PLUS Connect is a mortgage loan program offering financing for primary residences, second homes, and investment properties. It supports FULL DOC, EXPRESS DOC, ASSET UTILIZATION, 12/24 BANK STATEMENT, 1099, and 12/24 MONTH P&L documentation types.
Eligibility:
- Loan amounts up to $3,000,000 for primary residences, $2,500,000 for investment properties.
- LTV up to 80% for purchases, 75% for cash-out refinances.
- Minimum FICO: 620-700, depending on loan type and amount.
- Asset utilization options with max LTVs: 80% (primary/second homes), 65% (investment properties).
- High loan limits with competitive LTV ratios.
Benefits:
- Flexible income documentation options, ideal for self-employed borrowers.
- Supports asset utilization as qualifying income.
- Expanded eligibility with FICO requirements starting at 620.
Consideration:
- Gift funds not allowed for asset utilization.
- Credit requirements vary by loan type.
- Maximum DTI and additional property-type-specific restrictions may apply.