PRIME Connect is a flexible mortgage loan program offering financing for primary residences, second homes, and investment properties. It includes options like FULL DOC, EXPRESS DOC, ASSET UTILIZATION, 12/24 BANK STATEMENT, 1099, and 12/24 MONTH P&L.
Eligibility:
- Loan amounts up to $3,500,000 for primary residences, $2,500,000 for investment properties.
- LTV up to 90% for purchases, 80% for cash-out refinances.
- Minimum FICO: 660-720, depending on loan type and amount.
- Asset utilization options with max LTVs: 80% (primary/second homes), 65% (investment properties).
- High loan limits and flexible LTV ratios.
Benefits:
- Supports diverse income documentation types.
- Suitable for self-employed borrowers with profit and loss or bank statements.
- Allows asset utilization as qualifying income.
Consideration:
- Max DTI: 45%. Gift funds not allowed for asset utilization.
- Non-warrantable condos capped at 80% LTV.
- Credit and documentation requirements vary by loan type.