Prime Plus Program

Fill the Void for High Value Homes
Prime Plus opens the door to more borrowers whose mortgage amounts range above conventional limits. This A-paper loan delivers competitive rates and flexible terms for borrowers in more affluent neighborhoods. It fills a void in the restrictions around mortgages for higher value homes related to guidelines set by Fannie Mae and Freddie Mac.

Download our Program Guide and Prime Plus Eligibility Matrix to learn more.

  •  The minimum FICOs for Primary Residence purchases have been decreased:
    • 720 for a 90% LTV purchase up to $2,000,000 (prior was 740)
    • 700 for an 85% LTV primary purchase up to $2,500,000 (prior was 720)
    • 660 for an 80% LTV primary purchase up to $3,500,000  (prior was 680)
  • The minimum FICO for a Second Home purchase up to $2,500,000 has been decreased:
    • 700 for a 70% LTV purchase up to $2,500,000 (prior was 720)
  • The minimum FICO for an Investment Property purchase up to $2,500,000 has been decreased:
    • 700 for a 65% LTV purchase up to $2,500,000 (prior was 720)
  • Delayed Financing option is now treated and priced as a Rate & Term Refinance transaction
  • All transactions with a LTV ≤ 60% now require only 3 months reserves
  • Appraisal age is limited to 120 days max – Recerts of value are no longer permitted.
  • Borrowers who have had a recent forbearance are now eligible as long as they now meet FNMA forbearance reinstatement requirements

 

  • Cash Out transactions – the max cash in hand has been increased to $3,000,000
  • Non-Permanent Resident Aliens:  the Visa expiration date has been revised from 3 years to 1 year with additional overlays – see guidelines for specifics.
  • Vested Retirement accounts can now be qualified at 80% of the value for closing/reserves.
  • Business Funds – guidance has been updated to no longer require a minimum percentage of ownership in order to utilize the funds as qualifying assets towards closing/reserves.
  • Cash out proceeds can now be used towards the reserve requirement
  • Cryptocurrency is eligible to be used for closing funds and reserves as long as FNMA requirements are met.

Borrowers who struggle to meet conventional
loan requirements.*

*Based on reserves, payment history, and credit depth