Effective for all registrations after Friday, April 4th, another lender is eliminating the Agency Shortcut Mortgage program.
All Agency Shortcut mortgages must be registered no later than Friday, April 4th. We will not accept any registrations on the Shortcut program after this date. There is no lock cut off date as of yet, however all Agency Shortcut Mortgages must close and fund no later than April 30th. No relocks or extensions will be granted.
As an alternative to the Shortcut, I've included a couple of options to consider:
1) Agency "Limited Doc" -Best pricing: Borrower's who have at least a 680 middle credit score, may receive a "verbal VOE (verification of employment) only" or "evidence of existence of business only" option when running DU (desktop underwriter) or LP (loan prospector). WE will honor these findings, and will NOT require income documenation, since these loans are still considered full doc in the investor's eyes. If your borrower has at least a 680 score and they need a "limited doc" option, we recommend running DU or LP to determine if your customer is eligible.
2) Agency Express - Stated income/Verified Assets. Manual underwrite. Self employed borrowers or borrowers who's earnings consist of at least 50% commission can qualify on this program. All occupancy types are eligible. Cash out (O/O (owner occupied), 2nd home only), Rate & term refinance and Purchase. LTV's (loan to value) up to 90%. Fico credit score requirement 680 -720 depending on transaction type and LTV. Contact me for further info.
www.HomeLoansAlbuquerque.com
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