APMC Jumbo AlternativeProgram Guide

Program Highlights

This program is designed for borrowers who are looking for a higher loan amount, with flexible guidelines, and who can demonstrate the ability to repay.

  • Max 90% LTV with no MI
  • Loan amounts up to $2.5M
  • Interest Only option
  • Sources of income can include: Asset Depletion calculation and Restricted Stock Units
LTV/CLTV Limits

ARM and Fixed

Purchase and Rate & Term Refinance

Occupancy

/

Minimum FICO

/

Max

DTI

/

LTV/CLTV

/

Max Loan Amount

/

Reserves

/

Refi Maximum Cash Back

Primary Residence & Second Home

/

680

/

43%

/

90%

/

$2,500,000

/

9 months

/

$2,000

660

/

43%

/

85%

/

$2,500,000

/

6 months

/

$2,000

660

/

50%

/

80%

/

$2,500,000

/

3 months

/

$2,000

Cash-Out Refinance

Primary Residence & Second Home

/

700

/

43%

/

85%

/

$1,500,000

/

6 months

/

$750,000

660

/

50%

/

80%

/

$1,500,000

/

3 months

/

$750,000

Cash-Out Refinance – Debt Consolidation

Primary Residence & Second Home

/

680

/

35%

/

90%

/

$750,000

/

9 months

/

$2,000

660

/

35%

/

85%

/

$750,000

/

6 months

/

$2,000

660

/

35%

/

80%

/

$750,000

/

3 months

/

$2,000

Interest Only ARM
Purchase and Rate & Term Refinance

Primary Residence & Second Home

/

700

/

50%

/

80%

/

$2,500,000

/

3 months

/

$2,000

660

/

50%

/

75%

/

$2,500,000

/

3 months

/

$2,000

Delayed Financing may be underwritten and priced as a rate term refinance. Maximum LTV and loan amount per Matrix. Rate term cash back amount restriction does not apply.
For Rate term transactions, maximum cash back amount is equal to the lesser of 2% of new refinance loan balance or $2,000. For Cash Out transactions, maximum cash back amount is $750,000.
Total amount of reoccurring obligations to be paid off by the borrower cannot exceed $100,000 (excluding mortgage liens).
Eligibility Matrix

1.Amortization Type

/
  • 5/1 Adjustable and 30 Year Fixed Rate
  • 5/1 ARM Interest Only permitted. 10 year interest only period followed by 20 yearamortization.
  • Fannie Mae Form 3535 (Interest Only Period Adjustable Rate Note) must be used.

2.Appraisal

/
  • Purchases:
  • One appraisal required for all loans ≤ $1,500,000.
  • Two appraisals required for all loans > $1,500,000.
  • Refinances:
  • One appraisal required for all loans ≤ $1,000,000.
  • Two appraisals required for all loans > $1,000,000.

3.ARM Caps

/ 2/2/6

4.ARM Index

/ 1 year Libor

5.ARM Margin & Floor Rate

/ 4.00%

6.ARM Qualification

/
  • 5/1 ARM must be qualified at the higher of the fully indexed rate or note rate.
  • 5/1 ARM Interest Only must be qualified at the Note rate based on a fully amortizing principal and interestpayment.

7.AUS

/ Loans must be manually underwritten. Loan must be run through AUS to determine if Non-Agency product meets borrower’s best execution. Loan is ineligible for a Non Agency Product if the borrower qualifies for an Agency product.

8.Borrower Contribution

/
  • 100% gifts funds are permitted if the gift is received from a family member.
  • 5% borrower contribution required otherwise.

9.Declining Markets

/ If appraiser notes market as declining, reduce maximum LTV by 5% from maximumfinancinglimits.

10.Delayed Financing

/ Delayed Financing may be underwritten and priced as a rate term refinance. Rate term cash back amount restriction does not apply.

11.Documentation

/ All loans must meet ATR requirements to be eligible. Full Income and Asset documentationis required in compliance with Appendix Q requirements.

12.Escrow Waivers

/ Not allowed on HPML loans under 12 CFR 1026.35. Per HPML requirements, an escrow account must be established before consummation of the loan for payment of property taxes and premiums for mortgage-related insurance required. The escrow account must be maintained for at least five years after the date of consummation.

13.Event Seasoning

/ No derogatory credit events permitted in the last 4 years from completion date to application date.

14.FICO/Credit Score

/
  • 660 (Minimum FICO requirement may be higher depending on loan parameters.Please seeLTV/CLTV Limits matrix for details.)
  • Traditional Credit: Borrower must have two open and active trades.
  • Supplemental Tradelines: Allowed under specific circumstances.
  • Non-traditional credit not permitted

15.Lien Position

/ First

16.Maximum Loan Amount

/ $2,500,000 (Maximum loan amount may be lower depending on loan parameters. Please see LTV/CLTV Limits matrix for details.)

17.Minimum Loan Amount

/ $100,000

18.Mortgage insurance

/ Not required

19.Number of Financed Properties

/
  • Primary Residence
  • Unlimited financed properties
  • Second Home
  • Maximum 10 financed
  • Maximum 4 financed properties with Atlantic Pacific Mortgage Corporation.

20.Occupancy

/
  • 1-4 unit Primary Residence
  • 1 unit Second Home

21.Payment History

/ 0x30 in most recent 24 months on all mortgages/rentals

22.Property Types

/
  • Single Family (Detached, Semi Detached, Attached)
  • 2-4 units
  • PUD (Detached, Attached)
  • Warrantable Condominium (Detached, Attached)
  • Non-Warrantable Condominium (Detached, Attached)

23.Ratios

/
  • Max 50% DTI

24.Reserves

/ Reserves required, see matrix on page 1.

25.Secondary Financing

/ Existing subordinate financing is allowed. New subordinate financing is not allowed.

26.Seller Contributions

/ 6% Principal Residence or Second Home

27.State Restrictions

/ Loans on properties in Massachusetts are not permitted.

28.Temporary Buydowns

/ Not allowed

29.Term

/
  • 5/1 ARM: 30 year
  • Fixed: 30 year

30.Transaction Types

/
  • Purchase
  • Rate term Refinance/Delayed Financing
  • Cash Out Refinance
  • Cash Out – Debt Consolidation

August 19, 2016Page 1 of 3