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Kelli Haynie
American Homefront Mortgage
3305 Northland Drive
Suite 208
Austin, TX 78731
Phone: 512-423-4624
Fax: 512-407-8414
Contact Form |
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Austin Texas Alt A Mortgage Loans
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Alt A Mortgage Loans
Competitive Rates
Loan Amounts up to $2Million
100% Financing
No Mortgage Insurance
620 Mid Score Full Documentation on Income
660 Stated Income up to 100% Financing
Stated Second Homes to 100% Financing
Co Borrower has no credit score – Allowed
Non Permanent Resident Aliens Allowed
Stated Income Borrowers on Fixed Income Allowed
No Seasoning on Funds to Close
No Reserves in most Cases
No Verification on Rent on Most Products |
The first is to define alt-A mortgage loans by reference to what they are not. In this vein, alt-A mortgage loans are those that do not satisfy the regular criteria for conforming or jumbo loan programs but which are first lien mortgage loans to prime-quality borrowers. By itself, this definition implies that alt-A mortgage loans possess roughly the same credit quality as conforming or jumbo loans and that alt-A mortgage loans bear that designation merely because of technicalities.
The second way to define alt-A mortgage loans is by reference to the characteristics that they generally possess. A loan that possesses any one or more of the following characteristics will usually be classified in the alt-A category:
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- a loan-to-value ratio in excess of 80% but lacking primary mortgage insurance
- a borrower who is a temporary resident alien
- a loan secured by a non-owner occupied property
- a loan secured by a non-warrantable condominium unit or hotel
- no verification of the borrower's income or assets in connection with originating the loan
- no requirement that the borrower's expenses be less than a specified percentage of his income
Likewise, a loan may be classified as an alt-A mortgage loan if its LTV exceeds the maximum level permitted in standard mortgage loan programs or if it has certain combinations of features.
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The third way to define an alt-A mortgage loan is by reference to the major issuers of alt-A MBS. In an important sense, alt-A mortgage loans are whatever the major alt-A issuers say they are from time to time. The precise contours of each major loan originator's loan underwriting guidelines evolve over time. Accordingly, the characteristics of the loans that back their deals experience a parallel evolution. Any static definition of alt-A mortgage loan tends to ignore the background evolutionary process. Thus, in the most practical, day-to-day terms for an investor, alt-A mortgage loans are whatever backs the deals from the major alt-A mortgage loan issuer.
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