Alternative Lending Group - Metrocities Mortgage

For your information; Metrocities Mortgage is still in the sub prime world with the credit-flex loan. These are the general guidelines. Please call if you have any questions.


M-14 is back with a new name: The Credit-Flex Loan
ALG presents the Credit-Flex Loan—the new version of the M-14. In a time of tightening guidelines, you again have the flexibility to give clients with less-than-perfect credit the opportunity to finance their dream home.

Highlights:
· Mortgage/Rental History:
Full Doc: Unlimited 30’s and 60’s – no 90’s – in
the last 12 months (cannot be 60 days down
from time of credit decision to funding).
Stated Doc: No more than 1X30 or 0X60
within the last 12 months
· Reserves:
< or = $550,000 none required with .25% add
to fee
>$550,000 2 months PITI seasoned for 30 days
· Cash-Out Refi:
<90% LTV (per credit matrix) Unlimited C/O
· Properties Recently Listed:
Must be removed from MLS for 90 days prior to
application date.
· DTI
55% for Fixed Rate Loans
50% for IO and ARM Products
· Loan Products:
40/40 Year Fixed
30/30 Year Fixed
IO available Minimum 620 Score (not available on 40 year amortized products)
Full Doc/Bank Statement Program (Purchase-Rate Term Refi)

95% LTV $450,000 590 Credit Score
90% LTV $450,000 560 Credit Score
85% LTV $450,000 530 Credit Score

100% LTV $650,000 620 Credit Score
100% LTV $750,000 660 Credit Score

80% LTV $1,000,000 640 Credit Score
70% LTV $1,500,000 640 Credit Score

Stated Income (Purchase-Rate Term Refi)

90% LTV $550,000 620 Credit Score
90% LTV $750,000 640 Credit Score
75% LTV $1,000,000 640 Credit Score

Call ALG today for program details at (877) 457-4707 or visit Member’s Only Button 41 for more product information.