLTV: max 45%.
IF the program is Montage (Full Doc), occupancy is Investment, documentation type is Super Jumbo, loan amount is >$3 MM to $4 MM, FICO is 700, THEN Purch LTV/CLTV: max 55%; RT Refi LTV/CLTV: max 50%; Cash Out LTV/CLTV: max 40%.
IF the program is Montage (Full Doc), occupancy is Investment, documentation type is Super Jumbo, loan amount is >$4 MM to $5 MM, FICO is 760, THEN Purch LTV/CLTV: max 65%; RT Refi LTV/CLTV: max 60%; Cash Out LTV/CLTV: max 50%.
IF the program is Montage (Full Doc), occupancy is Investment, documentation type is Super Jumbo, loan amount is >$4 MM to $5 MM, FICO is 720, THEN Purch LTV/CLTV: max 60%; RT Refi LTV/CLTV: max 55%; Cash Out LTV/CLTV: max 45%.
IF the program is Montage (Full Doc), occupancy is Investment, documentation type is Super Jumbo, loan amount is >$5 MM to $6 MM, FICO is 760, THEN Purch LTV/CLTV: max 55%; RT Refi LTV/CLTV: max 50%; Cash Out LTV/CLTV: max 45%.

Reserves — Investment

IF the program is Montage (Full Doc) (Investment) and loan amount is ≤$500k, THEN minimum reserves required: 3 months.
IF the program is Montage (Full Doc) (Investment) and loan amount is >$500k-$1.5MM, THEN minimum reserves required: 6 months.
IF the program is Montage (Full Doc) (Investment) and loan amount is >$1.5MM, THEN minimum reserves required: 9 months.
IF the program is Montage (Full Doc) (Investment) and loan amount is First Time Investor, THEN minimum reserves required: 12 months.
IF the loan program is Montage (Full Doc) (Reserves — Investment), THEN Additional 2 months to above requirement for each additional property financed (12 mo. max)
IF the loan program is Montage (Full Doc) (Reserves — Investment), THEN PITIA for fully amortized and ITIA for I/O

Cash-Out Limits — Investment

IF the program is Montage (Full Doc) (Investment) and LTV is ≤60% LTV, THEN max cash-out = Unlimited.
IF the program is Montage (Full Doc) (Investment) and LTV is >60% LTV, THEN max cash-out = $1.5MM.

Credit Restrictions (Based off max LTV)

IF the program is Montage (Full Doc) (Investment) and borrower has adverse credit, THEN Event: Housing Lates / Lookback Period: 1x30x12 / LTV Adjustment: -5% LTV.
IF the program is Montage (Full Doc) (Investment) and borrower has adverse credit, THEN Event: FC/BK/SS/DIL/MOD / Lookback Period: 24mo-48mo / LTV Adjustment: -5% LTV.

Program Restrictions — Investment

IF the program is Montage (Full Doc) (Investment), THEN Housing (12 mos. Minimum) = 0x30x12.
IF the program is Montage (Full Doc) (Investment), THEN Credit Event = 48 mo..
IF the program is Montage (Full Doc) (Investment), THEN Min FICO = 660.
IF the program is Montage (Full Doc) (Investment), THEN Max LTV: Purchase & R/T = 85.
IF the program is Montage (Full Doc) (Investment), THEN Max LTV: Cash Out = 75.
IF the program is Montage (Full Doc) (Investment), THEN Max CLTV = 85.
IF the program is Montage (Full Doc) (Investment), THEN Max Loan Amount = $6,000,000.
IF the program is Montage (Full Doc) (Investment), THEN Min Loan Amount = $300,000.
IF the program is Montage (Full Doc) (Investment), THEN Fixed Terms = 30yr Fix / 40yr Fix (w/ 10yr IO).
IF the program is Montage (Full Doc) (Investment), THEN 5/6 Mo SOFR ARM (2/1/5 Caps) = 6mo. SOFR - 3.75% Margin/Floor.
IF the program is Montage (Full Doc) (Investment), THEN 7/6 Mo SOFR ARM (5/1/5 Caps) = 6mo. SOFR - 3.75% Margin/Floor.

Other LTV/CLTV Limits — Investment

IF the program is Montage (Full Doc) (Investment) and property is Warrantable Condo, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Investment) and property is Non-Warrantable Condo, THEN max LTV/CLTV = 75%.
IF the program is Montage (Full Doc) (Investment) and property is Condotel - Purchase / RT Refi, THEN max LTV/CLTV = 75%.
IF the program is Montage (Full Doc) (Investment) and property is Condotel - Cash out, THEN max LTV/CLTV = 65%.
IF the program is Montage (Full Doc) (Investment) and property is I/O max, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Investment) and property is 2-4 unit max, THEN max LTV/CLTV = 80%.
IF the program is Montage (Full Doc) (Investment) and property is Rural, THEN max LTV/CLTV = <10 acres; Must be prior approved*.
IF the loan program is Montage (Full Doc) (Other LTV/CLTV Limits — Investment), THEN Not allowed L/A >$3MM

Eligible Borrowers — Investment

IF the loan program is Montage (Full Doc) (Eligible Borrowers — Investment), THEN Permanent Resident Aliens
IF the loan program is Montage (Full Doc) (Eligible Borrowers — Investment), THEN Non-Permanent Resident Aliens

See Guidelines For:

IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Departing Residence requirements and reserves
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Impounds, High-Cost Loans, & Loan Cost Tolerance
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Single Borrower Exposure
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Residency Qualifications
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Interested Party Contributions
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Rural Property Limits
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN First Time Homebuyer
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Departing Residence
IF the loan program is Montage (Full Doc) (See Guidelines For:), THEN Use of Business Funds