Jumbo Eligible Product Guidelines - CCMC Correspondent Lending

Peak Eligible Product Guidelines Matrix

Credit Score

LTV,CLTV, HCLTV

Maximum Loan Amount

Maximum Cash Out

$1,000,000 / $1,500,000 80 Owner Occupancy Purchase, Rate/Term, Cash Out 43% Maximum DTI

Owner Occupancy Purchase, Rate/Term

N/A

Credit Score

720

40% Maximum DTI

12 months

70

$2,500,000

$350,000

24 months

60

$2,750,000

$500,000

36 months

50

$3,000,000

$750,000

48 months

60

$850,000 N/A

24 months

50

$1,250,000

LTV,CLTV, HCLTV

Maximum Loan Amount

Maximum Cash Out

Reserves*

80

$1,000,000 / $1,500,000

12 months / 18 months

70

$2,000,000

24 months

60

$2,500,000

36 months

50

$2,750,000

40

$3,000,000

60 months

70

$1,000,000

12 months

60

$1,500,000

18 months

LTV,CLTV, HCLTV

Maximum Loan Amount

65

$1,000,000 (WinWater)

680

43% Maximum DTI

Second Home Purchase, Rate/Term

6 months / 9 months

$2,000,000 700

Reserves*

N/A

48 months

700

Investment Purchase, Rate/Term

Credit Score

40% Maximum DTI 740

Maximum Cash Out

Reserves* 24 months

N/A 50

$1,250,000 (SG)

Š2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

36 months

Terms *See Alpine/Summit Product Overlays*

Owner Occupancy and Second Home: FRM: 15 and 30 year terms. ARM: 5/1, 7/1, 10/1 Investment (N/O/O): ARM loans excluded, 30-year fixed rate only No Prepayment Penalties allowed on any occupancy

ARM Loans *Available only on the Peak Product

Subordinate Financing *See Alpine/Summit Product Overlays*

Ineligible Transactions

*Reserves *See Alpine/Summit Product Overlays*

Eligible Borrowers

Ineligible Borrowers

Index

Margin

Initial

Periodic

Ceiling

Look Back Period

1-Year Libor

2.25%

2%

2%

5%

45 Days



5/1 ARM must be qualified at the greater of the Note rate + 2%, or the fully indexed rate



7/1 and 10/1 ARM must be qualified at the Note rate

No new subordinate financing allowed on the Peak Program Please see Alpine/Summit Product Overlays for parameters         

Escrow Holdback Construction to Perm Non-Arms Length Texas Equity Temporary Buydowns Builder Bailout Conversion Loans Prepayment Penalties Balloon Loans



First Time Homebuyer: greater of 18 months reserves or matrix requirement



Borrowers with more than 2 financed properties require the greater of 18 months reserves or matrix requirement plus an additional 6 months reserves for each additional financed property (Peak Program only). 6 months additional reserves are based on PITI plus any HOA fees of the other financed properties.



Gift funds may not be used for reserves



For Condos and PUDs, reserves must include HOA fees.

 

U.S. Citizens Permanent Resident Aliens o Requires a legible front and back copy of the borrower(s) valid Green Card with no expiration date Non-Permanent Resident Aliens *See additional overlays Inter-Vivos Revocable Trust Non-Occupant Co-Borrowers

  

   

Foreign Nationals Irrevocable or “Blind” Trusts Borrowers with Diplomatic Immunity, A1, A2, or A3 Visas LLCs, Partnerships, Corporations (Exceptions considered on a case-by-case basis) o Personal Guarantor Required

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Investment Property (N/O/O) Overlays



An additional 6 months reserves are required for each financed property, other than the subject. 6 months additional reserves are based on PITI plus any HOA fees of the other financed properties. At least 50% of reserves must be liquid (bank accounts, money markets, mutual funds and publicly traded stocks). Business accounts are not considered liquid.



Properties refinanced at a higher value must be seasoned for a minimum of 12 months



Properties with negative cash flow are ineligible



A second appraisal is required if the property recently purchased by the seller (within 90 days of the fully executed purchase contract).



Modular Homes, Condos in Florida are ineligible



All judgments, liens, garnishments, and Non-title Charge-offs/Collections must be paid at or prior to closing

(Exceptions to N/O/O overlays may be considered on a case-by-case basis)

First Time Homebuyer *See Alpine/Summit Product Overlays*

Defined as individuals who have not owned a home or had a residential mortgage in the past 3 years:  30-year fixed product only  720 minimum FICO  43% maximum DTI  $1,000,000 maximum loan amount  80% maximum LTV/CLTV  O/O only, no SH or N/O/O (Peak program only) Greater of 18 months reserves or matrix requirement Allowed with the following parameters:  70% maximum LTV/CLTV, 35% maximum DTI, SFR or Condo only, 24 months minimum reserves Non-Permanent Resident Aliens must meet ALL of the following:  Unexpired passport from their country of citizenship containing INS form I-94 which must be stamped, “Employment Authorized”

Non-Permanent Resident Aliens



Employment Authorization Card along with a copy of the Petition for Non-Immigrant Worker (form I-140) in the file



Minimum of 5 years residency, with the likelihood of employment continuance for at least 3 years (Exceptions considered on a case-by-case basis)



O/O only, no SH or N/O/O



Only H1B and H2B Visas accepted – must have a minimum of 3 years remaining

Defined as credit applicants who do not occupy the subject property as a primary residence, but has joint liability of the Note with the occupying borrowers.

Non-Occupant CoBorrowers

Allowed with the following parameters:  70% maximum LTV/CLTV, 35% maximum DTI, 1-unit only, 30-year fixed product, greater of 24 months reserves or matrix requirements Non-Occupant Co-Borrowers must meet ALL of the following:  Must be an immediate relative, proof of relationship is required  Must sign the Mortgage or Deed of Trust  Cannot have an interest in the property sales transaction, such as the seller, builder, or real estate broker

AUS

DU: Approve/Ineligible findings are required. Loan size is the only allowable reason for ineligibility. Loans will also be manually underwritten by lender

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Minimum Loan Size *See Alpine/Summit Product Overlays*

ATR/QM Rule

$1 over the FHFA maximum conforming limit

For loans subject to the ATR/QM rule, Cherry Creek Mortgage Company will only purchase loans that comply with the ATR/QM requirements.  Correspondents are responsible for providing evidence of compliance with the ATR/QM rules.

Clear itemization of fees and application of all credits that indicate paid by/to is required on all loans.

A tri-merge in-file credit report from all three repositories is required.

The representative FICO score is defined as the middle of 3 scores, or the lesser of two scores.

Each borrower must have a minimum of 3 open trade lines that have a 24-month history with at least 1 of the trade lines having activity in the last 6 months, and at least 1 being an installment or mortgage account. Authorized user accounts cannot be used to satisfy the minimum trade line or FICO requirements.

If a borrower cannot meet the previous guideline, but has at least 1 open trade line with a minimum of 12 months reporting, it can be considered without exception if ALL of the following criteria are met:  10 or more trade lines reported with at least 1 mortgage trade, a minimum of 10 years established credit history, and at least one trade line open and reporting for a minimum of 12 months *A borrower who is not using income to qualify or is not employed does not need to meet the above minimum credit requirements.

Additional Credit Requirements:  All trade lines with a delinquency in the past 12 months require a written explanation from the borrower Credit

*See Alpine/Summit Product Overlays*



No prior bankruptcies of any type allowed within 10 years of the application date



No prior foreclosure, short-sale, deed-in-lieu, or modifications caused by the borrower’s inability to pay, or to continue to satisfy their monthly payment in its entirety, are allowed



All judgments, All liens affecting title, and any Non-title Charge-offs/Collections that exceed $1000 (either individually or aggregate), must be paid



Past due accounts must be brought current prior to closing



Borrowers with a history of collection accounts are required to pay off derogatory accounts



A written explanation for all inquiries occurring within 120 days of application, and again 10 days prior to closing, is required



The borrower must disclose all liabilities for accurate qualification and underwriting integrity

Housing History: Requirements apply to all borrowers on the loan  0x30 in the last 24 months (Mortgage/Rent)  Rental history is to be verified by an Institutional VOR or 24 months proof of payment

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Full income documentation is required for all borrowers. All borrowers must be qualified using current, verifiable, not projected, income.  Wage-earners: o Most recent paystub showing YTD earnings (covering at least 30 days), two years W2s, and a written Verification Of Employment (WVOE). Paystubs must be computer-generated and clearly show the borrower as the employee. If issued via e-mail or downloaded from the Internet, stubs must show the URL address, date and time printed, and verify place of origin and/or author of the documentation. o IRS form 4506-T, signed and executed at both origination and closing, is required. All transcript documentation obtained for the most recent two years must be provided in the closed loan file for review.  Income

Self-employed borrowers: o Two years personal returns, with all schedules, and business tax returns for the business(es) used for qualification where the borrower has at least 25% ownership interest. Businesses used for selfemployed income qualification must be in existence at least 4 years. o IRS form 4506-T, signed and executed at both origination and closing, is required. All transcript documentation obtained for the most recent two years must be provided in the closed loan file for review. This is required for both personal and business returns for all business(es) used for qualification where the borrower has at least 25% ownership interest.

A Verbal Verification of Employment (VVOE), completed within 10 days prior to the Note date, is required for ALL borrowers.  Wage-earners: o VVOE must include company name, address and phone number, method and source used to obtain the phone number, name and title of contact, name and title of the party completing the VVOE , borrower’s title/description, and hire date 

Self-employed borrowers o VVOE must include verification of an address and phone listing for the business AND verification through a third-party such as a CPA, regulatory agency, or applicable licensing bureau. If contact is made verbally, the loan file must be documented with both the source of the information obtained and the name and title of the party completing the VVOE. A borrower’s website is not acceptable.

Full asset documentation is required for both funds to close and reserves. For most asset types, this is satisfied by providing the most recent two months bank statements or the most recent quarterly statement. All pages to all statements are required and all assets from the borrower must be disclosed and verified by the lender. Large or atypical deposits must be documented. Earnest Money Deposit must be sourced/verified on all loans.

Business accounts may be not used to meet reserve requirements unless the borrower(s) is 100% owner of the business.

A letter from the CPA, or equivalent, confirming that the use of business funds will not negatively impact the business must be obtained.

Assets

 

Stocks, Bonds, Mutual Funds: 70% may be used for reserves Vested Retirement Accounts: 60% may be considered for reserves (certain eligible plans may use 100% if the borrower is >59 ½, i.e. 401K plan) *If needed for closing, verification that funds have been liquidated is required Unacceptable Funds:  Cash on Hand  Grant Funds  Pooled Funds  Builder Profits  Employer Assistance  Assets being used for income (Asset Depletion) may not be used to meet reserve requirements

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Allowed with the following parameters:  The borrower’s DTI must not exceed 70% (O/O) or 65% (SH) prior to using this method for qualification. O/O or SH only, N/O/O is excluded.

Asset Depletion for Income *See Alpine/Summit Product Overlays*

The depletion of assets for income purposes may be considered for borrowers who need additional income to qualify.

Assets must be liquid, unrestricted, and employment-related (401k, IRA, SEP accounts, Retirement, or Severance lump sum distributions). Assets from self-employment, inheritance, settlements, lottery winnings, etc. are not permitted.

Monthly income calculation: Net documented assets (bank accounts plus 70% of the value of stocks/bonds) divided by 360 months (regardless of actual loan term).

If the assets or a portion of the assets are being used for down payment or closing costs, those assets should be excluded from the balance before analyzing the portfolio for income qualification.

Gift Funds

Gift Funds are allowed with the following requirements:  Must be from an immediate family member; proof of relationship is required  The borrower must have a minimum of 5% of their own funds in the transaction  Signed, dated gift letter showing amount, donor’s name, address, phone number, and relationship  Proof of donor’s ability to gift and evidence of funds transfer  Gifts of equity are not allowed  Gift funds may not be used for reserves

Owner Occupancy:  SFR  Warrantable Condos  Townhome  PUD  2-unit Property Eligibility *See Alpine/Summit Product Overlays*

Second Home:  SFR  Warrantable Condos  Townhome  PUD Investment Property:  SFR  Warrantable Condos  Townhome  PUD

Ineligible Properties *See Alpine/Summit Product Overlays*

Condos

            

Manufactured Homes Log Homes Condotels Co-ops Unique Properties Multi (3-4) Unit Hobby Farms Mixed Use Properties Agriculturally Zoned Rural Properties with more than 10 acres Properties under 750 square feet Condos in Florida (Restricted on N/O/O only)

 

Must be warrantable. Non-warrantable considered on an exception basis Projects with fewer than 10 units are not generally allowed. Exceptions may be considered if typical for the area.

CCMC will limit its purchase to no more than 50% of the project’s units

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

All appraisals must comply with, and conform to, USPAP and the Appraisal Independence Requirements (AIR). The appraiser must not have any interest, direct or indirect, financial or otherwise, in the property or transaction. Selection criteria should ensure that the appraiser is independent of the transaction and is capable of rendering an unbiased opinion.

An appraisal prepared by an appraiser who was selected or engaged by a borrower, property seller, real estate agent, or other interested party is not acceptable, even if selected from an Approved Appraiser List. Appraisal reports that are altered by the appraiser to replace any references to the original client with a new lender’s name are not acceptable.

Appraisal Requirements *See Alpine/Summit Product Overlays*

     

Declining Markets

Age of Documents

Assignment of Mortgage

All loans >$1,000,000 require two appraisals with interior photos of all rooms The Market Conditions Addendum (Form 1004MC) is required for all loans All appraisals must contain 4 sold and 2 listing comps. All comps must be sold within 12 months of the appraisal date. For Condominiums, at least 1 comp must be from the subject project.

Legal nonconforming zoned properties must indicate that the subject property can be rebuilt “as is” if it is severely damaged or destroyed.

New construction and/or single builder developments require 2 sold comps within the subject’s development and 3 comps outside of the development that are not built by the same builder.

N/O/O loans require FNMA 1025 Small Residential Income Property Appraisal report

A 5% reduction in LTV/CLTV is required for all properties identified as being in a declining market as indicated by the appraiser. 

Credit report is valid for 90 days from application to closing o Any discrepancies between the existing credit report and a new one, if pulled, must be explained. o The DTI must be recalculated and new FICO score(s) recorded for qualification.

  

Preliminary Title Policies must be no more than 90 days old on the date the Note is signed.

Income and Assets must be no more than 90 days old on the date the Note is signed Appraisals are good for 120 days, before a new one is required, on both purchases and refinances. Appraisal updates or recertifications of value are not allowed.

Loans delivered must be registered by the Sellers with MERS at time of delivery. A MERS transfer of beneficial rights (TOB) and transfer of servicing rights (TOS) must be initiated by the Seller to Cherry Creek Mortgage Company (ORG ID#1000302), within 48 hours of purchase by Cherry Creek Mortgage Company.

3% of value regardless of LTV/CLTV, FICO, or Occupancy. Exceptions for 6% on a case-by case basis Financing Concession Value is the lesser of the sales price or appraised value.

Assumability

Other Financed Properties State Exclusions

 

Not allowed on Fixed-Rate products Eligible for ARM products after the fixed-rate period with prior approval and qualification

Any one borrower can have a maximum of 4 financed properties. Additional reserves are required for borrowers having more than 2 financed properties. Please see Reserves section for requirements.

New York, New Hampshire, Maine, North Carolina, and West Virginia

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Alpine Product Overlays Cherry Creek Mortgage Company's Alpine Jumbo Program Allows Expanded Parameters for Borrowers with Substantial Assets. Overlays to be Used in Conjunction with Standard Jumbo Parameters.

Matrix

Credit Score

LTV

Maximum Loan Amount (Minimum Loan Amount $625K)

700 680 Owner Occupancy Purchase

700

740

$2,000,000 80

$1,500,000

70

$2,500,000

65

$3,000,000

60

$3,500,000 (California Only)

760

$5,000,000 (California Only)

700

$1,500,000

680 Owner Occupancy Rate-Term Refinance

80

$1,000,000

75

$2,000,000

70

$2,500,000

65

$3,000,000

50

$2,500,000 ($500k max cash out)

45

$3,000,000 ($750k max cash out)

50

$2,500,000

45

$3,000,000

700

Owner Occupancy Cash Out Refinance

Second Home Purchase/RateTerm Refinance

700

700

Qualifying Ratios: All Occupancies : 43% max DTI Property Eligibility: Additional Eligible Properties:  2-4 unit Owner-Occupied (where common to the area and adequate comparables can be found) Additional Ineligible Properties:  Condos in Florida  Modular Homes Ineligible Borrowers: Non-Permanent Resident Aliens First Time Home Buyers (Exceptions for FHTB considered on a case-by-case basis) Reserves: 36 months minimum. An additional 6 months reserves is required for each financed property, other than the subject. 6 months additional reserves are based on PITI plus any HOA fees of the other financed properties. At least 50% of reserves must be liquid (bank accounts, money markets, mutual funds and publicly traded stocks). Business accounts are not considered liquid.

Continued…

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Alpine Overlays Cont.

Credit: All judgments, liens, garnishments, and Non-title Charge-offs/Collections must be paid at or prior to closing.

No prior Bankruptcies, Short Sales, or Foreclosures allowed Subordinate Financing: Institutional only, up to the program LTV/CLTV maximum. Must be recorded and clearly subordinate to the first mortgage lien.

Appraisals: Two appraisals required when:  Loan amount greater than $1,500,000  Property recently purchased by the seller (within 90 days of the fully executed purchase contract).

Asset Depletion for Income: Must be retirement age or under certain circumstances, i.e. sale of a company.

Purchase or Rate/Term only 70% max LTV Borrower must not be currently using the eligible assets as a source of income Source and amount of the asset must be reasonable and stable Written analysis of the asset qualification source must be included in the file Calculation: Use the balance of the eligible asset less any funds required to complete the transaction (down payment, closing costs, reserves, etc.) using a 3% rate of return over the life of the loan

END OF ALPINE OVERLAYS

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Summit

Program Overlays

Cherry Creek Mortgage Company's Summit Program Allows for Higher Loan Amounts for Well-Qualified Borrowers. Overlays to be Used in Conjunction with Standard Jumbo Parameters Matrix

Credit Score

Maximum Loan Amount (Min. Loan $417,001)

Reserves

$2,000,000

12 months

$1,500,000

9 months

$2,000,000

12 months

$1,000,000

12 months

70

$2,500,000

18 months

65

$3,000,000

24 months

$1,500,000

9 months

$1,000,000

9 months

$1,500,000

12 months

$1,000,000

12 months

70

$2,000,000

12 months

60

$2,500,000

18 months

70

$1,000,000 ($250k cash out)

9 months

$1,000,000 ($300k cash out)

12 months

$1,500,000 ($350k cash out)

12 months

60

$2,000,000 ($400k cash out)

12 months

55

$2,000,000 ($500k cash out)

18 months

50

$2,500,000 ($750k cash out)

18 months

LTV

740 80 720 720 Owner Occupancy Purchase

75 700

720

740

80

720

Owner Occupancy Rate-Term Refinance

720

75

700

720

740

65 Owner Occupancy Cash Out Refinance 720

Š2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.

Summit Jumbo Program Overlays Cont.

Matrix

Credit Score

LTV

Maximum Loan Amount (Min. Loan $417,001)

Reserves

740

75

$1,500,000

9 months

75

$1,000,000

9 months

70

$1,500,000

12 months

65

$2,000,000

18 months

50

$2,500,000

18 months

70

$1,000,000 ($250k cash out)

12 months

Second Home Purchase/Rate-Term Refinance

Second Home Cash Out Refinance

720

740

Qualifying Ratios: Owner Occupancy: 43% maximum DTI Second Home Purchase / Rate-Term: 43% maximum DTI Second Home Cash Out Refinance: 40% maximum DTI Property Eligibility: Additional Eligible Properties:  2-4 unit Owner-Occupied (where common to the area and adequate comparables can be found) Additional Ineligible Properties:  Modular Homes First Time Home Buyer: 720 FICO: 75% max LTV, $1,500,000 max loan, 12 mos. reserves, 200% max payment shock – gift funds allowed 740 FICO: 80% max LTV, $1,000,000 max loan, 12 mos. reserves, 200% max payment shock – NO gift funds allowed Non-Occupying Co-Borrower: Occupying borrower must qualify with a max DTI of 50% and the max combined DTI cannot exceed 40%.

Occupying borrower must independently meet credit tradeline requirements.

Reserves: An additional 6 months reserves (PITI) is required for each financed property, other than the subject. 6 months additional reserves are based on PITI plus any HOA fees of the other financed properties.

Credit: All judgments, liens, garnishments, and Non-title Charge-offs/Collections must be paid at or prior to closing No prior Bankruptcies, Short Sales, or Foreclosures allowed Subordinate Financing: Institutional only, up to the program LTV/CLTV maximum. Must be recorded and clearly subordinate to the first mortgage lien.

Appraisals: Two appraisals required when:  Loan amount greater than $1,500,000  Property recently purchased by the seller (within 90 days of the fully executed purchase contract).

Asset Depletion for Income: Must be retirement age or under certain circumstances, i.e. sale of a company.

Purchase or Rate/Term only 70% max LTV Borrower must not be currently using the eligible assets as a source of income Source and amount of the asset must be reasonable and stable Written analysis of the asset qualification source must be included in the file Calculation: Use the balance of the eligible asset less any funds required to complete the transaction (down payment, closing costs, reserves, etc.) using a 3% rate of return over the life of the loan

END OF SUMMIT OVERLAYS

©2014 Cherry Creek Mortgage NMLS ID 3001. THIS INFORMATION IS SOLELY FOR MORTGAGE PROFESSIONALS AND SHOULD NOT BE PROVIDED TO CONSUMERS OR THIRD-PARTIES. INFORMATION IS ACCURATE AS OF 04/01/2014 AND IS SUBJECT TO CHANGE WITHOUT NOTICE.